Bitfinex update: “Solvent. Assets exceed all user balances…” looking to get back to normal

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Hong Kong-based crypto exchange Bitfinex today provided an update further to its announcements on April 13, 2017, and April 17, 2017, with respect to wire inflows and outflows of customer fiat funds to and from the exchange. Most important being USD withdrawals as the exchange is a volume leader in BTC/USD trading.

Bitfinex said that they continue to experience delays in the processing of outbound fiat wires.

Further stating:

“We are developing alternative channels to address these delays, but this takes time. We appreciate the patience and loyalty demonstrated by our customers and the community in this matter. We were advised by our banks that we would be able to process outbound wires in HKD and CHF, and while we were able to successfully process several such transactions, we are now being told that the moratorium is being extended to these currencies, as well.”

It is understood that domestic transfers in all currencies within Taiwan are working with no problems or delays.

The update went on to say that as a company, Bitfinex is no longer in a position where it can wait for existing banking partners to provide viable solutions. Accordingly, the exchange is taking steps to work with its attorneys to ensure they are able to satisfy any requests and claims from customers. However, it was noted that this will likely be a one-time option per customer for USD withdrawals. Customers will be required to provide acknowledgment of payment for claims in order to receive their fiat funds.

The team finished their notice by saying:

“We want to be absolutely clear here that Bitfinex is solvent. We have assets that exceed all user balances. We also want to emphasize that digital token trading is not affected on Bitfinex. We are developing facilities for different currencies, but in the interim, customers are welcome to trade and to undertake financing on Bitfinex and to deposit and withdraw smoothly using the available suite of digital tokens.”

To read the full update from Bitfinex click here.