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.
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.