Exchanges • November 11, 2018, 4:51PM EST
Published 1 hour earlier on
UPDATED: November 12, 2018, 5:50AM EST

Bitfinex announces large fees for its high-frequency clients

Read the non-AMP story on Theblock.co
The Block

Bitfinex, the cryptocurrency exchange, announced that it is charging a 3% fee on all external wire withdrawal requests that meet the following criteria:

  • More than two fiat withdrawals in any thirty day period.
  • More than $1M in aggregate in fiat withdrawal within a thirty day period.

The firm is describing the fee as such: "New high frequency/size wire withdrawals fee." According to Bitfinex, these changes will only affect less than 1% of its customers. Bitfinex also disclosed that it has processed over 700 withdrawals representing more than $1B in October 2018. (Source: Bitfinex)