Bitfinex Increases The Minimum Wire Fee Unannounced


The fifth largest exchange Bitfinex has recently raised the minimum fee for wire withdrawal from $20 to $60. While this may have been done to deal with Bitfinex’s recent withdrawal problems, it’s lead towards Bitfinex becoming one of the most expensive exchanges to withdraw fiat currency from in the process.

The Raise

According to CoinMarketCap, Bitfinex did not announce this recent change even if they did issue token related announcements during the pass couple of days. The change became apparent by comparing the currently available gees scheduled on Bitfinex with the one cached by Google.

Bitfinex, the fifth largest exchange by adjusted volume according to CoinMarketCap, did not announce the change even though it did issue token related announcements yesterday and today. The change became apparent by comparing the currently available fees schedule on Bitfinex with the one cached by Google.

This recent increase the minimum fee seems to be related to the recent difficulties Bitfinex and it’s payment processor, Crypto Capital, has had with processing both US dollar and Euro withdrawals. Some cases have even left wire withdrawals were canceled and refunded to customers accounts.

Our Thoughts

This wouldn’t be the first change Bitfinex has done with their wire-fee schedule in recent weeks. A couple of weeks back, Bitfinex added a 3% fee on wire withdrawals that exceed over more than $1 million in aggregated value or accounting for more than two withdrawals during a 30 day period. While that fee was also effective immediate, Bitfinex had the courtesy to announce said changes.

Even so, It’s quite interesting and worrying that Bitfinex would silently make these kind of changes without telling their customers. Is it due to them trying to take advantage of the Thanksgiving holiday and Black Friday? Or is was it really simply the best option they could think of to deal with their charging fee issues?

Let us know your thoughts.


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Keith Wang

Keith Wang is a writer and programmer specializing in bitcoin and blockchain technology. Keith has been a long time believer of bitcoin and blockchain technology and spends his free time following up with blockchain news.

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