Bitfinex announces large fees for its high-frequency clients

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

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  • 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)

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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