Banks are running away and Bitfinex is struggling with Fiat deposits – Binary Options Hub

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Bitfinex Struggles with Banks, Why Are Other Major Bitcoin Exchanges Just Fine?

On October 6, major bitcoin exchange Bitfinex obtained banking services from HSBC with a private account held by a Hong Kong corporation. Less than two weeks after establishing HSBC as its primary bank to handle deposits and withdrawals, Bitfinex has moved to Bank of Communications,…

On October 6, major bitcoin exchange Bitfinex obtained banking services from HSBC with a private account held by a Hong Kong corporation.

Less than two weeks after establishing HSBC as its primary bank to handle deposits and withdrawals, Bitfinex has moved to Bank of Communications, the fifth-largest bank in mainland China and Hong Kong, according to sources of The Block.

Through a corporate alias “PROSPERITY REVENUE MERCHANDISING LIMITED,” Bitfinex has secured a temporary channel to process deposits to its exchange. But, based on historical evidence, the relationship between the exchange and Bank of Communications is expected to be short-lived.

Bitfinex’s Banking Problem Isn’t Shared by Other Exchanges

The problem with Bitfinex is that its solution to its serious banking issue is only temporary. It is moving bank to bank by creating shell companies and private bank accounts with different financial institutions so that when existing accounts are shut down, they can always move to the next bank.

The statement released by Bitfinex on its site is concerning for traders and investors because it asked users to keep the banking information of the company private. Bitfinex told its users that bank information is “commercially sensitive and confidential” and that it is only being provided “for purposes of contributing to good faith funding.”

For a company that is supposedly valued at billions of dollars and clear hundreds of millions of dollars worth of trades on a daily basis, it remains unclear why the exchange is still not able to obtain stable banking services.

As eToro CEO Yoni Assia noted, it is possible that the lack of transparency in the operations of Bitfinex and the failure to establish its exchange in a specific jurisdiction has led to unsolvable banking issues for Bitfinex.

“All the ones you mentioned are doing full KYC, and are (semi) regulated, and have banks in their own jurisdiction where they are based.”

South Korea’s Bithumb for instance, the country’s largest crypto exchange, opened public discussions with Nonghyup, a major commercial bank in the country, to process bank deposits and withdrawals on its exchange.

In mid-2020, Nonghyun denied banking services to Bithumb due to the two consecutive hacking attacks and security breaches the platform experienced in July. However, by August, Bithumb finalized its partnership with Nonghyup and reopened deposits.

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Binance, the world’s largest cryptocurrency exchange by daily trading volume, recently launched a fiat exchange in Singapore with stable banking services with the support of local authorities and cryptocurrency sector.

Lack of Transparency and Communication

The method in which Bitfinex is acquiring banking services from different financial institutions through the establishment of shell companies is causing the struggle of the exchange to form a trusted relationship with large banks.

It is possible, given the history of the exchange and various unclarified operations of the exchange, that banks are not willing to engage in a strategic partnership with the exchange.

The general sentiment regarding the situation surrounding Bitfinex is that eventually, if Bitfinex fails to find a permanent solution to its banking issues, the instability of its services could hinder its loyal user base.

Now Watch: CCN TV

Last modified: January 24, 2020 10:57 PM UTC

Financial analyst based in Seoul, South Korea. Contributing regularly to CCN and Forbes. I have covered the stock market and bitcoin since 2020.

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Top Best Cryptocurrency Exchanges of 2020

The increasing popularity of cryptocurrencies and questions about traditional monetary systems means that people are hurrying to cryptocurrency exchanges. But without carefully considering how they work. Here’s a list of the top cryptocurrency exchanges in 2020 grouped in tiers. From Tier 1: what people generally consider to be most respected to Tier 4: not recommended.

Table of Contents

Tier 1 Exchanges (Active Trading)


Coinbase is the leading cryptocurrency exchange in the United States and United Kingdom. They also have the licences and bank accounts to operate in those countries. Coinbase has reliable customer support, and features fiat deposits and withdrawals. This means that deposits and withdrawals in traditional currencies such as USD, EUR etc. are supported.

Coinbase is secure with no hack incidences. The exchange is the best option for those new to the cryptocurrency world.

However, the exchange offers limited cryptocurrencies to choose from. In addition, the availability to buy, sell, send and receive a particular cryptocurrency depends on your location.

