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ING confirms Bitfinex bank accounts with it in Netherlands

Feb 23, 2018 Posted /  1659 Views

ING confirms Bitfinex bank accounts with it in Netherlands

Bitfinex and Tether had been a lot of controversies lately, as the most of the critics ask about its substantiality to peg with the US Dollar. However, ING (INGA.AS), a Dutch financial services company confirmed earlier this week that Bitfinex, which is one of the biggest exchanges that offer to trade in cryptocurrencies has a bank account with it in the Netherlands.

The banking arrangement of the exchange was not disclosed to the public after it was associated with Wells Fargo who served ties with it last April. In January this year, Reuters had published a report stating that the U.S. Commodity Futures Trading Commission (CFTC) had issued a subpoena to the firm on December 6 and the subpoena has been sent to both Bitfinex and its subsidiary Tether for unidentified reasons.

It is being told that iFinex which is the parent company of Bitfinex is basically registered in British Virgin Isles and has offices in Taiwan. Reuters published in its reports that when it asked for comments, they were unable to claim any answers. On the other hand, ING spokesman Harold Reusken established in an email that Bitfinex has an account in the Netherlands but would not furnish details on the amount held or whether ING also provides banking services for other Bitfinex-related companies.

“With regards to companies that are active in the crypto market, we are very conservative,” Reusken said. He stated ING does not itself render any services to encourage customers trade in cryptocurrencies.

Nonetheless, he revealed that the bank is surely experimenting with distributed ledger technology, is prepared to assist “companies that are in the value chain of cryptocurrencies.”

Meanwhile, two members of parliament in the Netherlands registered their questions to the finance minister of the country after Dutch-language website “Follow The Money” published a report on February 14 and revealed about ING’s banking alliance with Bitfinex.

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Tags: Bitfinex

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