Bitfinex, one of the largest cryptocurrency exchange released an update regarding an external wire withdrawal requests exceeding frequency or size limits. According to the release it is effective immediately.

Starting now Bitfinex will charge a 3.0% fee on all external wire withdrawal requests exceeding the following frequency and/or size limits:

1. more than 2 fiat withdrawals in any thirty day period; and/or,

2. more than $1M in aggregate in fiat withdrawals in any thirty day period.

The company indicates, those regular withdrawals, currently representing the requests of more than 99% of its customers, are unaffected by this change.

Bitfinex serves as the primary fiat gateway in the crypto ecosystem, having processed over 700 withdrawals representing more than $1B in October 2018 alone.

“Our banking remains stable, but we must prioritize our long-standing and loyal customers using the platform so that they can continue to benefit from our truly unique offering, the benefits of which extend far beyond our users and include many crypto-to-crypto and crypto-to-stablecoins exchanges.”

officials said then added,

“We will continue to fight to defend the use of an independent fiat gateway despite sustained and co-ordinated attacks from powerful forces attempting to harm global cryptocurrency markets. We are thankful for the support that many of our customers and others have shown us behind the scenes. Now it is important that we all remain united and support our industry beyond any cryptocurrency or individual exchange preference.”

Any withdrawal requests before this announcement will be processed under the old fee schedule.

Bitfinex may exempt customers from this charge in its sole discretion. Bitfinex’s fee schedule remains subject to change at any time.

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