Announcements

Announcements > Improved Fiat Deposit System: A Distributed Banking Solution October 16, 2018

Today we are introducing a new, improved and increasingly resilient fiat depositing system for sending fiat currencies to Bitfinex.

This new process will once again allow KYC-verified users from around the world to initiate deposits across USD, GBP, JPY and EUR.

The new fiat deposit system will function as follows:

  • A user wishing to initiate a fiat deposit on Bitfinex will create a deposit request to signal interest in completing a deposit. Through this deposit request, a user will be able to specify the exact amount and currency which they wish to deposit.
  • Following an account review (which may take up to 48 hours), the user will receive a deposit notification which will include, among other things, bank details specific to the individual’s transaction.
  • The user will be able to initiate the deposit based on the information received through the deposit notification. The deposit will subsequently be processed within 6-10 business days from Bitfinex.

The minimum fiat deposit amount on Bitfinex will remain at 10,000 USD with a 0.100% processing processing fee. Additional information on Bitfinex fiat management is available here.

We believe this system to be significantly more durable in the face of sustained attacks by our competition and their supporters. Ongoing campaigns against us will only result in our company becoming stronger and better.

Thank you to all of our users for their continued understanding throughout the entirety of this situation.

The Bitfinex team