Because of the Chinese New Year festivities in Taiwan our banks will be closed from Friday 27 January to Wednesday 1 February.
During this period there will be no wire deposits and withdrawals processed. On Thursday 2 February the banks open again.
The Bitfinex Team
We are pleased to announce the redemption of 2.00% of outstanding BFX tokens. This redemption was applied pro rata to all wallet balances on January 10, 2017, at 23:30:00 UTC. The redemption does not apply to margin long or short positions—only on settled wallet balances. The amount of the redemption is based on a combination of December’s operating results and a reduction in our contingent liability reserves.
After this redemption, there are now 35,712,790 BFX tokens outstanding.
For redemptions in the future, we will be changing our methodology for determining eligible balances. Specifically, in addition to settled wallet balances being subject to redemption, margin positions will also be included with margin long positions receiving the redemptions and shorts paying the redemptions. Redemptions associated with margin positions will be settled to the balances in the margin wallet and will not affect the amount or the base price of the margin position itself.
Since redemptions debit BFX and credit USD, it is possible that a negative BFX balance might be created (while USD is credited) in the margin wallet during subsequent redemptions if there is no BFX collateral. If this happens, the system will handle the negative balance as usual—automatically settling them at the market price. Please note that shorts will see a net reduction in the margin wallet balance, the effect being similar to the situation of being short a stock that pays a dividend.
We continue to press forward on all fronts to expeditiously retire BFX tokens through a variety of initiatives including equity conversion with qualified token holders, raising new capital through equity financing, reinvesting operating profits, and prudent reductions in contingent liability reserves. We look forward to sharing further developments with you in due course.
If you have any questions about redemptions and how we will be handling margin positions in upcoming redemptions, please contact [email protected]
As part of our ongoing effort to improve global availability and platform robustness, we will be migrating to a new content delivery network (CDN) during the next two weeks.
Although we do not expect web users to be disrupted during the migration, some API users may notice momentary connection issues at the moments when servers are undergoing a migration. If this happens, please know that this is expected during migration, and simply try reconnecting a few seconds later to pick up the new IP addresses.
Users who have firewall rules based on our current IP ranges will need to take note of the new IP ranges, detailed below. We recommend to modify your firewall rules to allow both the existing and new IP ranges, and once the migration is complete, you can remove the old ranges.
Our current IP ranges are:
On the new CDN the IP ranges will be:
If you have any questions about how this may affect your situation, please reach out to [email protected] and we will happily help you.
A recent analysis of user behavior has revealed several attempts to artificially inflate funding rates for certain currencies through a particular pattern of taking and returning funding. The pattern and scale of these user actions indicate systematically manipulative behavior. Such behavior is strictly prohibited.
To prevent exploitative behavior and to protect traders and lenders, Bitfinex is adjusting how fees are handled in these situations.
Effective immediately, the platform will charge one full day’s interest on any funding that is borrowed and subsequently returned without being used in a financed position. This change will not impact most traders or funding providers. It will act to dissuade manipulative behavior and ensure fair platform use for all.
Platform monitoring tools will continue to detect disruptive, distortionary, or manipulative borrowing practices in order to maintain the best possible environment for traders and funding providers. Please note that levying this new fee does not endorse or condone this behavior. It is still impermissible, and we reserve the right to take further punitive measures as we deem necessary to ensure the integrity of the financing platform. Specifically, users subject to this fee may be flagged for further investigation and may be subject to further sanction, at our discretion.
If you have any questions about how this may affect your trading or financing activities, please reach out to [email protected] and we will happily help you.
Many traders have expressed interest in the ability to make larger trades directly with a counterparty without having to go through the public order books.
To make that possible, Bitfinex is pleased to officially announce the launch of our new Over The Counter (OTC) Trading Desk. Through our OTC desk, traders will be able to access digital currency liquidity without affecting the exchange market price.
Introduce Bill Brindise
Heading up our desk is Bill Brindise, the former Chief Trading Officer of DigitalX. He brings with him over three years of digital currency trading experience and contacts throughout the industry. Before trading digital currencies, Bill spent 18 years trading and brokering energies and metals on the NYMEX floor and in the OTC markets. With over 20 years of trading and sales experience, Bill is the ideal candidate to lead our OTC desk and support future innovation at Bitfinex.
Two ways to take advantage of the OTC desk
In addition to facilitating OTC trades, Bill will be the product manager for the OTC platform facility as well as our upcoming daily auction product.
To get started, visit The OTC Desk.
Zcash is a relatively new cryptocurrency. Until order book liquidity further develops, margin trading Zcash will require 100% initial margin and 50% maintenance margin. This means that users will be able to open margin trading positions equal in value to the collateral held in their margin wallet and adds the option to open short positions for ZECUSD and ZECBTC. As the market develops, these parameters will be readjusted to allow for leveraged margin trading, both long and short.
When it comes to trading, time is a critical component. You need to be able to react fast when the market moves.
Starting today, we are offering up to 300% faster deposits on cryptocurrencies for all verified and shareholder users.
Below is an overview of the new deposit confirmation requirements.
We are pleased to announce the redemption of 1.75% of outstanding BFX tokens. This redemption was applied pro rata to all wallet balances on December 5, 2016 at 18:00:00 UTC. The redemption does not apply to margin long or short positions - only on settled wallet balances. The amount of the redemption is based on a combination of October's operating results and a reduction in our contingent liability reserves, a breakdown of which will be forthcoming along with an update on recent conversions.
We continue to press forward on all fronts to expeditiously retire BFX tokens through equity conversion with qualified token holders, raising new capital through equity financing, operating profits, and prudent reductions in contingent liability reserves. We look forward to sharing further developments with you in due course.
Monero deposits and withdrawals will be enabled on Wednesday, November 30th at 18:30 UTC. Two new currency pairs will be available for exchange trading: XMRUSD and XMRBTC.
To learn more about Monero please visit the Monero Project website: https://getmonero.org.
On Thursday, November 3rd, at 15:30 UTC we will be undergoing planned downtime for platform maintenance and updates.
This substantial update will encompass over 50 new features and optimizations. We expect the update to take up to 90 minutes but may be completed in under an hour. We will be posting updates on Statuspage, Twitter, and Reddit (/r/bitcoinmarkets).
In the hours before the planned upgrade, we will be monitoring market activity closely. If the market is relatively calm, we will proceed with the update. However, if the market is highly active, we may choose to postpone the update so as to not adversely affect the market. During this period of monitoring, we will be posting constant updates on whether or not the updates will proceed as expected.