Bitfinex might have found a long-term solution to its banking troubles

Bitfinex might have found a long-term solution to its banking troubles.

Image source: Shutterstock / Wikimedia Commons

Tim Haldorsson

tim.haldorsson@trijo.co

There have been rumors that Bitfinex has had banking problems. Now, however, the crypto exchange has started working with one of the biggest banks in the world.

Bitfinex was founded in Hong Kong 2012 and is today the fourth biggest crypto exchange in the world based on daily trading volume. It has been speculated that Bitfinex has had a hard time finding a good banking partner. After the big bank Wells Fargo ended the cooperation with the crypto exchange, they have been looking for a new stable banking partner.

Now, sources familiar with the matter say that Bitfinex has started using the Hong Kong-based bank “Bank of Communications”, which today is one of the world’s biggest companies. According to sources, the crypto exchange is using a private account at the bank via a company called Prosperity revenue merchandising limited, the crypto site The Block reports.

CEO of both Bitfinex and Tether

In the past few days, Bitfinex and stablecoin tether have been a hot topic. This was because there have been unusual price movements for tether on the crypto exchange. Bitfinex and the company Tether are linked because of JL van der Velde, who is the CEO of both companies, according to Wikipedia. On Monday, there was speculation that the recent drop in tether’s price was due to problems with just banking accounts.

A stable banking partner could strengthen the customer trust in Bitfinex, as well as making it easier to make deposits and withdrawals from the exchange.

Today, Bitfinex launched a new system to let customers deposit ordinary money, so-called fiat money, to the platform. The new deposit system is going to include KYC (know your customer). This reinforces speculation that Bitfinex has found a new banking partner, Cointelegraph writes.

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