Bitfinex cryptocurrency exchange has officially announced the relaunch of fiat deposits on their platform. In the announcement regarding Bitfinex fiat deposits, the exchange claims the updated system is “new, improved and increasingly resilient.”
Leading Up To The Launch
We are pleased to introduce a new, improved and increasingly resilient system for depositing fiat currencies to Bitfinex.https://t.co/9zuzSyn2Pe
— Bitfinex (@bitfinex) October 16, 2018
In a previous post released by Bitfinex on October 5th, the exchange explained that processing complications had occurred and caused the suspension of fiat deposits for “certain customer accounts.” Fiat means government-backed currencies like the U.S. dollar or the Euro.
Leading up to the suspension announcement on October 5th, users had been complaining about the exchange on social media. Specifically, some Bitfinex users claimed to be having difficulty making withdrawals.
How Bitfinex Fiat Deposits Work
With this relaunch, Bitfinex fiat deposits are back. In order to deposit fiat, the user first has to initiate a deposit request on the cryptocurrency exchange. Next, the exchange conducts an account review, which can take up to 48 hours.
Following the review, the user will receive a notification explaining the following steps in the transaction. The user will then carry out the deposit according to the information in their notification. Deposits typically take between 6-10 business days to process from Bitfinex.
As of now, the platform is accepting deposits in USD, GBP, JPY, and EUR. However, only KYC-verified individuals will be able to utilize this new system. Specifically, these are users whom the exchange has verified using “Know Your Customer” guidelines. KYC verification is standard in financial services, too. Furthermore, the minimum deposit is 10,000 USD with a 0.100% processing fee.
When it comes to cryptocurrency, the relationship between crypto and fiat currency is a significant area of uncertainty for potential investors. Adding fiat deposits adds a level of comfort for new cryptocurrency investors.
A Message From Bitfinex
In their re-launch announcement post, released on October 16th, Bitfinex concluded with the following:
We believe this system to be significantly more durable in the face of sustained attacks by our competition and their supporters. Ongoing campaigns against us will only result in our company becoming stronger and better.
This final message from Bitfinex highlights that with increased cryptocurrency use comes more incentive for a cryptocurrency attack. More specifically, this could mean a 51% attack on blockchain.