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Bitfinex To Exercise One-Time Withdrawal Option

By

Jeremy

Nation

WriterETHNews.com

Unable to overcome issues relating to April 2017’s wire freezes, Bitfinex has opted to provide withdrawals to certain users.

With limited solutions available, Bitfinex will be moving forward with a previously mentioned "one-time" withdrawal solution.

In April 2017, wire freezes halted Bitfinex’s capability to allow users to withdrawal fiat currency from outside Taiwan. The company filed a lawsuit against Wells Fargo, alleging the bank intentionally interfered with its business, but subsequently dismissed the claim.

Following these events, Bitfinex has been on damage control and has been working to expand its "portfolio of deposit and withdrawal options," according to an announcement made May 12.

Now Bitfinex said it has moved a majority of funds away from Taiwan and will be exercising a "one-time" withdrawal solution for requests greater than $50,000 in value. Bitfinex offers the option to “submit a normal withdrawal request and reference in a support ticket with subject ‘USD settlement request.’”  Users will be contacted when the withdrawal is ready to be processed. Bitfinex has not specified how withdrawal amounts under the $50,000 mark will be dealt with but stated, "by the time we are able to get to the smaller withdrawals, other, less cumbersome withdrawal solutions will become more widely available."

As Bitfinex continues to work towards restoring normality to withdrawal operations, trading continues without interruption on the exchange.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

ETHNews is committed to its Editorial Policy

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