Cryptocurrency exchange Bitfinex has just announced a new process for depositing fiat currency after the platform halted the service in recent days.
Announcing the news in a blog post Tuesday, the exchange said the ânew, improved and increasingly resilientâ deposit system would again allow users who have been verified for know-your-customer (KYC) compliance to top up their accounts with U.S. dollars, pounds Sterling, Japanese yen and euros.
In a previous post on Oct. 5, Bifinex said âprocessing complicationsâ had caused it to suspend fiat deposits for âcertain customer accountsâ and âuser groups,â last week. It was not made clear what categories of customers it was alluding to.
There have also been numerous user complaints across social media, as reported by CoinDesk Monday, saying that withdrawals are also not available, at least for some. Despite that, firm stated in yesterdayâs post that withdrawals are being processed âas usual without the slightest interference.â
Todayâs announcement, describing the new deposit process as a âdistributed banking solution,â indicates that verified customers can send money to their wallets by initiating a deposit request.
The exchange will then review the account â which may take up to 48 hours, it warns â and approved users will be provided details (âspecific to the individualâs transactionâ) as to how to send the fiat currency.
It also adds that deposits must be a minimum of $10,000 (a seemingly pre-existing condition) and will be processed in sixâ10 days.
In a comment responding to unspecified âattacks,â Bitfinex said:
âWe 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.â
It also appealed for âcontinued understanding throughout the entirety of this situation.â
Making a deposit image via Shutterstock