In the case of US customers, there are no restrictions on transacting the following cryptocurrencies:

  • Bitcoin (BTC);
  • Ethereum (ETH);
  • Litecoin (LTC);
  • Bitcoin Cash (BCH);
  • Ethereum Classic (ETC); and
  • Ripple (XRP).

Most common forms of payment are accepted by Coinbase, for example credit and debit cards.

During a live AMA on 16 May 2020, Coinbase’s CEO Brian Armstrong confirmed that the Exchange will introduce its debt card to U.S. customers. Currently, the Coinbase Card- a Visa-based debit card allowing customers to make purchases online and in-store using crypto, is only available to customers in the U.K.

Check out our Coinbase review for an in-depth look at this exchange.


Kraken has a substantial presence in Europe, and listed cryptos have fiat pairs.

As with Coinbase, it is suited for entry-level crypto traders due to its limited array of tradable cryptocurrencies. Although it includes many more currencies compared to Coinbase such as Cardano and Elastos. Here is a full list of cryptocurrencies tradable on Kraken.


Binance is the leading virtual currency exchange in the world by adjusted volume. Unlike Coinbase and Kraken, Binance supports a wide range of altcoins (i.e. cryptocurrencies other than Bitcoin). This attracts more people to transferring their Bitcoin, Bitcoin Cash, and Litecoin from other exchanges to Binance to explore the altcoin world.

Because of Binance’s popularity, lots of new coins aim to become listed on Binance and gain a lot of reputation when they do. Sometimes, the announcement of a Binance listing itself can send the prices up.

The popularity of Binance has made its CEO Zhao Changpeng (CZ) a personality in the cryptocurrency community. His words/actions have now have significant influence.

Check out my interview with CZ at Binance’s first ever conference in Singapore this year!

Binance was hacked in 2020 for US$40 million worth of cryptocurrency. Binance has promised to compensate anyone who has suffered losses out of their own funds.

Thanks for the support, really appreciate it. But currently no need. We will cover the loss from the #SAFU fund, there is enough. We are hurt, but not broke.

We are working hard to resolve the issue, so that everyone can deposit and withdrawal again. Will take some time.

We will have to see how Binance will overcome this incident and it shows that they, as with all exchanges, not 100% safe.

FTX Exchange

This Exchange was only launched in 2020- so a relative newcomer. They are a leveraged cryptocurrency trading platform offering derivatives trading. They are built by Alameda Research, themselves being profession traders responsible for over 30% of the market trading volume on major exchanges. FTX Exchange also offers unique products such as trading on indices, so traders can have exposures to several tokens in one contract. Another interesting feature is trading on the outcome of the 2020 Presidential elections.

FTX Exchange is what it says it is- built by traders, for traders. They already have very competitive trading fees and even provide discounts for specific users, and a simple to understand interface. However there are some geographical restrictions for people and entities from some countries, most notably the US.

Check out our full review here.


These exchanges are reliable and offer reputable services. Bittrex I used extensively in the past because they listed lots of coins. However I eventually moved away from Bittrex because Binance overtook them in terms of coin selection.


I also used Poloniex extensively in the past. However in my experience, their Know Your Customer (KYC) process took a long time. In my case it took 3 months to complete. This was unacceptable especially when it was during the bull market.

Customer support on Poloniex isn’t terrible, so they still seem to be a good exchange.

1/ On Friday, May 29th, at 16:00 UTC, the markets for ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI, and REP will be disabled for Poloniex customers in the US. All assets remain available for trading to customers outside the US.

However if you are a U.S. citizen, you may need to be aware of Poloniex geofencing assets for U.S. customers. On 29 May 2020, the markets for ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI and REP will be disabled for US customers.

Once the market has been geofenced, customers can still withdraw those tokens from their wallet so long as Poloniex supports it globally. However, customers will not longer be able to see their deposit address or generate a new deposit address.


OceanEX is launched by BitOcean Global, a fully registered and licensed trading paltform in Japan. It’s created by a core team of members with past experience from Morgan Stanley, BNP Paribas and Deloitte. OceanEX boasts a host of AI security features to improve user and trading safety. OceanEX is the trading hub of the VeChainThor Ecosystem, with all VeChain assets listed and VeChain trading pairs.

