ING Bank Confirmed Bitfinex Account Support

Wells Fargo had ended dealings with exchange last year and U.S. regulator said to send subpoenas to Bitfinex on Dec. 6
21 February 2018   373

Bitfinex, a large crypto-currency exchange that was in the spotlight of US regulators late last year, opened an account with ING after Wells Fargo refused to service it last year. This is reported by Bloomberg News.

ING spokesman Harold Reusken confirmed that Bitfinex is a client of the bank. He refused to go into details of their relationship, referring to the confidentiality of information, while specifying that the bank adheres to special practices regarding transactions related to crypto-currencies. Reusken did not say anything about Tether, which is connected with the Bitfinex issuer of USDT tokens, which causes a lot of questions in the crypto-currency community. Earlier, BitMEX researchers concluded that Tether money can be kept in Puerto Rico.

With companies that are active in the crypto market we are very reserved. Not with companies that are in traditional markets and receive or do payments with cryptocurrencies, but with parties that are in the chain of cryptocurrencies.

Harold Reusken

Spokesman, ING

Bitfinex did not divulge with which banks it operates, after the closure of the account in Wells Fargo. The ING statement is the first confirmation of the relationship between Bitfinex and a large financial company capable of providing storage services.

It is also unclear where Bitfinex was served after the breakdown of relations with Wells Fargo and when this account was opened.

The connection between Bitfinex and ING is interested by Dutch lawmakers. A member of the opposition workers' party, Nank Neybour, asked Finance Minister Vopka Hextra to look into this issue, including explaining why other banks broke off relations with Bitfinex and what measures the exchange and the bank take to prevent the use of their sites by intruders.

Bitfinex Joined Forces With Irisium

According the representatives of both companies, they "collaborate to improve digital asset market integrity"
15 March 2018   123

The third largest exchange Bitfinex, based in Hong Kong, will implement an Irisium to monitor trading operations manipulative behavior monitoring and suspicious activity, improve market integrity and obtain analytics on all trading processes.

Comprehensive market and trade surveillance capabilities are integral to operating an exchange. To meet the complex needs of an evolving digital asset class and to protect our sophisticated participants, Bitfinex requires an agile surveillance system built on the latest technology. Together with our experienced team, the Irisium platform will provide the surveillance needed to protect our participants and our venue from trading abuses.

Paolo Ardoino

CTO of Bitfinex

Innovative technology Irisium, according to Bitfinex, will allow processing a wide range of data, which will provide professional analysts necessary to identify suspicious activity information.

We are at a tipping point in the development of the digital currency marketplace. As professional traders and sophisticated investors enter the market, exchanges need to deploy modern surveillance tools that can detect abusive trading practices and protect their customers.

Alastair Goodwin 

CEO of Irisium Ltd

Bitfinex stressed that together with Irisium they intend to create a new global standard for the transparency of the functioning of cryptocurrency exchanges.