With Bitcoin going below $6300 and ETH back below $200, the Hong-Kong based exchange Bitfinex seems to have done something to make the situation worse.
As first reported by Block, the crypto exchange has suspended all forms of fiat deposits in USD, EUR, JPY, and GBP. Even though social media updates suggest that the situation should “normalize after a week,” there has been no official response from the Bitfinex team in the lead up to press time either on its Twitter account or blog.
Bitfinex Deposits. Image from Bitfinex by Cryptopotato
Bitfinex was also in the news the recent week after speculations arose that the exchange’s banking relationship and financial stability was under threat. The owners subsequently issued a press release saying that “Bitfinex has not become insolvent.”
With the latest development, it is certain that the crypto exchange has come under the public radar once again.
Bitfinex Banking Relationship Remains Obscure
Over the weekend, Bitfinex reportedly secured a major banking partner in HSBC through a private account – Global Trading Solutions:
Owing to the nature of the private account, it is likely that HSBC may not be aware that Bitfinex is banking with them. Now, it appears that the private account which Bitfinex has with HSBC is not working hence the halt in fiat deposits on the platform.
If HSBC has become Bitfinex’s new banking partner, then it will likely take some time until the issue is resolved. The exchange is rumored to have separated from for former banking partner Puerto Rico-based Noble International.
Red Markets Amid Bitfinex Saga
The crypto markets woke up to a significant dip especially within the last few hours to press time amid reports of a sell-off.
Bitfinex is the sixth largest exchange by trading volume, and it is apparent that halting fiat deposits could have affected the market negatively. So far, traders on the exchange have not reported any issues with withdrawals.
The post Coincidence? Bitfinex Mysteriously Halts FIAT Deposits appeared first on CryptoPotato.
The Ethereum restaking protocol EigenLayer has published a whitepaper with new details about its soon-to-launch Eigen token, which will be airdropped to community members next month. According to the Eigen Foundation’s website, season 1 of the airdrop will distribute 5% of the token supply. Eligible airdrop recipients include those who staked directly with EigenLayer, and
The German-based crypto bank – Nuri – revealed it will terminate its operations due to the harsh consequences of the crypto winter and the negative macroeconomic environment. It informed that customers have until December 18 to withdraw their funds from the platform, while trading will be possible until November 30. The Bear Market’s Latest Victim…
Bitcoin’s price continued to suffer in the past 24 hours as the asset dumped below $40,000 for the first time since early August. Most altcoins also followed, with ETH standing beneath $3,000 and SOL dropping by more than 6%. BTC’s Drop Below $40K It’s safe to say that the primary cryptocurrency has seen better days.…
The world’s leading digital asset manager – Grayscale Investments – has readjusted its DeFi Fund. The firm rebalanced the financial product’s weightings with AMP (the native token of the Flexa payment Network), while Bancor Network Token (BNT) and Universal Market Access Protocol (UMA) were removed. Adjusting The DeFi Fund According to a recent series of…
The financial services company – Mitsubishi UFJ Trust – hopes to enhance its transaction system by utilizing blockchain technology for trading and a cryptocurrency for payments. As such, it will create a stablecoin tied to the value of the Japanese yen, claimed a new report. Mitsubishi’s Stablecoin According to a recent report by Nikkei Asia,…
Bitcoin A volatile week, and as soon as the Bitcoin price approached the resistance around $4200, the selloffs were not long behind, followed by the correction that brought new support around $3,700. The market is doing its bit, and there is still no encouraging news to hit the market FOMO sensors. Ethereum Against the dollar,…
Bitcoin was trading steady at around $44,000 before the bears took control over the market and initiated a massive dump that drove the asset to a weekly low of just under $41,000. With most altcoins in a similar freefall state, the total value of liquidated positions has skyrocketed to over $400 million on a daily
With rumors stating that the SEC is likely to approve the first-ever Bitcoin Spot ETF in January 2024, there is a speculative ERC-20 token, which could offer soaring returns following its new exchange listing. This new Bitcoin ETF Token ($BTCETF) is tied to the fate of the Bitcoin Spot ETF – rewarding investors through multiple
The cryptocurrency community witnessed one of its most volatile and challenging weeks in recent history. Bitcoin, for example, went from $100,000 last Saturday to over $108,000 by Tuesday to reach a new record but then dumped by $16,000 to a multi-week low of $92,000 after the Fed’s hawkish comments for 2025. It has recovered about
