This update is further to our announcements on April 13, 2017, and April 17, 2017, with respect to inflows and outflows of customer fiat funds to and from Bitfinex.
Bitfinex, unfortunately, continues to experience temporary delays in the processing of outbound fiat wires. We are developing alternative channels to address these delays, but this takes time. We appreciate the patience and loyalty demonstrated by our customers and the community in this matter. We were advised by our banks that we would be able to process outbound wires in HKD and CHF, and while we were able to successfully process several such transactions, we are now being told that the moratorium is being extended to these currencies, as well. Domestic transfers in all currencies within Taiwan, however, are working with no problems or delays.
Bitfinex is not alone in the bitcoin community in confronting challenges presented by correspondent banks; other exchanges in the digital currency ecosystem are also being affected. However, we are no longer in a position where we can wait for our existing banking partners to provide viable solutions. Accordingly, we are taking steps to work with our attorneys to ensure they are able to satisfy any requests and claims from customers. We are confident that this short-term solution will allow us to meet our fiat obligations to customers. However, it will likely be a one-time option per customer for USD withdrawals. It is not an ongoing solution to the correspondent banking problem and customers should be advised that they will be required to provide an appropriate acknowledgment of payment for claims in order to receive their fiat funds. Nonetheless, we believe it is important to build this solution for the immediate needs of our customers. This is also taking some time, and we will report back on our progress as soon as we are able.
We want to be absolutely clear here that Bitfinex is solvent. We have assets that exceed all user balances. We also want to emphasize that digital token trading is not affected on Bitfinex. We are developing facilities for different currencies, but in the interim, customers are welcome to trade and to undertake financing on Bitfinex and to deposit and withdraw smoothly using the available suite of digital tokens.
We want to apologize again for this continuing inconvenience, and to assure our customers that we are doing everything to get back to normal operations. We thank you for your ongoing patience.
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