HitBTC the next exchange to become insolvent customers not able to withdraw fund - page 2.

fortunecrypto

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Quote from: rdbase on May 19, 2019, 12:00:28 PM

Heard about this rather well known exchange among the cryptocurrency exchange having issues with settling customers requests to process their withdrawals a few weeks ago.
https://ambcrypto.com/hitbtc-is-insolvent-claim-customers-facing-trouble-withdrawing-funds-for-several-weeks
Didnt think much of it and thought it would just clear itself up eventually.

But then reading about an article just posted today about them asking full kyc or they will keep any customers funds.
https://www.ccn.com/hitbtc-users-shout-fraud-kyc

So they are holding any cryptocurrency a customer has in their accounts hostage for those who do not comply?
Is this acceptable and have other exchanges done this in the past without giving a time frame to be able withdraw your funds if you do not want to go through the process of verifying your exchange account this way?

I just knew this is going to happen, I read a lot of bad writes up about Hitbtc several months ago and there are so many complaints about Hitbtc, just check the scam section for verification, these are warning signs that people should not ignore, if the complaints are growing, there's a big chance that they will escalate.

Cuk0ng_bitc0in

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Activity: 188

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I see that the exchange also wants to take a profit from users. and that is one way to get profitñ of other users. I think. this is a bad way. when HITBTC become a large exchange and high volume of trading transactions, it gives a many profit to exchange owners.

Duzter

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Quote from: Pasaway2701 on May 19, 2019, 04:25:31 PM

Quote from: funchiestz on May 19, 2019, 02:30:25 PM

I've been in this market for a long time. I never had a serious investment in HitBtc. HitBtc is obviously a questionable exchange. Always be cautious about such exchanges.

I have been using hitbtc for every trading. And it is unusual that my withdrawal is not being process for a week. It is the answer on that, that it needs a kyc. I have been trusting this exchange for a long time and now many issues occur that it could be a scam. Hope that my coins there wont lose.

This is completely unfair from an exchange that has got good reviews, I've been using it for a long. It has got increased withdrawal fee but never had such an experience on withdrawal. Now it's time to move funds, because they could have planned something to take hold of user funds and make use of other developments.

joinfree

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Activity: 1274

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HitBTC is one of the few exchanges that i never liked trading over there because of all the fake volumes and fake trades that is going on over there. They deceive investors with huge daily market values but on the reality there is no active trade going on but only bots who are buying and selling to themselves. Stay away from this exchange!

niisarearning

sr. member

Activity: 910

Merit: 252

Quote from: rdbase on May 19, 2019, 12:00:28 PM

Heard about this rather well known exchange among the cryptocurrency exchange having issues with settling customers requests to process their withdrawals a few weeks ago.
https://ambcrypto.com/hitbtc-is-insolvent-claim-customers-facing-trouble-withdrawing-funds-for-several-weeks
Didnt think much of it and thought it would just clear itself up eventually.

But then reading about an article just posted today about them asking full kyc or they will keep any customers funds.
https://www.ccn.com/hitbtc-users-shout-fraud-kyc

So they are holding any cryptocurrency a customer has in their accounts hostage for those who do not comply?
Is this acceptable and have other exchanges done this in the past without giving a time frame to be able withdraw your funds if you do not want to go through the process of verifying your exchange account this way?

Even I am having some fund in hitbtc I never tried to withdraw or trade because of huge bearish trend now I am seeing news like this it’s really horrible . Just I lost fund from cryptopia as they shutdown exchange for liquidation now hitbtc. What’s happening

jakelyson

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Quote from: omone1 on May 20, 2019, 06:24:51 AM

HitBTC exchange has never been customers centric and and has continue to be so, I have an account with them, I fear to trade there because of their high withdrawal fess which is anti-cryptocurrency.Why should I trade in an exchange that careless about customers's plight.

That is true. I also have an account in HitBTC and I am not using it anymore because of withdrawal fees. I once used it to buy some tokens in 2017 and when I tried to withdraw the token, the withdrawal fee is higher than the tokens that I bought. I have no choice but to leave it there until they dropped the listing of that token. The customer service is no help as well.

omone1

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Activity: 845

Merit: 52

HitBTC exchange has never been customers centric and and has continue to be so, I have an account with them, I fear to trade there because of their high withdrawal fess which is anti-cryptocurrency.Why should I trade in an exchange that careless about customers's plight.

Ipwich

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Quote from: Ailmand on May 19, 2019, 12:12:28 PM

I think it is unfair since as what have been posted on the article the KYC requirement on their TOS was just recently added and old-users was not notified by those changes.

The thing happen to Bittrex, they allow sign ups before even without KYC and I have enjoyed that for a year I guess but then they change their policy but adding the KYC requirement, but for me, I see no problem since KYC has become a basic requirement already, so if we can comply, we should do.

I suggest those who cannot submit with the KYC and are enjoying trading now, should consider the risk in the future.

About my hitbtc account, my account is not KYC approved yet, but I am still using the exchange as normal, thanks for this heads up, I might start applying for KYC soon.

