Bitfinex, a popular cryptocurrency exchange, has lifted minimum equity requirements associated with its platform as per a blog post via its Medium, April 9, 2019.
Bitfinex has been the source of much controversy, especially during the cryptocurrency bull run of 2017 where many media claimed that a lot of the exchange’s trading volume was pure manipulation. The exchange received further scrutiny due to its association with Tether, a cryptocurrency pegged to the U.S. dollar. The controversy was even covered in mainstream media, unlike many cryptocurrency incidents that never reach that level of exposure.
The exchange was founded in 2012 and has managed to thrive over the years despite a 2016 security breach; luckily, U.S. authorities were actually able to recover some of the cryptocurrency stolen as a result of the hack.
Many have wondered whether the exchange would be able to survive considering some fee changes it made last year and the fact that the exchange appeared willing to hand over user data to governments. This is obviously in direct contradiction to the principles of many cryptocurrency enthusiasts, who do not believe in central authorities and/or governments.
Opening The Doors
Many criticized the fact that Bitfinex required a minimum balance, arguing that cryptocurrency should be welcome to all in order to help spur mass adoption. In a Medium post, Jean-Louis var de Velde, the CEO of the exchange, stated that the company had been working hard on the announcement for the past six months. He added that the company “could not ignore the increasing level of requests for access to trade” on the platform, as well.
Since this does open up the doors to a whole new demographic of traders, Bitfinex also announced new features along with the fact that no minimum equity is required. Specifically, the trading platform announced that there was an upgraded support center to clarify questions and concerns, a new KYC portal, and updated information to help educate traders on various tokens.