Lets be serious here !!
Cryptopia either don't realise or don't care that the money they are holding DOES NOT BELONG TO CRYPTOPIA..
It's My money & Your money.
Cryptopia receives a fee for assisting the exchange of coins from one person to another.
Cryptopia have a duty of care to make sure Our money is safe and released to us when
we request it.
Cryptopia have failed in this duty of care and therefore in breach of trust, never mind
the breach of financial regulations of New Zealand.
This all could have been avoided if Cryptopia hadn't shown so much greed and distain
for their customers (us) who's money they rely on to stay in business.
Do the honourable thing Cryptopia
REPAY US ALL OUR MONEY AND SHUT UP SHOP
Maybe then we can do business with a more reliable, more trustworthy, more ethical exchange !!
It is not money - it is crypto. If your USD gets delayed by the bank they don't repay you in Euros just because the Euro went up. Crypto can go up or down. You still have the same amount of Crypto coins.
Cryptopia is not a wallet service. They don't earn anything from holding your funds. It will be equally frustrating for them that there are problems.
Trade fees are about $1 for every $500 traded. ($1000 per $500 000)
A lot of the problems they are facing are due to people mining to their exchange address - despite it being against the rules.
There are a number of other exchanges that have equally long or longer support waiting times. It is not unique to Cryptopia. Poloniex has had symilar problems.
Shutting shop is the most idiotic suggestion I have heard. If they can't process your withdrawals - how do you expect things to go if everyone has to withdraw at once ?
Cryptopia has 600+ coins listed and the issues are only with a few - for a variety of technical reasons. Other coins work fine.
Read their terms of trade. Everyone gets their crypto back. It just takes patience.
Exactly the reply one would expect from a shareholder.
quote from post #42 of this thread;
"I've used Cryptopia.co.nz for some time now and like the way it operates and prefer it over the other numerous exchanges that I use.
I also own a small number of shares in Cryptopia Ltd." unquote......
You are withholding funds which don't belong to you...
You make a big deal that it's not money "it is crypto" yet you go on & try to gain some sympathy that you make $1 from every $500Penalise the miners & not the rest..
On the contrary.... Banks in the UK had major feck up with cash machines and online banking were forced to pay damages where links could be proven that account holders suffered loss.
Cryptopia should be no different.
At least put forward an argument that accepts some sort of responsibility for whats going on and drop the arrogance
As for shutting shop.... If you can't run a business, you shouldn't be in business.