Hong Kong Exchange Withdraws $1 Billion In Fiat

The Hong Kong-based exchange, Bitfinex has just updated its withdrawal fee policy as well as processing $1 billion in fiat currency.

Following the weeks of uncertainty which surrounded its banking health which led to a stop on withdrawals the Hong Kong-based crypto exchange Bitfinex claims to have processed around $1 billion in cash withdrawals in October alone.

You can find out more in a recent tweet posted by the exchange:

New high frequency/size wire withdrawals fee released, more info here https://t.co/c8FbmS18Rl

— Bitfinex (@bitfinex) November 11, 2018

According to a recent post by Bitfinex, the $1 billion came through 700 withdrawals in fiat and doesn’t include the totals found with crypto transactions. From this, we can infer that the average cash withdrawal on the platform surged past the $1.4 million mark

This information comes around a month after Bitfinex had allegedly gained a new banking partner, the Bank of Communications based in Hong Kong.

“Our banking remains stable, but we must prioritize our long-standing and loyal customers using the platform so that they can continue to benefit from our truly unique offering, the benefits of which extend far beyond our users and include many crypto-to-crypto and crypto-to-stablecoins exchanges.”

On top of this, in the start of the recent announcements from Bitfinex, they say that they have updated their withdrawal fee policy and will now charge 3% on all external wire withdrawal processes which go over the following frequency or size limits.  

“Effective immediately, Bitfinex will charge a 3.0% fee on all external wire withdrawal requests exceeding the following frequency and/or size limits:

• 1. more than 2 fiat withdrawals in any thirty day period; and/or,

• 2. more than $1M in aggregate in fiat withdrawals in any thirty day period.”

According to SludgeFeed:

“Despite the recent uncertainty, Bitfinex remains one of the world’s most popular exchanges, with the adjusted trading volume ranking in the top 10 over the last 30 days.”

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