Bitfinex Won't List El Petro

According to Bitfinex, El Petro not only has limited use, but could have been created to circumvent sanctions against the Venezuelan government
27 March 2018   855

One of the largest bitcoin-exchanges, Bitfinex, issued a statement that El Petro listing is not planned.

According to the report, El Petro (PTR) not only has limited use, but could be created to circumvent sanctions against the Venezuelan government.

The exchange also reminds that on March 19, the US banned any transactions with digital currencies, digital coins and digital tokens issued directly by the government of Venezuela or on its behalf. This prohibition includes PTR, but may also apply to other tokens that may appear in the future.

We have never had plans to include the PTR or similar tokens in the Bitfinex trading platform. In light of the U.S. sanctions and the other clear sanctions risks of dealing in these products, Bitfinex will not list or transact the PTR or other similar digital tokens. This restriction extends to all customers of the platform, including U.S. persons, and to all activities on Bitfinex, including deposits, financing, trading, and withdrawals.

Bitfinex Blog

The exchange also explained that these restrictions apply to all users of the platform, including US residents. In addition, all Bitfinex employees are also prohibited from any transactions with El Petro and other similar digital tokens.

Bitifinex to Implement Withdrawal Fee

Community is not very happy regarding this innovations
12 November 2018   61

Bitfinex Cryptocurrency Exchange on announced the establishment of new rules for customers who often or in large volumes withdraw fiat funds from its platform.

Effective immediately, Bitfinex will charge a 3.0% fee on all external wire withdrawal requests exceeding the following frequency and/or size limits:

  • 1. more than 2 fiat withdrawals in any thirty day period; and/or,
  • 2. more than $1M in aggregate in fiat withdrawals in any thirty day period.

Regular withdrawals, currently representing the requests of more than 99% of our customers, are unaffected by this change.

Bitfinex serves as the primary fiat gateway in the crypto ecosystem, having processed over 700 withdrawals representing more than $1B in October 2018 alone.

Bitfinex Blog

The need to adopt the new rules of the exchange explains the desire to "prioritize our long-standing and loyal customers using the platform so that they can continue to benefit from our truly unique offering".

Also Bitfinex acknowledges that it is undergoing "sustained and co-ordinated attacks from powerful forces attempting to harm global cryptocurrency markets". Exchange also notes that "Now it is important that we all remain united and support our industry beyond any cryptocurrency or individual exchange preference".

Thus, the withdrawal of $ 2 million, for example, will now cost about $ 60,000. Bitfinex’s decision was expectedly criticized by the community, whose particular discontent was caused by the lack of prior notification on new rules.

Acceptance of fiat deposits Bitfinex resumed in October. At the same time, the Fiat’s withdrawal from the site was not officially suspended.