Cryptocurrency exchange Bitfinex is reportedly leaving its customers disgruntled: a number of them are looking ahead to weeks to withdraw their fiat, while not an answer in view. Meanwhile, the exchange formally claims that the withdrawals are occurring smoothly and “without the slightest interference.”

Users are taking to social networks like Reddit to complain regarding the service. User u/krJq333 has been posting their story over the span of weeks, the most recent being six days ago, titled, “GBP express Withdrawal: 3 Weeks Later Still No Funds.” The customer writes, “The support I have received from Bitfinex this week has been nothing short of awful. I pursued my ticket each day requesting an update; all of these messages were unheeded.”

They’re not the only one, either: u/k_stoyanov made an extended post detailing the withdrawal method, and every one the issues users run into, still as sharing some things they’ve learned regarding Bitfinex in the meanwhile. The user claims Bitfinex is employing a third party - during this case, Crypto Capital, an enactment banking platform, - for fiat withdrawals. As per the Redditor, once contacted, they replied, “We are experiencing technical problems that have caused delays in external transfers. presently your transactions are unfinished. If you need, I will return the funds to your account within the meanwhile.” they furnish no estimate of the timeframe till the issues are resolved.

Some users claiming to be Bitfinex staff reach out to those with complains requesting ticket numbers, and therefore the remainder of the conversation happens privately. However, Coindesk reports that one user shared their experience with them. User u/saloprj initiated his USD 99,900 withdrawal on Oct 8th, and has been tenaciously contacting the exchange ever since. The last response from them was on November 7th looks to shed some light on the issue: “The finance department has been inundated with requests recently. Our new deposit system has not been totally integrated yet and as a result our previous correspondent bank is finalising some of the outstanding withdrawals that has created a backlog.”

Some users simply opted for withdrawing their funds in crypto and switch to fiat on another exchange. u/k_stoyanov has withdrawn the cash in bitcoin, sent it to Kraken, and withdrawn euros from that exchange, adding, “This was the sole possibility for me.”

Meanwhile, Bitfinex, the 16th largest exchange by the 24-hour trading volume, formally doesn't even acknowledge that there's an issue. The exchange remains fully silent, reportedly typically refusing to reply to their customers, and not replying in any respect to requests for comment. Their last acknowledgment of the difficulty was on Oct 15, once the exchange revealed an announcement saying, “All cryptocurrency and fiat withdrawals are, and have been, processing as was common while not the slightest interference.” They added, “All fiat (USD, GBP, JPY, EUR) withdrawals are processing, and have been, as usual.”

Reddit users have conjointly started a thread titled, “Don't forget to post once fiat withdrawals are successful.” However, the results are grim: many users write that their withdrawals, started in September, were completed only within the past few days - a timespan of around seven weeks. Some others are taking this to mean that there's hope for them yet. However, the overall accord is, “Welcome to the 19th century,” as user u/ImmediateCaptain puts it.

At the time of writing, the 24-hour trading volume on Bitfinex stands at USD 225 million, as per a report.

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