Crypto Exchange Bitfinex Restarts Fiat Deposits Claiming 'Improved' Process

Cryptocurrency exchange Bitfinex has just announced a new process for depositing fiat currency after the platform halted the service in recent days.

Announcing the news in a blog post Tuesday, the exchange said the "New, improved and increasingly resilient" deposit system would again allow users who have been verified for know-your-customer compliance to top up their accounts with U.S. dollars, pounds Sterling, Japanese yen and euros.

In a previous post on Oct. 5, Bifinex said "Processing complications" had caused it to suspend fiat deposits for "Certain customer accounts" and "User groups," last week.

Despite that, firm stated in yesterday's post that withdrawals are being processed "As usual without the slightest interference."

Today's announcement, describing the new deposit process as a "Distributed banking solution," indicates that verified customers can send money to their wallets by initiating a deposit request.

The exchange will then review the account - which may take up to 48 hours, it warns - and approved users will be provided details as to how to send the fiat currency.

It also adds that deposits must be a minimum of $10,000 and will be processed in six-10 days.

It also appealed for "Continued understanding throughout the entirety of this situation."

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