We wanted to provide a quick update to our users and the community regarding BitInstant’s inbound and outbound payment methods, which have recently changed.
- Cash deposits via banks has been suspended
- Payout to Bitcoin and email addresses (via Coinapult) has been suspended
The cash deposits to banks have been suspended as we’ve had a number of problems with our partner.
Until these problems are resolved, we won’t be accepting the cash deposits at banks.
It’s always been our intention to diversify away from the banks, regardless. Indeed, cash deposits are
still available via our non-bank retail locations (Walmart, 7-Eleven, CVS, etc.). Further, we are very close
to adding a host of new payment locations (non-bank) and some very exciting new payment methods
that are far superior to the bank deposits.
Regarding the removal of the payment option to Bitcoin and email addresses (via Coinapult), we know
this is highly inconvenient for many of you. Coinapult is currently building a new, far more advanced
system which acquires and sends coins out to customers, and when this is done, the feature will be
Additionally, this will mean better prices for BTC conversion, faster transactions, and a more diversified
exchange environment (less reliance on one single exchange).
So, please bear with us during these growing pains over the next week or two.
+ For cash deposits, you need to use the retail locations (not the banks) for now
+ Coinapult features (pay to email or Bitcoin address) will be back in a week or two
+ Exciting new payment methods are imminent (more cash locations plus something even more special)
+ When Coinapult is back, exchange rates will be better, with less reliance on one exchange
-The BitInstant Team