Coinfloor, a UK-based crypto/fiat trading exchange, is increasing its minimum deposit levels for sterling and dollars, to £10,000 & $10,000:
I find this announcement a little confusing - a minimum deposit and a minimum balance are two separate things - and they appear to be saying that the balance must not fall beneath 10,000 as well. So, one must either have over ten grand in there - or none at all?
I’m also curious as to what this announcement is saying about the market, overall. They are clearly dropping the small investor in favour of institutions.
Further to the above, Coinfloor has suspended its plan. I imagine announcing it during a difficult market period prompted complaints. Here is their new message:
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There will be changes to our GBP withdrawal process. We will be transitioning to an alternative solution for GBP SWIFT (or Faster Payments) withdrawals.
Additionally, we recently communicated changes to our deposit and withdrawal policy and acknowledge the original announcement was not well timed.
Considering these two events, we have decided to pause the increase in Fiat deposit and withdrawal minimums until a date to be determined and will give sufficient notice and grace period when we do reinstate it.
Please visit our blog post for additional information.
If you experience issues with the link above, please use the blog post link below:
Thank you,
Coinfloor Team