Home Cryptocurrency Cryptocurrency Exchange Bitfinex Denies Insolvency

Cryptocurrency Exchange Bitfinex Denies Insolvency


Cryptocurrency exchange Bitfinex aggressively responded to rumors that had been circulating that said it was insolvent on Sunday, suggesting that the rumors are caused by those that anticipate and desire for the cryptocurrency exchange to collapse.

Investing.com‘s site says the rumors are not new but have recently gained more attention. “Rumors of the potential collapse of Bitfinex and its stablecoin Tether (USDT) surfaced over a year ago but have intensified in recent days.”

However, the company says that there is a reason that these rumors exist and persist. They suggest that it is being fed by actions on the part of those that either desire or expect for the cryptocurrency market to fail.

The exchange explains, “There have been ups and downs along the way, with complications scrutinised by watchful ‘investigators’ eagerly anticipating and predicting the industry’s collapse.”

Yet, they say that Bitfinex is not insolvent and will continue to expand, despite rumors that suggest the contrary is true. They say that they took the step of responding publicly to the rumors to correct those spreading them without knowledge. “These parties are quick to scream insolvency, seemingly with little understanding of what this concept means.”

According to what Bitfinex says they are one of only a few exchanges operating continuously since 2013. They point to cryptocurrency withdrawals that are operating as normal and that can be taken out in a variety of currencies. They admit that there are complications for fiat transactions; however, they say this is normal for most cryptocurrency exchanges and that they are working to minimize any withdrawal delays for the company. Finally, they say that any rumors regarding Noble Bank have nothing to do with their company.

Bitfinex says that they hope this release will help restore confidence in their long standing company to provide customer service and financial support to investors in the digital token marketplace.