Bitfinex announced on Monday, March 17th that it would eliminate the P2P market for sale of Cryptocurrencies, a measure that will take effect as of Wednesday, March 19th.
In a statement sent to clients of the platform, the exchange occupies the 11th place among the largest crypto-active exchanges by trade volume, He reported that the “strategic review” will shut down P2P market services.
As of March 19th, users You cannot publish ads, perform new operations, or create profiles According to the announcement, in a paired system.
The exchange said P2P market services will also disappear from direct access to the platform. but, Existing customers can view transaction history at p2p.bitfinex.com Or via the mobile Bitfinex application.
Then, on March 26th, the P2P Marketplace Service will be completely demolished. This interrupts access through the web interfacemobile applications and APIs. This decision marks the end of the feature that allows users to exchange each other directly without intermediaries.
The Bitfinex P2P market is one of the options available to convert cryptocurrency into Fíat, and the vice-versa money is a service that can be operated in several countries, including the Latin American market. The system was enabled in mid-2023 in Colombia, Argentina and Venezuela, three countries that the P2P platform has acquired due to high adoption of Cryptoactive.
In these countries, cryptocurrency use has grown as an alternative to inflation and economic restrictions, and Bitfinex has become an associated actor in the region.
The statement has not yet been published on the official Bitfinex website, but Cryptootics has concluded that its P2P service will be closed. Respond to changes in the company’s approachand now they aim to direct themselves towards the institutional sector. This strategic turn suggests that exchanges prioritize services targeting large investors and businesses.
Founded in 2012, Bitfinex is one of the highest orbital cryptocurrency exchanges in the global market. Based in the British Virgin Islands, it was able to position itself as follows: A key platform for digital asset tradinghandles a significant amount of daily transactions.
Its association has been extended, particularly in El Salvador, registered with the National Digital Assets Commission (CNAD), and has established itself as one of the leading platforms supported by the Naibubukere government. In that country, Bitcoin was the legal currency from 2021 until this year. Bitfinex has played a key role in financial infrastructure It is linked to cryptocurrency.
The platform also expands its presence in other Latin American countries and serves the needs of emerging markets. In recent years, Bitfinex has introduced tools such as P2P trading to promote access to local cryptographic works with limited banking systems or strict regulations. butthe closure of this service indicates changes to the course that may affect users It relied on this feature for their operation.
The dismantling of the P2P market occurs when cryptocurrency usage continues to grow, especially in countries such as Venezuela. P2P platforms are a way to overcome exchange control. Colombia and Argentina are also increasing interest in digital assets driven by local currency depreciation. Bitfinex took advantage of this trend of launching P2P services in 2023, but now it is decided to redirect resources towards other goals.
Bitfinex’s decision to close the P2P market does not mean a complete withdrawal of retail. The platform continues to offer traditional exchange services and other features. However, the institutional approach pursued through exchange It can be translated into new tools and alliances aimed at businesses and large investorson behalf of individual users.
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