Traders Raise Concern as Biggest Bitcoin Exchange Halts Deposits

An announcement by one of the world’s largest bitcoin exchanges has stoked fears another Mt Gox-style meltdown may be brewing.

The largest bitcoin exchange by US dollar volume in recent weeks, Bitfinex revealed today it will be unable to accept incoming wires starting tomorrow, a statement that comes after it disclosed late last week that it was experiencing delays in US dollar withdrawals.

The exchange said in a statement today:

“Beginning 18th April, all incoming wires to Bitfinex will be blocked and refused by our Taiwan banks. This applies to all fiat currencies at the present time.”

Notably, Bitfinex didn’t offer any details as to why the banks – the subject of a previous wire transfer dispute that began earlier this month – will not accept the transfers. (The exchange ultimately went to court over the decision, but withdrew its lawsuit one week later.)

While Bitfinex is said to now be working on solutions to its banking issues, market observers are suggesting cause for concern.

Jacob Eliosoff, cryptocurrency fund manager, spoke to the general reaction that this situation has so far provoked, discussing how the resulting freeze in withdrawals could create abnormal pressures in the market.

“This is a dynamic many of us remember from

Read more ... source: CoinDesk

News from Darknet

Let's block ads! (Why?)

Powered by Bitcoin Central