Bitfinex Rolls Out New Fiat Deposit Process

| Publish date: 10/17/2018
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In the latest crypto news, Bitfinex has revealed its decision to put a temporary hold on several customer accounts.” This hold is expected to significantly impact fiat deposits, all of which specifically involve GBP, EUR, JPY, and USD.

Processing Transaction Complications

According to Bitfinex, the decision to do so came from the trouble that has something to do with processing transactions, which are reportedly in a complicated situation. The company announced the decision via the official site of Medium.

It appears that the company wants to make sure that a plethora of users are informed about the changes. The announcement was subsequently posted on the official Twitter page of the firm, with a caption that says, “Fiat deposit update – October 15th, 2018.”

In a previous post, Bitfinex talked about the aforementioned transactions, which are said to have caused it to suspend fiat deposits for “certain customer accounts” and “user groups. The only catch, however, is that the firm did not make it clear what type of customers it was really referring to.

Deluge of Complaints

It seems Bitfinex is also facing problems with its customer base. This is most especially true after numerous user complaints have surfaced across social media, saying that withdrawals are also not available, at least for some. Despite the turmoil, though, the firm stated in the post that withdrawals are being processed “as usual without the slightest interference.”

As for its latest announcement, Bitfinex described the new form of deposit process, referring to it as a “distributed banking solution.” This simply indicates that verified customers will be able to send money to their wallets as soon as they initiate a deposit request.

From there, the company will start reviewing the account, a process that could possibly take up to 48 hours. Approved users will then be provided details – all of which are specific to the individual’s transaction – as to how they could to send the fiat currency.

It also adds that deposits must be a minimum of $10,000 (a seemingly pre-existing condition) and will be processed in six–10 days.

In a comment responding to unspecified “attacks,” Bitfinex said:

“We believe this system to be significantly more durable in the face of sustained attacks by our competition and their supporters. Ongoing campaigns against us will only result in our company becoming stronger and better.”

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