Major Dutch financial services company, ING, has confirmed that Bitfinex holds an account with the company in the Netherlands. The bank issued a statement regarding its relationship with Bitfinex after Dutch-language website Follow the Money published a report revealing that ING is providing financial services to Bitfinex last week.
ING Confirms Relationship With Bitfinex
Harold Reusken, an ING spokesperson, has confirmed via email that Bitfinex holds an account with the bank in the Netherlands. Mr. Reusken did not comment when asked if ING also provides services to other companies associated with Bitfinex.
Mr. Reusken indicated that ING is typically willing to work with “companies that are in the value chain of cryptocurrencies,” rather than “companies that are in traditional markets and receive or do payments with cryptocurrencies.” The spokeperson said “With regards to companies that are active in the crypto market, we are very conservative”. Mr. Reusken also stated that ING is currently experimenting with distributed ledger technology.
Two members of the Dutch parliament have submitted questions for the nation’s finance minister following the discovery of the relationship between ING and Bitfinex.
ING Comprises Bitfinex’s First Major Banking Partner Since Wells Fargo
The news is significant, as it comprises the first evidence that Bitfinex has successfully secured banking with a major international institution since Wells Fargo terminated its services to the exchange during early 2017.
Since the termination of Bitfinex’s accounts held with Taiwanese banks associated with Wells Fargo, posts on forums and Reddit have suggested that the exchange has been directing customers to deposit fiat with the exchange via third-party companies such as Crypto Zoo, an obscure bank hailing from Poland, and recently Portugal.
Local media reports have also indicated that Bitfinex/Tether have been seeking to purchase a bank in Puerto Rico, describing the move as a means to bypass the challenges encountered in the companies’ efforts to establish stable banking arrangements elsewhere.
What are your thoughts on the relationship between ING and Bitfinex? Share your opinion in the comments section below!
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Author: Samuel Haig