Hong Kong-based cryptocurrency exchange Bitfinex has announced that it is suspending all wire deposits to its platform, starting today 18 April 2017, Forklog reported.

In an official blog post, the exchange stated:

“Beginning April 18, 2017, all incoming wires to Bitfinex will be blocked and refused by our Taiwan banks. This applies to all fiat currencies at the present time. Accordingly, we ask customers to avoid sending incoming wires to us until further notice, effective immediately.”

Last week, Bitfinex issued a statement regarding the delays in the withdrawal of USD funds.

Following the announcement, the trading volumes have notably risen on the Bitfinex exchange. BTC/USD is currently trading at 1256 levels at the time of writing.

The announcement follows recent reports that suggested that Wells Fargo prohibited four Taiwan-based banks from completing outbound wire transfers on behalf of Bitfinex. The exchange filed a suit against the US-based bank, which it withdrew later.

“We continue to work on alternative solutions for customers that wish to either deposit or withdraw in fiat, and are making progress in this regard. We will continue to update our customers as and when we have more information to share”, Bitfinex said.