Finance General News

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

bitcoin

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 withdrawal came from 700 transaction 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 its 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{119d3868ef95c75b95c842798064b27b98a88237d49671f878767e084d0a6a4a} to all wire withdrawals that exceed the company’s frequency and size limits.

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

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

 

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