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

October 12, 2018, 4:19PM EDT

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.”

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. 

If you want to reach out confidentially to The Block about this report please email Frank Chaparro at [email protected]