The Facts about Taiwan’s AML laws, USD withdrawals and deposits into Bitcoin Exchanges

This week has seen a developing story regarding certain Bitcoin Exchanges in the Far East no longer processing USD deposits and withdrawals.


Here is a blow by blow account of what transpired to date as reported by WaleCalls:-


  • March 23 2017 — first noted delay receiving US Dollar withdrawal from Bitfinex .
  • March 31 2017 — Wells Fargo , a major clearing and intermediary bank, starts denying incoming wires to cryptocurrency and MSB based business including Bitfinex citing major Tiawan banking AML reforms. (more on that below). Incoming wires still functioned at this time
  • April 3 2017 — Bitfinex repays outstanding debt on bfxtokens by cash deposit or converting to dividend yielding share holders.
  • April 5 2017 — Bitfinex v. Well Fargo lawsuit is filed as WF is not responding to general inquiries from bitfinex or their bank regarding withdrawl issues citing BFX is not their direct customer or a bank.
  • April 12 2017 — Bitfinex withdraw lawsuit is withdrawn. Banks are private institutions in the USA and have the rights to do business with whom ever and what countries they want.
  • April 17 2017 — Bitfinex’s Bank in Taiwan warns of halts all incoming USD wires deposits. Later news states all deposits were halted.
  • April 18 2017 — Hong Kong Dollar Dollar (hkd) and Swiss Franc (CHF) withdrawls are offered with several other major currencies being processed in the week. Nomad has confirmed with two customers that HKD is flowing.


Bitfinex was the first exchange to be affected, however, others have followed the same path namely OKcoin, BTCE and XAPO.


Read the full article here – Taiwan AML reforms & USD/Crypto Drama


In the meantime, Bitcoin has been traded at premium prices over $1300 at this time.   Read the Bitfinex announcement here – Outflows to Customers


A best practice tip for you – Only use exchanges for what they are intended for and that is, buying and selling cryptocurrency.  As soon as you have completed your transactions, it is best practice to keep your Bitcoin in an offline wallet or vault.



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