Bitfinex, a digital asset trading platform, announced on Tuesday the launch of its improved fiat deposit system. According to Bitfinex, the new process will allow KYC-verified users to initiate deposits across USD, GBP, JPY, and EUR. The company revealed last week that it decided to temporarily pause fiat deposits for certain customer accounts in the face of processing complications. Bitfinex clarified the following:
- All cryptocurrency and fiat withdrawals are and have been, processing as usual without the slightest interference
- All fiat withdrawals are processing, and have been, as usual
- Fiat deposits have been temporarily paused for certain user groups
Bitfinex also reported that the newly improved deposit system will function as follows:
- A user wishing to initiate a fiat deposit on Bitfinex will create a deposit request to signal interest in completing a deposit. Through this deposit request, a user will be able to specify the exact amount and currency which they wish to deposit.
- Following an account review (which could take up to 48 hours), the user will then receive a deposit notification which will include, among other things, bank details specific to the individual’s transaction.
- The user will be able to initiate the deposit based on the information received through the deposit notification. The deposit will subsequently be processed within 6-10 business days from Bitfinex.
Bitfinex explained that the minimum fiat deposit amount on Bitfinex will remain at 10,000 USD with a 0.100% processing fee. The company added:
“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.”
Founded in 2012, Bitfinex described itself as a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers. The company considers itself one of the first professional platforms set up to accommodate interest in cryptocurrency trading.