Bitfinex becomes “members-only” in strange move amidst rumors of foul play
The crypto rumor mill has been abuzz for awhile now with theories concerning questionable behavior coming from Bitfinex, the world’s biggest cryptocurrency exchange. The dubious connection between Bitfinex and Tether, confirmed by the release of the Panama Papers, left many eyebrows raised. Allegedly a response to increasing traffic, Bitfinex’s sudden and seemingly bizarre shift to an invite-only platform, requiring a special invite code to register, has left many would-be users both confused and skeptical.
How and where to obtain the required code is unclear, and it remains to be seen whether any new users have actually been granted access to Bitfinex following this unusual policy change. As more and more users flock to the cryptocurrency space, Bitfinex is not the only popular exchange that has come under fire as users demand more transparency, reliability, and accountability from exchanges.
2018 is poised to bring promising newcomers to the digital asset exchange space, like CoinMetro, which offers a ton of features, user-focused platform designed to build community, and an emphasis on transparency.
Our CEO’s Honest Opinion
The rumor mill around Bitfinex is nothing new. This is what happens when there is no formal outlet for clients or the public at large to verify statements made by a financial entity. Regulation is needed in the crypto space as regulation requires audits which mean that a company’s finances are vetted by a known third party. The crypto community at large needs to open dialogs with local regulators. We cannot sit back and wait expecting a desirable outcome here. The time to act is now.
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