Sun, January 29, 2023

Crypto exchanges and new services

Bitfinex and crypto purchases

The Hong-Kong based cryptocurrency exchange Bitfinex enabled crypto purchases with debit and credit cards for its customers around the world. It followed the footsteps of other crypto exchanges such as Binance, which is one of the main players in this industry.

Bitfinex released a statement regarding this news. According to the statement, customers will be able to purchase Bitcoin, Ethereum, USDT, and other cryptocurrencies. They should use their debit as well as credit cards.

Due to fierce competition, crypto exchanges have to adapt to the new reality. Many crypto exchanges had to file for bankruptcy as they failed to adapt to everchanging crypto markets. However, Bitfinex is not one of them as this exchange from Hong Kong is working to offer new services to its customers.

Another crypto exchange which made a similar decision is the Tokyo-based bitFlyer. It announced the launch of an Instant Buy option. It means that buyers will have the opportunity to purchase cryptocurrencies by using their debit and credit cards. BitFlyer will provide to its European customers feature and local instant transfer methods like Sofort, iDeal and GiroPay.

Banks and crypto exchangesCrypto exchanges and new products

As mentioned-above, Bitfinex is working to keep up with the latest trends. One of the biggest issues connected with crypto markets is money laundering and other illegal activities. Recently, Bitfinex partnered with Blockchain analytics firm Chainanalysis. The purpose of this partnership is to deal with money-laundering. The real-time monitoring mechanism will help to identify high-risk outliers and a high volume of transitions.

However, banks are still skeptical when it comes to crypto exchanges and their business activities. Several financial institutions already issued statements regarding crypto purchases. It means that customers of these banks won’t be able to purchase digital assets using credit or debit cards. Well Fargo, as well as Lloyds, are among banks that made a similar decision.

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