Bitfinex Closed New Registrations from Too Much Demand

As the surge in the popularity of cryptocurrencies reaches stratospheric proportions (Bitcoin alone going at the rate well above $ 12,000), it was natural for the trading fervor to reach frenzied and even epic levels. As a result, many major exchanges including Bitfinex have been forced to take a raft of fresh measures all across the world, such as suspending transactions for certain types of digital coinage, and closing doors to any and all new registrations.
In many ways, this is the digital version of the gold rush of the 19th century, with service providers being completely overwhelmed by the fever and passion of the innumerable buyers out there. The huge rush has basically swamped the service capacities of most of the exchanges, and Bitfinex is certainly no exception to the rule. The exchanges are no longer in a position to keep abreast of the demand for more coins, and this is also a key factor in the steady increase in prices of bitcoin.
As the mainstream media has picked up the story, the power of digital currency has shifted from the realm of the tech-savvy to ordinary people, who want to jump in on the ‘gravy train,’ and these newcomers have now stretched the exchanges beyond the breaking point. One by one, crypto exchanges are reporting increasingly larger record numbers of many new sign-ups. Changpeng Zhao, founder, and CEO of Binance, for instance, has gone on record to claim that they have recorded a staggering 250,000 new users on a single calendar day alone!
Bitfinex, as per its own website, has described itself as“the world’s largest (and by extension) the single most advanced bitcoin trading platform”. As per data statistics available at cryptocurrency measuring sites, Bitfinex actually has managed to successfully dominate almost the entire world’s trade in Bitcoin, at least as far as exchanges are concerned.  However, this success has come at a cost. As more and more people have turned to Bitfinex because of its extreme popularity in digital currency, this mad rush has directly affected the exchange’s ability to be able to offer high-quality services to its many clients and customers.
Since their physical infrastructure is not considered capable of handling so many requests in a real-time environment, they have been left with no option but to restrict and eventually close fresh registrations for a specific period of time.  However, this is considered by industry pundits to be purely a stop-gap measure, and they will start taking fresh registrations as soon as they can bring their IT exoskeleton on par with the ever-increasing demand.
Here, it would be prudent to note that they are not the only exchange to suffer this fate, since one by one, other exchanges have also followed suit so as to be able to cater to their current clientele in a timelier manner.

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