Finance General News

A crypto exchange claims to have processed over $1 billion fiat withdrawals in 700 transactions in October


Bitfinex, a Hong-Kong based cryptocurrency exchange, claims that it has had over $1 billion in cash withdrawals in October. This claim comes weeks after the company’s banking health led to a halt on withdrawals.

The company stated in a post that the $1 billion in withdrawals came from 700 transactions in fiat currency and does not include crypto to crypto transactions. The average cash withdrawals for the 700 fiat transition would be more than $1.4 million.

This new data comes after Bitfinex reportedly secured a new banking partner based out of Hong Kong.

The company stated that it’s banking system remains stable and its loyal users can benefit from the company’s offering.

The exchange has changed its withdrawal fee to 3.0% to all wire withdrawals that exceed the company’s frequency and size limits.

The frequency would be 2 fiat withdrawals in thirty day period and the size limit would be more than $1 million in aggregate in fiat withdrawals in thirty day period.

Bitfinex remains one of the most popular cryptocurrency exchanges in the world despite the recent uncertainty.


About the author


Akash Anand

Akash is one of the key cryptocurrency and blockchain journalist at Kolkata News 24. He has been a technical writer for the last 2 year and in the blockchain space for a year. He has previously worked with AMBcrypto and now he a freelance author at Kolkata News 24 apart from this he is a huge Arsenal fan.

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