Bitfinex has restored the ability of customers to make fiat currency deposits. Details of its new deposit system remain shrouded in secrecy. However, with the exchange going to extraordinary lengths to conceal the identity of the bank(s) in question. Its “distributed” system, designed to circumvent censorship, has brought the critics out in full force.
Improved Fiat Deposit System
When HSBC terminated its proxy banking relationship, the exchange was forced to suspend fiat currency deposits last week. Bitfinex assured customers that an alternative would soon be in place. The world’s second largest exchange by trading volume has stuck to its word, confirming its new banking relationship .earlier today (Oct. 16).
They released a statement earlier today (Oct. 16)
“Today we are introducing a new, improved and increasingly resilient fiat depositing system for sending fiat currencies to Bitfinex,” began the blog post. “This new process will once again allow KYC-verified users from around the world to initiate deposits across USD, GBP, JPY and EUR.”
The Upgraded Process
While thanking the users for their continued understanding throughout the entire situation, they said-
We believe this system to be significantly more durable in the face of sustained attacks by our competition and their supporters. Ongoing campaigns against us will only result in our company becoming stronger and better.
The new fiat deposit system will function as follows:
- A user wishing to initiate a fiat deposit on Bitfinex will create a deposit request to signal interest in completing a deposit. Through this deposit request, a user will be able to specify the exact amount and currency which they wish to deposit.
- Following an account review (which may take up to 48 hours), the user will receive a deposit notification which will include, among other things, bank details specific to the individual’s transaction.
- The user will be able to initiate the deposit based on the information received through the deposit notification. The deposit will subsequently be processed within 6-10 business days from Bitfinex.