Bitfinex launches new fiat deposit system; says it is more ‘resilient’

On 16th October, Bitfinex announced that they have launched a new and improved fiat currency deposit system. The update comes on the back of a release from the company on 15th October that was aimed to inform users of its changes and developments.

The new fiat deposit system is said to include features that would allow Know Your Customer [KYC] verified Bitfinex users to conduct deposits in currencies such as GBP, JPY, EUR, and USD. The cryptocurrency exchange has also put out a few guidelines that elucidate on the workings of the newly launched system.

Bitfinex has stated that a user has to generate a deposit signal on the platform to start the process of any fiat deposit. This also entails the user describing the amount and the currency that needs to be deposited. The initial process is slated to take about 48 hours post which the respective user will be provided with a details notification that is pertinent to the transaction.

To maintain security, Bitfinex has revealed that the transaction will be completed only on the basis of the bank details notification. The cryptocurrency exchange has also stated that once all the details are verified, the amount will be deposited within 6-10 working days.

The new system for fiat deposits has been released five days after Bitfinex had paused USD deposits on the platform. The main issue for the trading halt was the intense level of checks that Bitfinex had come under due to the spike in USD Tether usage.

Bitfinex was not the only prominent cryptocurrency exchange that had come under the scanner due to manipulative USD Tether as it was joined by Kucoin who had also hit a pause on USDT transactions. Kucoin, in an official release, had stated:

“Due to USDT wallet system maintenance, we have decided to temporarily close deposits and withdrawals for USDT. We apologize for any inconvenience caused during the upgrade.When everything has been resolved we will re-open deposits and withdrawals for USDT, please wait for our further updates.”