Bitfinex Hits A Billion In Withdrawals In October 2018


Bitfinex, a leading cryptocurrency exchange that has halted its withdrawals in recent weeks, given doubts about its solvency – claims to have processed over $1 billion in withdrawals during the month of October alone.

In a post on its website, Bitfinex claims that the $1 billion in withdrawals was spread out among 700 transactions, which means that the average withdrawal was for an amount of about $1.4 million.

In the same post, Bitfinex announces changes to its withdrawal fees. For those investors who are either withdrawing over $1 million in fiat over a thirty-day period, or more than 2 fiat withdrawals within the same period – Bitfinex would now charge 3% on external wire requests.

The exchange seemed to downplay the rise in the fees, pointing out that regular withdrawals – which “account for 99% of our customers” – will be unaffected.

There are many retail investors who claim to have been waiting for weeks for their money to actually be withdrawn, however. There are many who have taken to Twitter and Reddit to address these concerns.

Bitfinex communications director attempted to address these concerns weeks ago in a Reddit post, claiming that the exchange was working through a backlog of fiat withdrawals, and claiming that the delays were only affecting a “few users”.

In its blog post, Bitfinex ended by stating: “Bitfinex may exempt customers from this charge in its sole discretion. Bitfinex’s fee schedule remains subject to change at any time.”