Bitfinex is now open to every trader as the Hong Kong-based cryptocurrency exchange has removed its $10,000 minimum balance rule.
Citing a rising demand from retail traders who couldn’t trade on the platform due to the requirement, Bitfinex CEO Jean-Louis van der Velde said the platform is now ready for a “new wave of customer accounts,” according to a company Medium post.
“We simply could not ignore the increasing level of requests for access to trade on Bitfinex from a wider cohort than our traditional customer base,” van der Velde added, per the post. “For the last six months, we have been working hard to ready our platform for a new wave of customer accounts and are now in a position to open Bitfinex to a wider audience.”
The minimum threshold requirement was introduced in 2017 during Bitcoin’s bullish run as a measure to stymie the inflow of new sign ups. Last year, it announced an equity requirement in which traders were required to deposit $10,000 minimum in crypto or fiat before they could trade on the…