Bitifinex to Implement Withdrawal Fee

Community is not very happy regarding this innovations
12 November 2018   569

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.

Tether to Issue TRON Blockchain Based USDT Tokens

At the moment, a number of large platforms, including Bitfinex, OKEx, and Huobi, have announced their readiness to list new token
18 April 2019   130

Issuer of Tether began to issue USDT coins based on the Tron blockchain. This is reported by the head of the Tron Foundation Justin Sun announced on Twitter.

He also urged the exchanges and cryptowallets to support the initiative. A number of large platforms, including Bitfinex, OKEx, and Huobi, have announced their readiness to list new asset.

In addition, as Justin Sun said, the first investors will receive a reward for converting USDT on Bitcoin or Ethereum blockchains in the TRC-20 standard USDT - 20 million USDT will be distributed as additional interest payments within 100 days.

Tether and Tron announced a partnership in early March. As Tether CEO Jean-Louis van der Velde said at the time, Tron-USDT will be the next step in the company's development and demonstrates its commitment to spreading innovation in the cryptocurrency space and striving to meet the needs of the community formed around digital assets.