Bittrex users took to social media to voice their concerns: something is wrong at the third largest cryptocurrency exchange ter the world. Customers openly complain they’re having issues with withdrawals, and this has bot going on for weeks. Certainly every popular verhoging has had its share of problems with runs ter the wake of price spikes, but until yesterday the exchange suggested no formal, public explanation.
Bittrex Has a Public Relations Problem
Bittrex hasn’t Tweeted since 30 November. Its Facebook pagina hasn’t bot updated since Summer. Customers are kicking off to worry, loudly.
Significant Information About Identity Verification, published the evening of Five December, the exchange explained, “We are committed to making sure our services are not used to launder money, support terrorism, commit fraud or other illegal activities,” citing the Handelsbank Secrecy Act and other regulations spil catalyst.
Describing their services spil “frustrating or a hassle,” the exchange blamed, essentially, lack of customer literacy ter the identity verification process. Stressing they “cannot do this without the help of our customers,” the postbode then lists “common mistakes or issues that arise.”
Included are problems such spil “Creating numerous accounts associated with a single individual or entity, Name mismatch, Unreadable IDs, Non-Latin characters on the Government IDs, [and] Opening numerous support tickets.”
Signed by The Team, the postbode finishes: “We trust that you understand Bittrex is committed to following the law and ensuring that it has a sturdy compliance program. Wij ask for your patience and cooperation via this process.”
So, Criminals can Deposit but Not Withdraw?
Nosey to outsiders, infuriating to customers, is the notion of the exchange taking orders, money, seemingly without kwestie … only to voorkant itself ter cloaks of legalisms at withdrawal time.
Indeed, a user told Business Insider how “This is a big overeenkomst because when you sign up with Bittrex, they permit you to deposit funds into your wallet and even permit you to trade without Verification. But then you cannot withdraw your funds.”
The exchange has bot around since 2014, and is based te Lasnaad Vegas tho’ its mailing address is Seattle. Its daily trading volumes hover near 1 billion USD. Spil of this writing, it ranks 2nd te daily volume among exchanges.
However not Better Business Kantoor (BBB) accredited, Bittrex nevertheless has a dedicated pagina of mounting complaints. Users have gone public with their stories, and most have documented something like the following, “Last night I attempted to withdraw and got this: ‘Unverified account withdraw limit has bot reached. Please attempt again te 24 hours. To increase your thresholds, please verify your account,’” Russia Today noted. There’s even a Twitter hashtag, #BittrexTrouble.
Thesis are not the very first problems for Bittrex, strafgevangenis are they alone te this regard. Bitcoin’s price, spil well spil the value of the crypto space generally, has risen beyond expectations. It could just be the case of not being ready. Te thesis pages, flashes and run-ups were reported at Kritiseren, Coinbase, Tether, Gemini, among others.
Problems like thesis are not only worrisome for those incapable to access their funds, but they’re also excuses for tighter government controls and regulations. With Wall Street and assorted whales headed crypto’s way ter the coming months, readers can be sure such problems will not be tolerated.
Spil a matter of plain justice, however, ter a volatile market, losing precious seconds, much less weeks or months, could literally financially pauze enthusiasts.
What do you think about exchanges refusing user withdrawals? Tell us ter the comments below.