Bitfinex reportedly has found a Banking Partner in Puerto Rico

Bitfinex, one of the largest Cryptocurrency exchanges in the world has been working with the Puerto Rican Noble Bank International according to reports from Bloomberg.

Three people with knowledge of the matter reported to Bloomberg that Bitfinex was working with the Noble Bank which is based in San Juan, Puerto Rico last year. Noble bank, however, uses Bank of New York Mellon Corp. as its custodian.

After the ties from Wells Fargo were cut, Bitfinex is said to have bounced around various institutions to keep their business afloat.

Noble Bank is said to have contributed to the major cash inflow increase in Puerto Rico from $191 Million all the way to $3.3 Billion in 2017 which can be traced back to Bitfinex.

Bitfinex has been in controversy for its US Dollar backed coin Tether which has the second highest Volume in trading behind Bitcoin. Tether is a backbone currency used by a lot of traders, however, there has no public audit of the fiat backed currency resulting in a lot of people suspecting that Tether is not actually backed by the equivalent US Dollar and is used to artificially pump the Crypto market.

Bitfinex has also been under regulatory scrutiny. A subpoena was issued to Bitfinex regarding the Tether audit back in December. Recently Bitfinex also said to its customers that they have disclosed the information of some of their customers to the Government.

Even If Bitfinex is working with Noble bank, they have to disclose the suspicious financial activities and help the US Government in the investigation on money laundering. But non-American accounts will remain anonymous. A Bitfinex user who has a Noble account can have Dollars or Euros internally to the Bitfinex account, according to Bloomberg.

Recently the US Department of Justice also is said to have launched a Probe to investigate the price manipulation in Cryptocurrency trading.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.