Bitfinex Suspends Fiat Deposits, To Resume Within a Week

Popular cryptocurrency exchange Bitfinex has temporarily suspended all wire deposits of fiat currencies such as the Euro, Japanese Yen, US Dollar, and Pound Sterling. The exchange has not given any reason for the withdrawal of the facility. However, it has stated that deposits will “resume within a week.”

Recently, the exchange responded to unconfirmed claims that Bitfinex was insolvent and also faces banking issues. In its rebuttal, the exchange accepted that “complications continue to exist” mainly “in the domain of fiat transactions,” but pointed out that this is a common scenario among “most” crypto-related organizations.

The exchange’s statement was partly triggered by information that its banking partner, Puerto Rico’s Noble Bank International, is presently looking for a liquidity provider as it had lost both Bitfinex and its affiliated firm Tether as clients.

With regards to reports about Noble Bank, crypto enthusiasts have stated that Bitfinex is now banking with HSBC through a private account operated under the name ‘Global Trading Solutions.’ The exchange has not responded to the new claims so far, but has stated that all circulating rumors related to Noble “have no impact” on Bitfinex’s operations or solvency.

Back in April 2017, Bitfinex had issues with the US Wells Fargo & Co., which supposedly refused to function as a correspondent bank for the exchange. Bitfinex later filed a lawsuit against the bank, but was quickly withdrawn.