Bitfinex is one of the more controversial cryptocurrency companies. While a prominent exchange, there’s also some backlash over its relation with Tether. Even so, the company is evolving whenever possible. Details regarding their relationship with a Caribbean bank are slowly coming to surface.
Finding Waldo is easier than figuring out Bitfinex’s status with the banks. After the company was dropped by Wells Fargo in early 2017, the trial has apparently gone cold. A lot of rumors surfaced regarding the company’s potential insolvency. The Panama Papers did very little to ease people’s mind in this regard. It now appears Bitfinex has a close relation with a bank in Puerto Rico. This has not been officially confirmed by the company, though.
The Bitfinex Plot Continues to Thicken
Based on this rumor, it seems Bitfinex uses the services of Noble Bank International. Prior to signing with this bank, the exchange used third-party accounts. That is part of the reason why so many people scrutinize this company in this day and age. The firm sues some shady measures to remain afloat, but it seems everything is still fine when looking at the bigger picture.
Whether or not this is a positive development for Bitfinex, remains unclear. Customers are not suffering from major deposit or withdrawal issues as of right now. Even so, the uneasy situation remains, which is never positive for a company of this size. Additionally, Puerto Rico isn’t exactly the most confidence-inspiring regions for financial services.
For the company, this new development puts them in a different spotlight. Not necessarily a better one either, for that matter. There is a good reason why Wells Fargo dropped them last year, although no official explanation was given in the process. Noble Bank International will have to report any suspicious activity first and foremost. How that will play out for the exchange, remains to be determined. It all depends on how Bitfinex conducts itself in the future.
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