To learn more about VeChain and its ecosystem, check our Vechain guide.

Tier 2 Exchanges (Seasonal Trading / specific coins)


KuCoin has unique assets and an extensive list of tradable coins, it has been plagued by poor Know-Your-Customer (KYC) procedures.

At first, it allowed traders to deposit and withdraw large amounts of Bitcoin i.e. 50 Bitcoin per day without providing personal details.

The lack of KYC procedures gives many people the impression that KuCoin is desperate for users on its exchange. Thus lowering its reputation amongst crypto exchange platforms.

They have since changed their KYC policies and now you can only withdraw up to 2 Bitcoin per day without a “Verified” account i.e. an account which has completed the KYC procedures.

Huobi, OKEx

Huobi and OKEx were the main titans of China. They had lots of Chinese users before the Chinese government cracked down on cryptocurrency trading in the country.

This was known as the “Golden Vacuum” since it obliterated a lot of Huobi and OKEx’s dominance. This destabilized the two exchanges giving way to others like KuCoin and Binance to take charge.

I still consider them as Tier 2 exchanges because they still hold onto some of their past customers and because they have the technology for the future.

There are rumours that the Chinese government allows these exchanges to operate but keeps tabs on their transactions.


BitMEX is mostly a margin trading exchange allowing enormous leverage (i.e. up to 50 times). Leverage trading is when you do not own the physical bitcoin but you own trading contracts.

Unfortunately, BitMEX does not operate in the United States and be careful not to login to your BitMEX account there, your account will get banned.

Although I have heard of some Americans that use VPNs (Virtual Private Networks) to mask the country of origin so as to bypass this restriction.

This is NOT recommended.

BitMEX has poor customer support. It took me 3 months of emails to unban my account when I accidentally logged into BitMEX in the United States.

Tier 3 Exchanges (Possible risks / issues)


Although Bitfinex is a reputable exchange, its recent struggle with the New York Attorney General for US$850 million loss of customer funds lowers its credibility. We will have to see how Bitfinex will overcome this struggle.

Apart from the case, it has a strong BTC/USD trading pair.

To stay up to date with what is happening at Bitfinex, click here.


I tried this exchange since I received a lot of requests from viewers.

However I am skeptical of exchanges that do “Transaction Mining”. Transaction Mining is where you gain credits or exchange tokens in return for trading.

This directly incentivises wash trading on the platform, which is where a trader simultaneously sells and buys the same assets.

This in turn creates misleading reports on the trading volumes on the exchange.

BitMax has announced on 18 May 2020 that for long-term stability of token economics, it will permanently lock up 3,000 million BTMX tokens from the pending mining portion on 20 May 2020.

For long-term stability of token economics, will permanently lock up 3,000,000,000 BTMX from the pending mining portion on May 20th. Releasing mechanism and speed for private sale portion will stay unaffected for now.

The Exchange will in future announce the new release mechanism.

Tier 4 Exchanges (avoid these exchanges)


These three exchanges have very questionable practices.

For example, HitBTC does not have a real KYC policy. They do not seem to have much issue with you depositing large amounts of funds. However if you trade or want to withdraw a lot they will just ban or suspend your account until you communicate with them. This has happened to me personally and when I researched this I found that many others had the same experience.

Lately there has been a new wave of users complaining about having to provide excessive detail about the source of their funds.

There are also some users who have done their own investigations and concluded that the Exchange is insolvent.


The exchange has a troublesome withdrawal process.


In conclusion, conducting a background check on a cryptocurrency platform before signing up is the best way to avoid losing your digital wealth. Following the above list is one huge step towards this goal.

FTX Exchange Review – Best trading platform for traders?

Binance Exchange Review (2020) – Comparison, Fees and Functions

Coinbase Review: What is it? Is it safe? (2020)


Been using MCX, you should look into it

I’m suprised you have used Bitmax yet. It’s one of the best exchanges I personally use

I trust that this message finds you well. I have tried to contact you via email but it has bounced twice now so I am giving your contact form a go.

I enjoy blogging in my spare time and I have written a couple of articles for your blog

Do let me know what you think and do send me the links to the articles once you have managed to publish them.

Also, do let me know if you would like me to write some more articles for your blog.

