One of the largest crypto exchanges Bitfinex, made an announcement today that reached all crypto news that is temporarily suspending all fiat wire deposits for Dollars, Euros, the Japanese Yen, and the Pound Sterling.
Bitfinex hasn’t provided a reason for this decision but noted that this is a temporary action and the fiat deposits will resume within a week.
Bitfinex has been the target to online rumors that say how the exchange is facing banking issues and that allegedly the exchange was insolvent. They did, however, stated that there are some complications that hover around the exchange in that particular sector of fiat transactions.
The addressed the statements and reports about their banking partner, Puerto Rico’s Noble Bank International trying to find a buyer while losing both Bitfinex and Tether as clients.
Some people in the crypto space believe that Bitfinex is now cooperating with HSBC via a private account with the name ‘’Global Trading Solutions’’. However, the exchange still hasn’t addressed this claims but made sure everyone understood that all the Noble-related allegations don’t really have an impact on its operations or solvency.
This exchange has had an interesting history with banking relations starting from April 2017 when U.S Wells Fargo $ Co. didn’t want to continue being the correspondent bank. Bitfinex, of course, filed a lawsuit immediately but it was very quickly dropped.
Bitfinex is among the top five largest exchanges, taking the number 4 position according to the daily trading volume with more than a 150% increase in a 24-hour period by making $630 million in trades daily.
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“Ultimately behind the scenes, they [crypto companies] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space… When it comes to margins and capabilities, payments is never something that grows in margin, nobody wants to pay for a payment…so you need highly efficient and large players.”Karpovich also responded to a question regarding how far the eCommerce industry is from using crypto to facilitating payments. He explained that blockchain - the underlying technology of cryptocurrencies - will be used to facilitate payments behind the scenes. However, he also added that according to him, blockchain won't have a huge impact on consumers.
“I think ultimately you’ll find that the technology behind the scenes will be blockchain, I don’t know that you’ll notice anything as a consumer in that space. I think that you’ll still continue to use the payment type that you prefer, be that a wallet, a card, or a bank account,” he noted.When asked about his anti-crypto sentiment - which is somehow shared in the JPMorgan circles - Karpovich said that there is a difference between adopting blockchain and speculating on cryptocurrencies.
“There’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous, versus using the technology to enhance your payment infrastructure,” he concluded.
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‘’Binance Lite is a simple site for users to easily buy bitcoin with cash at physical store fronts. This model makes it really easy to bring new users into crypto, starting with Australia, where the government has taken proactive steps to support the blockchain industry. Users won’t have to open complicated online accounts to start using the service.’’The crypto market in Australia was a little behind than other markets in the world such as South Korea or Singapore because the banks didn’t support the crypto businesses in Australia. Back in 2017, during the strongest crypto rally, reports show that the larger Australian banks closed the accounts on multiple crypto investors. However, starting last year, the government of Australia began its proactive approach in regulating the crypto space and the blockchain industry so the investors are now hopeful that they could improve the market in the long run. Zhou also said that more than $5 billion in crypto was traded in crypto in 2018 in Australia and that since then the government is funding blockchain startups and companies by issuing bonds on the blockchain. The government has also started to accept crypto on airports such as the airport in Brisbane and even held a voting trial on the blockchain. He finished his interview by saying:
“Binance Lite also completes a comprehensive value chain for the Binance ecosystem in Australia. For example, users can show their friends how to buy bitcoin from Binance Lite stores, immediately load it up onto Trust Wallet on their phones, and go on to spend this bitcoin in shops accepting bitcoin payments through TravelbyBit, the payments startup Binance invested in last year.’’
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