There has been uncertaintt surrounding Bitfinex’s banking arrangements, after it severed its relationship with Wells Fargo in April last year. Reuters had reported in January that the U.S. Commodity Futures Trading Commission (CFTC) had issued a subpoena to Bitfinix and Tether, which are sister companies, for unknown reasons.
A Word About the Account
In the email to Reuters, Harold Rakusen, ING’s spokesperson, confirmed that Bitfinex is an ING customer, but did not divulge details of the account or the amount in it, due to customer confidentiality. The bank was also adamant that it took a cautious stance on offering banking services to other cryptocurrency exchange companies. Reusken stated in the email,
With respect to firms that are active in the crypto market, we are very reserved.
He staed that ING does not divulge any information or services that will help customers in their crypto trade. His email, however, clarified that ING is ready and willing to offer banking and financial services to firms that are involved in the business. The spokesperson continued to clarify that the bank conducts thorough due diligence on all customers dealing with cryptocurrencies and, therefore, the relationship between ING and Bitfinex was above board.
Request for Finer Details
The relationship between ING and Bitfinex first came into the spotlightafter it was reported by Dutch-based outlet “Follow the Money” on February 14th. According to the website, ING refused to divulge more information, citing customer privacy laws in the Netherlands. The revelations have led to opposition MPs from the Labor party demanding a statement from the finance minister on the specific dealings between Bitfinex and ING.
What the Account Means for Bitfinex
When reached for comment, Bitfinex was reluctant to divulge any bank related information to the public and did not respond to Reuters’ emails. The account at ING is seen as significant progress for the crypto exchange company though, as it is a sign that banks with international repute are willing to work with it. The news about the existence of the bank account is also helpful as it will help to simmer the disquiet among many traders using Bitfinex. The cryptocurrency trade is volatile and traders feel more comfortable when they are assured of the safety of their investments.
What’s your opinion on the link between Bitfinex and ING? Will it help Bitfinex to continue its positive growth? Leave us a message in the comments box today.