Last April Wells Fargo severed any business or financial arrangement that it entertained before with BitFinex. Ever since there have been speculations and ambiguity regarding BitFinex’s banking arrangements. Further, in December, the US Commodity Futures Trading Commission (CFTC) had sent BitFinex and its sister concern Tether a subpoena for undisclosed reasons.
Meanwhile, BitFinex could not be reached for comment. BitFinex’s parent company goes by the title iFinex and is incorporated in the British Virgin Isles. Interestingly, its offices are located in Taiwan.
Harold Reusken, an ING spokesperson revealed over an email correspondence that BitFinex indeed had an acoount with ING in Netherlands. However, for obvious reasons, he withheld information regarding the amount being held or whether or not ING was extending the same gamut of services to other BitFinex-related companies.
Reusken also stressed that ING as a concern was extremely conservative and wary about companies that are very active in the digital currencies market. Further, he added that ING as BitFinex’s bank does not involve itself in any crypto-based services, neither does it extend any help to its customers to buy or sell digital currencies.
The next corollary was then why was ING in the deal at all. To which Reusken clarified that the bank was interested in actively experimenting the distributed ledger system, aka, blockchain technology. As a result, it is willing to serve companies involved in the value chain of cryptocurrencies.
The finance minister of Netherlands has been faced with questions from two members of the parliament after the relationship between the exchange and ING has come to fore. Stay tuned for further developments.