Cryptocurrency exchange Bitfinex yesterday published a blog post, which assured users of: services for withdrawal operate “without any interference”, however, not all customers of the platform can attest to that.
As I write, stock exchange representatives, the need to suspend the acceptance of deposits in Fiat (USD, GBP, EUR, JPY) in the user’s account last week was caused by “difficulties in processing”. These measures are temporary, and today, October 16, the operation must be resumed.
However, the exchange stressed: take a break only applies to “individual user accounts” and “user groups”, while the exchange is “working on the introduction of new and more reliable system of deposits”, which is also scheduled for today.
In the message Bitfinex says that the withdrawal of funds is not affected, and some users of the exchange, it seems, has encountered a number of problems concerning the withdrawal of their funds — although the exact number at the moment is difficult to determine. Similar complaints have already periodically appeared in recent months, and users often associate it with complex relations of exchange with the banks, forcing Bitfinex adjust its strategy in the absence of regulatory standards.
The post Bitfinex prompted the emergence of several complaints about not yet implemented the insights in social media. @DongoFabrizio, @crypto_bull_in, @botcrypt, @bbc_trading, @ElCuartoAmigo and @rarelylose are only some of the users reported delays in the operation.
However, such problems clients Bitfinex is not new: since the beginning of October on Twitter and Reddit began to appear comments of users of the platform about the inability to get back their money.
In response to a question from users about why the funds are held through a third-party handler, Director of public relations Bitfinex Casper Rasmussen (Kasper Rasmussen) wrote on the Reddit forum that the exchange is currently working on “the accumulated debts on withdrawals to Fiat.”
“A withdrawal in Fiat is currently produced, as an old [amount] new and pending applications, which are now running exchange, lead to the fact that some people, unfortunately, continue to face delays even for some time. Unfortunately, I can’t give more specific information as to when you will receive your own conclusions, but I can assure you that a withdrawal in Fiat is working, and that your transactions are carefully monitored,” explained Rasmussen.
On the other hand, in yesterday’s post Bitfinex says that “all the withdrawal of funds in cryptocurrency and Fiat were handled and processed as usual without the slightest interference.”
In addition, as reported by CoinDesk in a conversation with the newspaper, Rasmussen said:
“A withdrawal in Fiat is still running, and there was no downtime… We continue to face some delays in the processing of transactions in Fiat for some users, but this occurs in a minority of cases”.
With regard to the extent of accumulated debt, Rasmussen describes it as “small”.
“There are many factors that can contribute to the delay of the Fiat transaction (Deposit or withdrawal), many of which are beyond our control. I can’t comment on the size of the debt, but it is a small amount compared to the number of transactions to be processed on Bitfinex daily.”
Problems with the cryptocurrency
In addition to problems with withdrawals in Fiat, some clients also noted the difficulty of withdrawal of funds in cryptocurrency.
A Reddit user with the nickname under_hood left a comment in which he pointed out that the withdrawal of funds in bitcoin were delayed for several hours.
Under_hood said CoinDesk that the funds have been moved to Bitfinex temporarily. When the user tried to withdraw their funds in bitcoin after seen fluctuations stablecoin USDT, manufactured by Tether (which, as you know, close ties with Bitfinex) to do this in conversation with CoinDesk failed.
“After six hours, the transaction was not even sent to the network BTC! I hope this is just delay and I am not “gotsole” again”, — added the user (approx. Under_hood used the reference to the situation with the infamous exchange Mt.Gox, which closed in 2014 with investors ‘ money).
Twitter user @JaPennz also said that the withdrawal is not in normal mode — he was not able to transfer the funds from the margin of wallets in the wallet of the exchange.
According to user, funds in USD was unavailable yesterday after the exchange jumped exchange rate for bitcoin, but then “everything was available within a couple of hours”.
Given the continuing concern about USDT user “converted available USD the purse exchange and brought XRP XRP”. And yet even this withdrawal took 3 to 4 hours.
“All right now, although I assume it had to do with the BTC pump and, presumably, the people taking out the Tether, which may have caused the overload in the system.”
In turn, Rasmussen said that such cases are the exception rather than the rule.
“Cryptocurrency deposits and withdrawals continue to operate in full mode,” he said.
While “individuals or tokens/coins” may encounter delays in the withdrawal process, “it wouldn’t be a massive problem, but can happen due to a number of factors on our part and on the part of the user”, explained the representative of the exchange.