Several Bitfinex Users Can’t Withdraw, Deposit, or Trade

Even though the Bitfinex platform has been back online for a few days now, the problems seem far from over. Several users, who have US verified accounts, are reporting issues with withdrawals and deposits. That is not entirely surprising, but these users are also unable to trade anything. It appears as if the issues for Bitfinex are only just beginning.

Bitfinex Users Are Facing Even More Issues

When the Bitfinex exchange announced its plans to reopen the service, it became apparent users would not have full account access right away. The primary objective was to give users an idea of how much of their balance was reduced after the recent US$65m hack. With all users taking a 36% cut on their balances, having that information was critical.

As time progresses, all of the functionality should be restored eventually. That also means users should be able to deposit and withdraw funds shortly. For some US verified users, that is not possible yet by the look of things. According to some reports, there is a problem with the Synapse Pay feature that is not letting users complete account transactions right now.

Withdrawals on the Bitfinex platform have been enabled for a few days now, but some of these US verified users cannot perform that action. It appears their accounts are frozen, as depositing or trading seems to be giving problems as well. This is not positive news for Bitfinex, as they have enough concerns to deal with already.

Solving this problem will be a top priority for the exchange owners, though. Investors and traders have lost confidence ever since the hack happened, and if their platform is still riddled with issues like these, their trading volume will continue to decline. It is always possible a third-party service provider is experiencing issues, but it is up to Bitfinex to come up with a solution.

From what we can tell, these Synapse Pay issues affect these users in such a way Bitfinex can’t even cut their balances by 36%. This is rather annoying for the users, though, as Bitfinex could easily solve this problem by deducting existing account balances. For now, it remains unclear if and when this situation will be resolved.

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One Response

  1. dr evil August 13, 2016

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