Bitfinex, a Hong Kong-based cryptocurrency exchange, is now open to all traders as they canceled a minimum entry threshold of $10,000.
Bitfinex CEO Jean-Louis van der Velde said in an article in the company that the reason for the threshold is that the minimum balance threshold has caused many retail traders to fail to trade on the platform, and the platform is now ready for a new wave. The wave of customer account opening."
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“ We can't ignore the growing number of people who want to trade on Bitfinex, they are more extensive than our traditional customer base ,” adds van der Velde.
“In the past six months, we have been working hard to prepare for the opening of our new customer account, and now we are able to open Bitfinex to a wider user base.”
The minimum balance threshold was introduced during the 2017 Bitcoin bull market to curb the influx of new registered users. Last year, the company announced an equity claim requiring traders to deposit at least $10,000 before using cryptocurrency or legal currency for trading. After implementation, the client's assets cannot be traded if they are less than the required balance threshold, but still retain platform access.
According to the article on Medium, in order to reach a wider user community, the exchange has upgraded its infrastructure, "dedicated servers with advanced hardware for higher security and lowest latency."
The company also redesigned its support center (Customer Service Center) to resolve query issues faster and developed a new KYC website. In the future, Bitfinex's goal is to provide users with knowledge about the online cryptocurrency or pass-through on their platforms.