After weeks of uncertainty surrounding its banking health that led to a halt on withdrawals, Hong Kong-based crypto exchange Bitfinex claims to have processed around $1 billion in cash withdrawals alone in October.
New high frequency/size wire withdrawals fee released, more info here https://t.co/c8FbmS18Rl
— Bitfinex (@bitfinex) November 11, 2018
According to a recent post by Bitfinex, the $1 billion came through 700 withdrawals in fiat and does not include the totals found with crypto transactions. This suggests the average cash withdrawal on the platform is north of $1.4 million.
This data comes roughly a month after the exchange reportedly secured a new banking partner, Hong Kong-based Bank of Communications.
Our banking remains stable, but we must prioritize our long-standing and loyal customers using the platform so that they can continue to benefit from our truly unique offering, the benefits of which extend far beyond our users and include many crypto-to-crypto and crypto-to-stablecoins exchanges.
Additionally, Bitfinex has updated its withdrawal fee policy and will now charge 3.0% on all external wire withdrawal requests exceeding the following frequency or size limits:
- More than 2 fiat withdrawals in any thirty day period.
- More than $1 million in aggregate in fiat withdrawals in any thirty day period.
Despite the recent uncertainty, Bitfinex remains one of the world’s most popular exchanges, with the adjusted trading volume ranking in the top 10 over the last 30 days.
Photo: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.