Crypto Exchange Giant Bitfinex Temporarily Suspends All Fiat Deposits

One of the largest crypto exchanges Bitfinex, made an announcement today that reached all crypto news that is temporarily suspending all fiat wire deposits for Dollars, Euros, the Japanese Yen, and the Pound Sterling.

Bitfinex hasn’t provided a reason for this decision but noted that this is a temporary action and the fiat deposits will resume within a week.

Bitfinex has been the target to online rumors that say how the exchange is facing banking issues and that allegedly the exchange was insolvent. They did, however, stated that there are some complications that hover around the exchange in that particular sector of fiat transactions.

The addressed the statements and reports about their banking partner, Puerto Rico’s Noble Bank International trying to find a buyer while losing both Bitfinex and Tether as clients.

Some people in the crypto space believe that Bitfinex is now cooperating with HSBC via a private account with the name ‘’Global Trading Solutions’’. However, the exchange still hasn’t addressed this claims but made sure everyone understood that all the Noble-related allegations don’t really have an impact on its operations or solvency.

This exchange has had an interesting history with banking relations starting from April 2017 when U.S Wells Fargo $ Co. didn’t want to continue being the correspondent bank. Bitfinex, of course, filed a lawsuit immediately but it was very quickly dropped.
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Bitfinex is among the top five largest exchanges, taking the number 4 position according to the daily trading volume with more than a 150% increase in a 24-hour period by making $630 million in trades daily.