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Bitfinex to launch new fiat currency processing system

fiat currency system to be launched by bitfinex

The pause of fiat currency transactions since 11th October that caused a major uproar in the users leaving many questions unanswered. The company unraveled the launch of a new fiat deposit system that would be accessible to the public starting October 16.

The wide use of coin USD Tether has raised some questions, as there has not been complete transparency on whether or not the currency is backed by the USD. While the market remains in murky waters considering there are over $2.6 billion in USDT.

The company stated that other than fiat deposits all transactions including cryptocurrency and Fiat withdrawals pegged to USD etc. are being processed un-baffled; the temporary pause targets specific user groups.

A news portal recently commented on their newly found affiliation with HSBC Bank as rumors spread about their previous’ peril in running the Bank, the head analyst from the news portal Cermak said, “Bitfinex is now banking with HSBC through a private account of Global Trading Solutions.

Very good fit if you ask me. It’s also worth mentioning that all EUR, JPY, and GBP deposits are paused but Bitfinex ‘expects the situation to normalize within a week’”.

In a post on their site, they mentioned facing problems like every other Crypto-related organization nonetheless saying that the company continues to put out their maximum efforts in minimizing these ‘pause’ periods associated with fiat transactions.

Kucoin too posted in a blog that they too have closed transactions for USDT during an apparent ‘upgrade,’ and these transactions will remain closed until further notice.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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