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Bitfinex has suspended fiat deposit, expect to start “within a week”

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Leading cryptocurrency exchange Bitfinex has put an halt to all types fiat wire deposits for the U.S. Dollar, Japanese Yen, Euro, and Pound Sterling. According to some reports today, October 11.

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Albeit the exchange has not specified any detailed reason for the suspension, it mentions that deposits are “expected to resume within a week.”

Recently, Bitfines amidst the online rumors that claimed that the exchange had faced some serious banking issues related to insolvency, responded officially clarifying them. According to the statement, Bitfinex admitted that “complications continue to exist” for them “in the domain of fiat transactions,” adding further that this is very common among the crypto-related companies.

The official statement was partly induced by the reports suggesting its banking partner, Puerto Rico’s Nobel Bank International, is looking out for the buyer and had lost both affiliated firm Tether and Bitfinex as its clients.

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Many in the crypto community are suggesting that Bitfinex has now partnered with HSBC and had shifted to banking via a private account registered with the name “Global Trading Solutions.” Although the exchange has not responded anything officially to these claims but stressed that all allegations related to Noble “have no impact” on its solvency, operations, and survivability.

The banking relationships of Bitfinex began in April 2017, when U.S. Wells Fargo & Co. reportedly refused to continue its role as the correspondent bank. After Bitfinex went on to file a lawsuit only to drop it soon.

Currently, Bitfinex is among the top five exchanges by daily trade volume, globally, with a 154 percent rise over the 24 hour period to see nearly $633.4 million on the day in trades.

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