Crypto Exchange CEX.IO Re-Launches Fiat Bank Transfer Service, Hopes for Seamless Transactions

After experiencing troubles with user withdrawals, London-based digital asset exchange CEX.IO once again debuts its bank transfer service, promising seamless fiat transfers in US dollars, euro, and British pounds.

Starting on Wednesday, users of London-based cryptocurrency exchange CEX.IO will once again be able to deposit and withdraw fiat currencies to and from their bank accounts using a new system that hopes to address some of the problems that the company had in recent months.

At the beginning of December 2017, the exchange started offering its users the possibility of adding and removing US dollars, euro, and British pounds to and from their accounts via bank transfers using either SWIFT or SEPA, where applicable.

However, reports of significant delays in the withdrawal process soon began to appear on Reddit and other venues in social media. Some users even panicked after having called their banks only to find out that they could not find any pending SWIFT messages to their accounts. One user waited almost a month (from January 3 to 30) for funds to reach his bank.

In the spirit of a company that earned its place in Cryptovest’s list of best Bitcoin exchanges, the user noted that CEX.IO’s staff was helpful in attempting to resolve his issue.

A spokesman for the exchange told Cryptovest that it had been experiencing troubles with its SWIFT integration, a problem that should be in the past with its new platform.

“As one of the few crypto exchanges that support fiat, we are devoted to making bank transfers secure and fast for our clients. We believe that the newly launched wire transfers on CEX.IO will enable our users to manage their funds more conveniently and improve their experience,” said CEO Oleksandr Lutskevych.

Along with the re-launching of bank transfers for fiat currencies, CEX.IO is also providing incentives for users to start making deposits from their bank accounts into the platform.

Anyone who deposits 3,000 to 9,999 dollars, euro, or pounds will benefit from a commission bonus of 1% in the deposited currency. Those who take the plunge and haul 10,000 or more in any of the three currencies into the platform will benefit from a 0% trading fee for 30 days.

Hopefully, the exchange can put previous troubles behind it and provide a valuable portal for fiat-to-crypto transfers for users who wish to use bank transfers instead of payment cards, which often go along with higher fees.