Bitfinex announces new fees for fiat withdrawals

Posted 12 November, 2018

Bitfinex has announced the revision of the transaction tariffs. Traders will have to pay 3% fee for large and frequent withdrawals in fiat.

The company has posted the notice on its website about new rules for traders, adding that the new fees will be effective for "more than 2 fiat withdrawals in any thirty day period; and/or more than $1 million in aggregate in fiat withdrawals in any thirty day period".

At the same time, the platform noted that other withdrawals requests will not be subject to new tariffs.

"Regular withdrawals, currently representing the requests of more than 99% of our customers, are unaffected by this change," reads the statement.

According to the data released by the company, fiat withdrawals in October exceeded $1 billion, which probably indicates that Bitfinex may be considered as "the primary fiat gateway in the crypto ecosystem".

In addition, the project team expressed readiness to keep following their path and take measures "to defend the use of an independent fiat gateway" though the exchange suffered from numerous heavy attacks aimed at shaking the crypto sector.

Speaking about the requests that were received before this report, they will reportedly be subject to the previous tariffs.

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12 November, 2018 15:43

← Trader fined and sent to jail for fraud scheme, CFTC reported

The US Commodity and Futures Trading Commision has reportedly sent a trader to the prison charging Bitcoin and Litecoin fraud scheme. The authority determined that crypto trader, Joseph Kim from Arizona (USA) has to pay $1.1 million fine. Kim in his turn accepted the charges of stealing more than $600,000 from the previous employer, Chicago trading company. The funds were reportedly transferred within September-November last year. Following the determination on the case, the United States District Court for the Northern District of Illinois put Joseph Kim in prison for a 15-month period.

Trader fined and sent to jail for fraud scheme, CFTC reported

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12 November, 2018 12:11

South Korea-based first crypto investment fund run by Zeniex ceases to exit →

The first crypto investment fund shuts down in South Korea facing heavy pressure from the regulator. The company inform users that they must withdraw all tokens before the stated date, as they will no longer have access to the funds. The trading was stopped on November 9. The local regulator reportedly pointed out that in October they had notified the company many times that the fundraising services offered by this business must pass registration in the country.

 South Korea-based first crypto investment fund run by Zeniex ceases to exit
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