New Bitfinex Statement (April 20, 2017)

[mike4001]

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.

[Pearls Before Swine]

I have no pup in this fight,  but this is sort of reassuring.   At least they are speaking to their customers,  and presumably you can still withdraw crypto.  What's not reassuring is that their relationship with their bank (s) is lousy, and it would seem like bitfinex would have established a better one.  The banks did know bitfinex's business,  right?  I shall be watching with bated breath to see how this debacle turns out.

[leowonderful]

They could be bluffing right now but it seems to me that they're just facing issues and some people are just over exaggerating the issue of how they aren't solvent; sure, withdraws are closed, but what could you really do if you were in their situation?

[jubalix]

have they stopped BTC withdrawals?

[travwill]

have they stopped BTC withdrawals?

Nope, just cash/fiat for now.

[willope]

Remember bitcoinbuilder?

[magneto]

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.

At least they claim that they are solvent.

That means that if their claim is true, there is really nothing for investors to worry about.

And also they still have bitcoin withdrawals but if you want to withdraw via BTC and you have USD at this moment then you have to pay a pretty premium for that instant withdrawal. If you don't want to take the risk then you should withdraw via BTC, if you think that Bitfinex is going to survive then buy BTC and turn it into USD and wait for everything to end. IT's a great speculating opportunity imo.

[shinratensei_]

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.

At least they claim that they are solvent.

That means that if their claim is true, there is really nothing for investors to worry about.

And also they still have bitcoin withdrawals but if you want to withdraw via BTC and you have USD at this moment then you have to pay a pretty premium for that instant withdrawal. If you don't want to take the risk then you should withdraw via BTC, if you think that Bitfinex is going to survive then buy BTC and turn it into USD and wait for everything to end. IT's a great speculating opportunity imo.

But it can become a big bet, We all know if the bank is the opposite side with the cryptocurrency itself.
In this case, we must remember there is no deadline for bitfinex to resolved this problem. We will bet on the unlimited time or no deadline for our USD to get stayed on finex exchange.
The cryptos are moving so fast, the outflow trends will happen on bitfinex. At least his crypto trading still run smoothly.

[chopstick]

so just curious.

What is stopping someone from sending BTC to finex

Exchanging for USD then USD into litecoin

Then litecoin out and back into BTC and making profit on arb

Is this do-able?

[FlamingFingers]

so just curious.

What is stopping someone from sending BTC to finex

Exchanging for USD then USD into litecoin

Then litecoin out and back into BTC and making profit on arb

Is this do-able?

OK. How about you want Fiat instead of BTC? One wants to deposit Fiat, exchanges it with BTC, makes a nice profit, and wants to withdraw in Fiat again. What should he do in a situation like that? And even if he applied your suggestion, high fees would kill some of his profits. 

[RoommateAgreement]

so just curious.

What is stopping someone from sending BTC to finex

Exchanging for USD then USD into litecoin

Then litecoin out and back into BTC and making profit on arb

Is this do-able?

OK. How about you want Fiat instead of BTC? One wants to deposit Fiat, exchanges it with BTC, makes a nice profit, and wants to withdraw in Fiat again. What should he do in a situation like that? And even if he applied your suggestion, high fees would kill some of his profits. 

you can NOT deposit NOR withdraw fiat from bitfinex, it is the bank that is making delays and it goes both ways, in and out.
and for his suggestion we have to check LTC price and surely enough it is worth $11.54 on bitfinex which means others have done it and pushed the price of it up.
p.s. LTC is 10.87 on btc-e

[chopstick]

so just curious.

What is stopping someone from sending BTC to finex

Exchanging for USD then USD into litecoin

Then litecoin out and back into BTC and making profit on arb

Is this do-able?

