Bitfinex suspends all fiat deposits

The Block • October 11, 2018, 6:36AM EDT

According to The Block's sources, Bitfinex has paused all USD deposits and "expects the situation to normalize within a week". In response to broad speculation around the company's banking relationships and financial stability last weekend, the company had issued a press release stating: "Bitfinex is not insolvent."

The Block exclusively reported on Saturday that Bitfinex was banking with HSBC through a private account of Global Trading Solutions. Due to the nature of the private account, it was not clear whether HSBC is aware that Bitfinex was banking with the firm. Now it appears that the private account is no longer functional. Bitfinex currently has no active method of deposits as all USD, EUR, JPY and GBP deposits are paused.

The Block has reached out to Bitfinex's media representatives and will update this post if they respond.

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Larry joined crypto research full time in early 2017 and has expertise in capital markets, market structure and early stage DeFi companies/protocols and token economics. He has a background in economics and finance.