Topic: Help: Bitcoin Exchange Shutdown (Read 295 times)

IMO Trezor or similar is the best option to keep BTC safe and sound from all kinds of threats, hacks, key loggers, malware, virus...so on.

May I also know what is the safest option to keep bitcoin for long term investors?

Hi All,

Apologies for the late reply.

Exchange name is btcexchange.ph. This website still appears in google search result but the website is no longer accessible when you click the link.
https://www.btcexchange.ph

I also search the internet regarding their company and found this strange website which look like theirs back when they are still accessible. But I guess this is only a dummy website because the exchange rate is very old/cheap:
https://btctrader-broker-btcph.azurewebsites.net/

Upon further searching, found out that they have partnership with BTCTrader.com which is a White Label Exchange Platform. This is mentioned in this Youtube video:
https://www.youtube.com/watch?v=dDSfRopzrPA

BTCTrader is based on Turkey and the Turkey Bitcoin Exchange site is below is very similar:
https://www.btcturk.com/

I checked my inbox and they send 5 emails from April 19 to May 2. The thing is I created a new email specifically for Bitcoins which I do not check regularly. Here's their email:

"We are sad to notify you of our intentions to stop our service. Your remaining peso balance has been converted to BTC as per our announcement on April 11. You will be able to withdraw your bitcoin to external wallets until May 1, after which the service will be shut down completely and taken offline.

We strongly urge you to withdraw your bitcoin IMMEDIATELY!

The team would like to thank you for your patronage."


Found it quite unfair that they just closed their website without assisting their clients to transfer the funds. As part of their KYC process, they collected personal information like mobile number, address, etc to increase the withdrawal limit, and they didn't even call their clients and ensure they have transferred their funds or ask for another bitcoin wallet address to transfer them before shutting down their website.

I'm not sure if they are under regulation of Central Bank in our country.

I'll also try to visit their office address but they may have move out.

What do you guys think, do I stand a chance to recover my fund?

Thanks for all your useful insights and will appreciate any suggestions.

Thank you!

It is always good for one to do thorough findings as regards the reputation of invesrment site before going to invest/trade with them. I speak from experience because it is quite painful when money is lost in this.

Most recent one I know of is BTC-e.com. Word is they're gradually and partially refunding customers.

Anyways, I'm afraid all you can do is sit and wait. Keeping funds on online exchanges is like some sort of Russian roulette and there are multiple ways for your coins to vanish instantly. BTC-e going down was for me the reason to withdraw everything from online exchanges and set up some own wallets (Exodus, Electrum).

I wasn't aware of any bitcoin exchanges shutting down, care to tell us which one it is? If it's a small new exchange, it was probably a scam. Unlikely that you will get them back

Very sorry to hear that. You wont get your coins back unless they send  the coins to your wallet. Can you name that exchange please? If you know their physical address, you can go and enquire there. In my opinion, you cant do anything more in this matter. That's why its always better to store your coins in desktop wallet. I hope this will be a lesson for many.

Most likely no. Hence why it's recommended to not have any funds on exchanges...

Which exchange?

Hi,

I'm new to this forum.

Would just like consult a case wherein a Bitcoin exchange closes. I still have bitcoin on their website/wallet but their website is no longer accessible.

Is there something else I can do?

Would highly appreciate your suggestions.

Thank you very much!