Almost two years after Wells Fargo stopped Bank transfers from four Taiwanese banks operating Bitfinex, the platform is still among the twenty leading exchanges by adjusted volume. Although last month the turnover of Bitfinex was more than $ 5 billion, the exchange struggled trying to find a reliable banking partners, and traders seeking to deposit fiat currency having been instructed to send funds via at several different banking institutions.
In November 2017, it became known that the Bitfinex clients were being directed to deposit fiat currency via the Polish Bank Spółdzielczy w Skierniewicach under the account of Panama-based company Crypto SP, which also worked with crypto exchange CEX. Crypto SP is owned by Crypto Capital, which is owned by Ivan Manual Molina Lee ― individual found to be a nominee director for a number of Panama-based companies.
In January 2018, it was reported that the leadership of Bitfinex had been subpoenaed by the United States Commodity Futures Trading Commission (CFTC). From February to November 2018 Bitfinex changed several banking partners, and traders were forced to Deposit through at least six financial institutions.
In February 2018 Bitfinex customers had been directed to deposit funds with the Portuguese company Caixa Geral De Depositos through Global Trade Solutions. In the same month it became known that Bitfinex has an account in a bank in the Netherlands. In may it became clear that the exchange had partnered with Puerto Rican financial institution, Noble Bank whose principal custodian was Bank of New York Mellon.
In October 2018, it was reported that Noble International a few months looking for a buyer and at the same time lost many of its clients, including Bitfinex and Tether. A few days later it turned out that Bitfinex offers its customers to make deposits into the account of HSBC Bank, which belongs to Global Trading Solutions.
At the same time it became known that Bitfinex has partnered with Hong Kong-based Bank of Communications and uses private accounts. In November Bitfinex has announced a new banking partner, Bahamas Deltec Bank & Trust. Exchange had stored about $ 1.8 billion in the accounts of this bank.
In January 2019, it was reported that Bitfinex has partnered with Cayman Islands-based Sackville Bank & Trust Company. Principal custodian bank is CIBC Mellon which is jointly owned by The Bank of New York Mellon and Canadian Imperial Bank of Commerce.
Commenting on Wells Fargo’s suspension of wire transfers, the former chief strategy officer of Bitfinex Phil Potter said:
"In the past we have had banking hiccups, but we could always deal with them ― for example, creating a new accounts. We used many tricks as a mouse, eager to get away from cats."