It hasn’t been a good time recently for the Bitfinex cryptocurrency exchange. First it had to contend with rumors it was insolvent, which it vehemently denied. Then it temporarily halted deposits in the dollar and three other fiat currencies, throwing many investors into a tizzy.
This time the news is better. Bitfinex announced in a blog post it has launched a “new, improved and increasingly resilient fiat depositing system for sending fiat currencies to Bitfinex” that will eliminate the problems that prompted the trading halt last week.
Users will be able to once again make deposits in dollars, pounds, euros and the Japanese yen. The minimum fiat deposit will remain at $10,000, not including a 0.100 percent processing processing fee.
Bitfinex is the world’s by trading volume.
Users must make a new deposit request, specifying the currency and amount of the deposit. After an account review, which may take up to 48 hours, Bitfinex will send a deposit notification, which will include bank details related to the transaction. The user may then follow through on the deposit, which may take six to 10 days to process.
The exchange in the four currencies a week ago because of what it described as “processing complications.” In the post, Bitfinex said then it was “working to implement a new and increasingly robust fiat deposit system.”
One of the ways the company sought to rebut those insolvency rumors was to disclose wallet addresses showing over $1.5 billion in crypto assets it holds. It also said those wallet contents represented a “small” fraction of its total assets, which also include fiat currency holdings.