OK. How about you want Fiat instead of BTC? One wants to deposit Fiat, exchanges it with BTC, makes a nice profit, and wants to withdraw in Fiat again. What should he do in a situation like that? And even if he applied your suggestion, high fees would kill some of his profits. 

you can NOT deposit NOR withdraw fiat from bitfinex, it is the bank that is making delays and it goes both ways, in and out.
and for his suggestion we have to check LTC price and surely enough it is worth $11.54 on bitfinex which means others have done it and pushed the price of it up.
p.s. LTC is 10.87 on btc-e

Okay then.

Is it possible to withdraw Tether from Bitfinex to other xchanges?

Or is tether also suspended?

[pooya87]

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.
~
We want to be absolutely clear here that Bitfinex is solvent. We have assets that exceed all user balances.

this is reassuring in my opinion, specially if they go through with it. even if they start paying a small portion of the customers with fiat withdrawals, like those big ones i think we can safely say all this nonsense of people calling Bifinex as Gox would be over and we can finally rise.

[freedomno1]

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.

Sum it up the banks don't like Bitcoin and so their banking service was cut off.
Still a serious puzzle in some places in the world glad to read they are solvent just not liquid.

[Seansky]

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.
~
We want to be absolutely clear here that Bitfinex is solvent. We have assets that exceed all user balances.

this is reassuring in my opinion, specially if they go through with it. even if they start paying a small portion of the customers with fiat withdrawals, like those big ones i think we can safely say all this nonsense of people calling Bifinex as Gox would be over and we can finally rise.

I agree with you but those nonsense will continue to spread until bitfinex fixes the problems completely. I will pay attention for now on bitfinex statements because it might drive the price up or down at this point even if I don't hold any funds in bitfinex at all. This is the main reason why I convert some percent to fiat as soon as I get some bitcoin when the price is high, for me to not regret that I didn't convert a little percent for personal expenses.

[Rahar02]

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.

At least they claim that they are solvent.

That means that if their claim is true, there is really nothing for investors to worry about.

And also they still have bitcoin withdrawals but if you want to withdraw via BTC and you have USD at this moment then you have to pay a pretty premium for that instant withdrawal. If you don't want to take the risk then you should withdraw via BTC, if you think that Bitfinex is going to survive then buy BTC and turn it into USD and wait for everything to end. IT's a great speculating opportunity imo.

In order to avoid any problem, people should withdraw their funds in bitcoin form from bitfinex as soon as possible.
But, there are some people think ; this is a big chance to sell some bitcoin and wait for fiat withdrawal allowed.
But, in this case, everyone should prepare for the worst situation, losing theirs as happened last year.

[alyssa85]

At least they claim that they are solvent.

That means that if their claim is true, there is really nothing for investors to worry about.

And also they still have bitcoin withdrawals but if you want to withdraw via BTC and you have USD at this moment then you have to pay a pretty premium for that instant withdrawal. If you don't want to take the risk then you should withdraw via BTC, if you think that Bitfinex is going to survive then buy BTC and turn it into USD and wait for everything to end. IT's a great speculating opportunity imo.

The emphasis here is on "claim". Those of us who have been around for a while remember Roger Ver saying he had seen evidence from mtGox that they were solvent, and it turned out they had shown him some cooked books.

My advice to people on Bitfinex is to buy bitcoin and withdraw. Sure you will pay a bit more for your coins, but at least you will get them out (and future price rises will put you back in the black).

[alyssa85]

Apparently bitfinex have only 76k btc in their cold wallet now:

Hat tip to the following article for the info: https://steemit.com/bitcoin/@kingscrown/bitfinex-in-trouble-btc-amounts-shrinking-all-fiat-withdrawals-killed

Get your coins out now while you still can.

[lumeire]

Oh boy, just when the price is reaching another ath, another big exchange gets in trouble.

Should we prepare for a dip?

[bamboylee]

Oh boy, just when the price is reaching another ath, another big exchange gets in trouble.

Should we prepare for a dip?

You should always be prepared for a dip, that is how bitcoin is. Whenever the price is pumping up, something will always come up to drag the price down.

This update is not reassuring at all. There is no time table to when will this problem be solved. If I have money in there, I should be pulling it out right now and put it somewhere safe.