On Friday 14th July 2017 we will be adding support for OMG trading with BTC, ETH and USD exchange pairs. Margin trading for these OMG pairs will be enabled as the order book develops suitable liquidity.
OmiseGO is an impressive and professional project, which aims to deliver on the initial promises of blockchain technology: to revolutionize the traditional financial world. OmiseGO provides a wallet and payment network for both fiat and crypto currencies.
Bitfinex supports and will continue to support these sorts of projects in bringing blockchain technology to mainstream consumers. We see projects like OMG as one of the crucial building blocks that will enable the creation of a new and truly revolutionary decentralised financial ecosystem.
Learn more about OmiseGO at https://omg.omise.co
Santiment (SAN) deposits will begin at approximately 11am UTC on 12, July 2017. Exchange trading will start shortly after. SAN will be traded against BTC, ETH and USD. Margin trading for SAN pairs will be enabled as the order book develops suitable liquidity.
We decided to launch SAN trading because they’re building the future datafeeds for the crypto-markets. Their continued development, professionalism and partnerships marked them as up-and-coming players in cryptocurrencies’ nascent market data industry.
This is exactly the kind of innovation and service we’re looking for to professionalize the crypto-markets. By giving proper data to traders and investors crypto can mature and grow faster than ever.
Learn more about Santiment from santiment.net
Follow their latest announcements at medium.com/santiment
On Saturday July 1, 2017 we will be adding support for EOS (EOS) exchange trading through EOS/USD, EOS/BTC, and EOS/ETH pairs. Margin trading for EOS pairs will be enabled in the coming days as the order book develops suitable liquidity.
EOS is a development platform designed to make production of high performance decentralized applications fast and scalable.
EOS is being designed by an experienced management and development team, and boasts co-founder Daniel Larimer who’s previously founded two community projects that now have over 1 billion USD in aggregate token value. Daniel introduced the concept of the DAO in 2014 and is the inventor of Delegated/Nominated Proof of Stake (DPOS).
Learn more about EOS at EOS.IO
On Tuesday, June 13, we will be adding support for IOTA (IOT) exchange trading through IOT/USD and IOT/BTC pairs. Margin trading for IOT pairs will be enabled in the coming days as the order book develops suitable liquidity.
What is IOTA (IOT)?
IOTA is the first distributed ledger protocol that goes 'beyond blockchain' through its core invention 'Tangle'. The IOTA Tangle is a Directed Acyclic Graph which has no fees on transactions and no fixed limit on how many transactions can be confirmed per second in the network; instead, the throughput grows in conjunction with activity in the network; i.e., the more activity, the faster the network. Unlike typical blockchain architecture, in IOTA there is no separation of users and validators; rather, validation is an intrinsic property of using the ledger, thus avoiding centralization.
Bitfinex and IOTA
Bitfinex has followed IOTA since its earliest stages of development and supports the project’s innovative approach toward a blockless distributed ledger. We believe the underlying technology can lead to a new ecosystem of applications built upon this decentralized and self-regulating peer-to-peer network.
Learn more about IOTA from www.iota.org
As most people using crypto currencies on a regular basis will know, sending funds over a blockchain requires a small transaction fee (Tx Fee) in order for the relevant mining network to prioritize and confirm the transaction. If the fee is set too low, the transaction could remain unconfirmed indefinitely by the miners. To avoid this, we utilize a dynamic fee algorithm to calculate the appropriate fee to attach to each transaction. This Tx Fee is usually sufficient for the transaction to be included in the next, immediate block.
We understand that time is critically important when it comes to funds being available. As network activity and congestion rise and fall, Tx Fees rise and fall accordingly. We always do our very best to ensure that withdrawals receive the appropriate Tx Fee for the mining network to prioritize the transaction.
Up to now, Bitfinex has never charged users for these Tx Fees, as the amounts involved were relatively small. In the last two years, the fees for Bitcoin transactions, in particular, have significantly increased. At the time of writing, the recommended Tx Fee to have a Bitcoin transaction included in the next mined block is 420 satoshis/byte. For the median transaction size of 226 bytes, this results in a fee of 94,920 satoshis - about $2.20 at the current Bitcoin price.
Our users make thousands of transactions from our platform every day. The costs involved in sending all these transactions have increased to a point where we find ourselves forced to start charging our users the transaction fees.
On Monday, June 05, we will be updating the withdrawals interface to allow users to monitor the current Tx Fee assessed to cryptocurrency withdrawals. At any time, you may visit the fees page to monitor current the Tx Fee for withdrawals. For users of the REST API, please note the new endpoint for requesting current withdrawal fees.
Because withdrawals are sent to the blockchain in combined transactions for multiple withdrawals in a single transaction, we cannot provide an exact transaction cost for your specific withdrawal beforehand. The Tx Fee will be fixed and will automatically update on a periodic basis according to network activity and the associated cost to achieve reasonable transaction confirmation times.
See our Knowledge Base article for more information.
