Categories: CryptoNews

Bitfinex Will Resume Trading and Withdrawals in The Next 36 Hours

By the look of things, the Bitfinex exchange is preparing to fully launch their trading platform in the next 36 hours. From the information we have received, it seems both withdrawals and trading will be enabled at the same time. The company also confirms the plans to go ahead to find potential investors and allow users to convert BFXCoin to shares in the parent company.

The Relaunch of Bitfinex is Imminent

Many people have been wondering if and when the Bitfinex exchange would relaunch its services in full. Users have been able to access their balances since the beginning of this week, although trading and withdrawing of funds was still disabled. Moreover, everyone now has a clear overview of their reduced balances, which include the 36% “haircut”.

But the Bitfinex team has been working hard behind the scenes to get everything back up and running. The security vulnerability used by the hacker had to be patched first and foremost. For now, it remains unclear what happened exactly or how the bitcoins were stolen. For now, it seems BitGo was not affected at all, albeit there is still significant debate surrounding that topic.

According to a private conversation we received, Bitfinex will restore withdrawals and trading on the exchange platform either today or tomorrow. Somewhere in the next 36 hours, traders should have full access to their account again. The bigger question is how many people will attempt to fully cash out their funds from Bitfinex and never return.

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The company also had to deal with some legal issues, as was to be expected. An official draft and press release had to be written, which will be unveiled once trading and withdrawals go live again. Being transparent is of the utmost importance in this regard, as Bitfinex does not want to attract even more negative attention.

Looking towards the future, the Bitcoin exchange hopes to secure more investments soon. Talks are underway with potential investors, although no one was named specifically. Additionally, the company will go ahead with their plans of letting users convert BFXCoin to shares of the Ifinex overarching company if they wish to do so.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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