How does the flow of Cryptocurrency handled? How is the ratio between supply and demand balanced? I have read that there has been times when the security of crypto-network has been compromised. Is it really the future of Digital Money? Rather than a currency, it seems to be an investment scheme plan. I am not trying to be a critic here, just a lot of questions bubbling into the mind.

So did your bf really lose all his ethers because of the Jaxx wallet or did he just lose it temporarily (cause it stopped showing the number) and managed to retrieve it with some other method?

For sure, it is important to choose a reliable crypto exchange to minimize risk associated with buying or selling cryptocurrency. Crypto market is decentralized, so there are numerous independent exchanges except one central marketplace. These exchanges are based in different countries, so the level of customers` funds protection mostly depends on applicable regulations of each particular country.
Another important point – security measures implemented by the exchange. Quite often crypto exchanges suffer from cyber-attacks resulting in clients losing their funds. To avoid this, crypto exchange should store clients` funds on special accounts reducing the possibility of unauthorized access.
It seems difficult to choose an exchange to work with due to the large number of exchanges existing nowadays. At the same time, there is quite easy to find information about them because there are a lot of reviews and comparisons available where you can find all information provided in structured and detailed manner. So, the only thing you need to do is to figure out the criteria that are the most important for you and then compare crypto exchanges taking into account regulatory aspects.

Thanks for sharing this valuable information with us, it is really helpful article!.I really appreciate this post. I’ve been looking everywhere for this!

Coinbase…really… KYC is very difficult bc we get not the function for that selfie and are trying for weeks now but does not work and so we cannot get funds in. Their bs law that when sending to a new address takes 72hours to do. For big amount ok but a few bucks? Come on and also to make it faster we need to KYC every time but that does not work here nor on the app. Coinbase is a joke and also that dump on btc there and when Deribit goes under bc of that…Best exchanges are Binance, Bitmex (yeah really) and Bitmax but no exchange is really that good like in the regulated brokers for stock trading….

EO.Trade company is licensed and presents two state-owned licenses at once.

In fact,, a very convenient exchange, and the conditions turned out to be quite favorable

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Not betting on any exchange. Komodo and atomic swaps is where I am betting the farm….I plan on building and launching Chain meld in future with assistance.

Well, I need to add CoinDeal to this list. It’s probably one of the best trading platforms nowadays. I’ve been using it for a year and I can honestly recommend it. Very rapidly-developing exchange, that’s for sure. There are a lot of various initiatives for their users like for example CDL tokens which can lower your fees. This platform deserves to be on this list in my opinion.

You didn’t cover Gemini. Easier to move funds in and out than Coinbase, which is nice. I’ve funded Gemini, then moved the BTC to my Coinbase Pro account for tradung.
One current disadvantage for active traders is Gemini has no stop orders, but they said they are working on that.
PI like Stop Limit orders to help reduce FOMO. If I think the market is going Bearish, I can sell off some crypto, but place a Stop-Limit order above my sale order incase the market unexpectedly makes a big Bull move. You can make a lot of money on the $500-1000 BTC moves. Most people just HODL as the price tanks in thousand dollar increments because of FOMO, fear of missing the next big Bull spike that happens with cryptos.

For YoBit you have it in the avoid section, but all you say is: “The exchange has a troublesome withdrawal process.”

Can you elaborate on what makes withdraws so bad that it should appear on the shame list?

And I don’t think Kucoin was desperate for customers, I just think they agree KYC has no place in crypto. Crypto was made so we could avoid banks and stay private.
Just my thoughts ��

The recharge methods on are very diverse. The exchange is represented not only by cryptocurrency pairs, but also by fiat funds. Also, if you wish, you can transfer funds from cryptocurrency wallets.

The crypto currency exchange binance provides very good working conditions.

Il n’y a pas si longtemps, l’échange de crypto-monnaie est apparu sur le marché, mais il a déjà fait ses preuves.

Alle notwendigen Handelsinstrumente und einfache Bedienung, präsentiert an der Kryptobörse

Finora sono soddisfatto delle condizioni fornite dallo scambio Un ringraziamento speciale al supporto per le raccomandazioni e i consigli.

Pretty interesting exchange and really good conditions.

No hace mucho tiempo comencé a trabajar con, y no tengo absolutamente ninguna queja sobre su trabajo.

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