Due to a combination of shareholder interest and popular demand from our customers, Bitfinex has enabled Ripple (XRP) on our trading platform. XRP/USD and XRP/BTC pairs are now available for exchange trading.
Margin trading for XRP pairs will be enabled in the coming days after the order book develops suitable liquidity.
What is XRP?
XRP is an independent digital asset, native to the Ripple Consensus Ledger. With proven governance and the fastest transaction confirmation of its kind, XRP is the most efficient settlement option for financial institutions and liquidity providers seeking global reach, accessibility and fast settlement finality for interbank flows.
While XRP is not required to transact on Ripple, it is uniquely positioned to create more competitive foreign exchange (FX) markets for cross-border payments.
Learn more about Ripple at ripple.com.
As noted in our prior announcement, US correspondent banks continue to block international wires. USD, however, continues to flow domestically in Taiwan and other channels have been slowly ramping up as evidenced by the price spreads narrowing between Bitfinex and other exchanges. Unfortunately, the solutions available to us at the moment are limited to specific customer profiles in certain jurisdictions, though we are working tirelessly to expand our portfolio of deposit and withdrawal options (including support for other fiat currencies) to meet the needs of our global customer base. If and when a customer qualifies for one of these channels, we will reach out to the customer. There is no need to inquire by means of a support ticket.
We have, however, moved the majority of our funds out of Taiwan and the “one-time” withdrawal solution discussed in the prior announcement is coming online. Unfortunately, due to the cumbersome nature of the settlement procedure, we are processing these requests in descending order of size as we learn how to handle the process more efficiently. For the time being, we will only process requests above $50,000 in size. We believe that by the time we are able to get to the smaller withdrawals, other, less cumbersome withdrawal solutions will become more widely available. If you are interested in this option, please submit a normal withdrawal request and reference in a support ticket with subject “USD settlement request” - we will contact you when we are ready to process that withdrawal.
We are deeply grateful for the patience and forbearance that our customers and shareholders have shown us as we work to restore normal operations. We apologize for the inconvenience and look forward to resolving these problems in the coming weeks.
We are pleased to announce that Bitfinex has engaged Friedman LLP to complete a comprehensive balance sheet audit. Friedman, headquartered in New York, has extensive experience working in the cryptocurrency space and we’re excited to be working with them as we take this next step toward cementing customer and shareholder confidence.
Finding a reputable auditor that is crypto-savvy has not been easy. But in the wake of the complete redemption of the outstanding BFX tokens, Friedman saw an opportunity to be part of our recovery story, for which we are both enthusiastic and grateful. We were drawn to Friedman because of their adept partners who hold expertise in the constantly evolving cryptocurrency space. We are confident that Friedman is a great match to meet our accounting needs.
Engaging an auditor is just the first step. The comprehensive balance sheet audit, which will be dated June 30th, 2017, will require considerable time and resources on both sides. A third-party audit is important to all Bitfinex stakeholders, and we’re thrilled that Friedman will be helping us achieve this goal.
In connection with our engagement of Friedman and their expertise in the digital currency industry, we will be undertaking a process to optimize our financial operations and streamline internal accounting procedures as we push toward the goal of having fully audited financials (both balance sheet and operating results) in 2018. Transforming our back office and seeing that change to completion has been and will be a time-consuming and resource-intensive process. We are working diligently on this project and will release summarized results of that audit as soon as it is available.
Bitfinex, unfortunately, continues to experience temporary delays in the processing of outbound fiat wires. 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. Domestic transfers in all currencies within Taiwan, however, are working with no problems or delays.
Bitfinex is not alone in the bitcoin community in confronting challenges presented by correspondent banks; other exchanges in the digital currency ecosystem are also being affected. However, we are no longer in a position where we can wait for our existing banking partners to provide viable solutions. Accordingly, we are taking steps to work with our attorneys to ensure they are able to satisfy any requests and claims from customers. We are confident that this short-term solution will allow us to meet our fiat obligations to customers. However, it will likely be a one-time option per customer for USD withdrawals. It is not an ongoing solution to the correspondent banking problem and customers should be advised that they will be required to provide an appropriate acknowledgment of payment for claims in order to receive their fiat funds. Nonetheless, we believe it is important to build this solution for the immediate needs of our customers. This is also taking some time, and we will report back on our progress as soon as we are able.
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.
We want to apologize again for this continuing inconvenience, and to assure our customers that we are doing everything to get back to normal operations. We thank you for your ongoing patience.
This announcement is further to our announcement about withdrawal delays on April 13, 2017.
Beginning April 18, 2017, all incoming wires to Bitfinex will be blocked and refused by our Taiwan banks. This applies to all fiat currencies at the present time. Accordingly, we ask customers to avoid sending incoming wires to us until further notice, effective immediately.
We continue to work on alternative solutions for customers that wish to either deposit or withdraw in fiat, and are making progress in this regard. We will continue to update our customers as and when we have more information to share.