Bitfinex Responds to Insolvency Rumors

Bitfinex Responds to Insolvency Rumors

During the weekend, a Medium post by ProofofResearch cautioned readers to leave Bitfinex. For now, the Medium post has been removed

The post claims that grievances regarding restricted and frozen withdrawals shared on Reddit depict the exchange’s insolvency. The post also alleged the moderators of r/bitfinex are censoring posts related to the said issue.

Public Wallet Links

Bitfinex chose to respond through a blog post to deny the allegation. It states the exchange is not insolvent. They are working with a small team and operating on low costs.

The exchange also presented links to their public wallet addresses to disprove the rumors.

Normal Cryptocurrency and Fiat Withdrawals

According to Bitfinex, verified clients can withdraw Euros, US Dollars, Pounds Sterling, and Japanese Yen without restraint. They are doing their best to reduce waiting time for fiat deposits and withdrawals.

Noble Bank Bankruptcy

The exchange said the bankruptcy of former partner Noble Bank does not bear any impact on the solvency, survival, and operations of the company.

Reference: Bitfinex has been around since 2013. In 2015, they established fiat operations to accommodate traders across the globe who wanted to go into cryptocurrency trading. Over the weekend, news about their new banking partnership with HSBC was reported.

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