Bitfinex Updates And Improves Fiat Deposit System

Bitfinex announces it is back with new, resilient and improved fiat deposit system. Customers with KYC already approved can top up their accounts with fiat currency.

New, Improved Fiat Deposit System

Bitfinex exchange temporarily stopped its fiat transactions for certain customers due to processing complications. Due to these problems, Bitfinex also suspended fiat deposits and withdrawals. They explain that it will be back with a new and robust deposit system.

There was a lot of complaint by users on social media that withdrawals were also facing problems. However, Bitfinex confirms that withdrawals regarding fiat cryptos were under processing without any interference.

This new update by Bitfinex is ‘distributive banking solution’. It allows verified customers to deposit money to their fiat wallet by creating a request. the exchange review this request within 48 hours and the deposit may take 6-10 business days, says Bitfinex.

The new system is a tad complex than the original system and users are speculating on Reddit that something shady going on under the hood. And this supports by the vague message the customer receives when trying to deposit.

The official blog states minimum deposit fee to be $10,000 with a fee of 0.1 percent. Read the previous updates by Bitfinex and the rumors regarding insolvency.

What do you think? Although $10000 was a pre-existing condition it seems much with a 0.1% fee, but that’s my opinion. Let’s discuss.

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Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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