Bitfinex confirms The Block's report that it's suspended fiat deposits

Cryptocurrency exchange Bitfinex has confimed a report by The Block's Larry Cermak that it suspended fiat deposits earlier this week. 

On Thursday, Cermak reported that the Hong Kong-based exchange paused all USD deposits. A source told The Block that the firm expected the "situation to normalize within a week." On Friday, spokeswoman Aubrey Strobel confirmed Cermak's report in an emailed statement to The Block.

“Bitfinex has temporarily paused the depositing of FIAT to customer accounts. We expect full trading capabilities to resume as normal within a week," according to the email. "All other service and business features on the platform remain unaffected and are operating as normal.”


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Bitfinex ealier this month responded to brutal rumors surrounding its business in a blog post. In recent weeks, rumors emerged that Bitfinex, and its affiliated firm Tether, could face insolvency amid reports that its reported banking partner Noble International was no longer working with the firm. Bitfinex threw cold water on those accounts, saying “Bitfinex is not insolvent, and a constant stream of Medium articles claiming otherwise is not going to change this.”

Market observers have also expressed concern about whether stable-coin Tether is backed one-to-one by the U.S., which Bitfinex claims to be the case. 

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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].