CryptoBry

sr. member

Activity: 1008

Merit: 355

Quote from: vit05 on May 19, 2019, 12:27:16 PM

HitBtc has always had problems for the user to withdraw btc. It's not something that happens now, just search. This does not mean that it will close or that it will become insolvent. It's part of their business being a bad exchange, and that's why they accept so many shitcoins.

I was too wary about HitBTC when I used to trade some of the tokens I got from bounties back in 2017 and last year. The problem then is when a specific token is only trade in HitBTC so there is no choice but to work with that exchange. Just searching online can yield so many unresolved complaints against the services of this exchange. I know that HitBTC also got a name in this industry and it is boasting of a good sizable number of users but I don't appreciate the fact that their customer support is very bad. And now, it immediately changed its KYC policy and many are assuming this is just to cover the real problems of the platform. Let's hope that this will not be the next exchange that goes down the drain.

aprilnot

full member

Activity: 1204

Merit: 102

Quote from: rdbase on May 19, 2019, 12:00:28 PM

Heard about this rather well known exchange among the cryptocurrency exchange having issues with settling customers requests to process their withdrawals a few weeks ago.
https://ambcrypto.com/hitbtc-is-insolvent-claim-customers-facing-trouble-withdrawing-funds-for-several-weeks
Didnt think much of it and thought it would just clear itself up eventually.

But then reading about an article just posted today about them asking full kyc or they will keep any customers funds.
https://www.ccn.com/hitbtc-users-shout-fraud-kyc

So they are holding any cryptocurrency a customer has in their accounts hostage for those who do not comply?
Is this acceptable and have other exchanges done this in the past without giving a time frame to be able withdraw your funds if you do not want to go through the process of verifying your exchange account this way?

oh shit, this is so bad bro. in other exchanges, we don't need to do KYC if only to withdraw, even though it has a very low limit. this is very cruel to users who have little assets. I haven't used hitbtc for a long time, so I don't know the latest information. so thank you for sharing this news, I will now never use hitcbtc again from now on.

eaLiTy

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Activity: 2814

Merit: 911

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Quote from: rdbase on May 19, 2019, 12:00:28 PM

Heard about this rather well known exchange among the cryptocurrency exchange having issues with settling customers requests to process their withdrawals a few weeks ago.

With the price of bitcoin increasing we will hear these sort of news quite often and it was a well known Hong Kong based exchange but their withdrawal fees were crazy high if i remember correctly. I have seen reports that they are holding user funds for a weeks time which is really crazy considering how volatile the bitcoin market is at the moment.
What ever be the case it looks shady as it all started when a user called out their scam that they are stealing from user funds last month and now this delay in withdrawing of funds, avoid this exchange like a plague.

kotajikikox

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Activity: 2548

Merit: 217

Bad and sad to heard especially to the exchange users of hitbtc.

Quote from: ?? on ??

Quote from: Ailmand on May 19, 2019, 12:12:28 PM

I think it is unfair since as what have been posted on the article the KYC requirement on their TOS was just recently added and old-users was not notified by those changes. They should've just put a period of time for people who would not want to undergo KYC to get their funds out before freezing the account. Hitbtc is used by most traders due to their no kyc procedure platform. I guess only few well-known exchange have no kyc-procedure.

Expect it to stay that way, in surprised binance allows any withdrawal without kyc still.

Its obvious and very unfair for the users and investor that is definitely hostage if did not comply the kyc requirement.

Pasaway2701

full member

Activity: 479

Merit: 105

Quote from: funchiestz on May 19, 2019, 02:30:25 PM

I've been in this market for a long time. I never had a serious investment in HitBtc. HitBtc is obviously a questionable exchange. Always be cautious about such exchanges.

I have been using hitbtc for every trading. And it is unusual that my withdrawal is not being process for a week. It is the answer on that, that it needs a kyc. I have been trusting this exchange for a long time and now many issues occur that it could be a scam. Hope that my coins there wont lose.

Mike Mayor

hero member

Activity: 966

Merit: 535

KYC requests are scams. Massive flag and dead give away. This goes with ICO as well. Be very careful of ICO asking for KYC. They actually don't need it since they not an authority or bank. Just so I knew I have my "opinion" become fact I asked a lawyer, who looked at me funny when I told him about this KYC thing. He said all KYC is, is a request to prove you are who you say you are and it shouldn't be done online or asked for like this. It is just normal people asking for personal info. They not authorities so there is no law that says you have to give any info.

KYC requests = scam
They hold hostage your funds. Dirty bastards.

Rahman11

sr. member

Activity: 1428

Merit: 250

It's looking scam with their members! if they going to change for anything between their system then it's absolutely need to notify first and need to send e-mail every registered members! I hope they are must be aware about this own created unfair situation. also who new one want to join for trade here need their more awareness about their new created rules!

proTECH77

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Their KYC was my personal issue with them, when i deposited some of my Tokens with them, after provided the KYC becasue of the amount involved, i was able to withdraw my funds from their exchange back then, but ain't conversant with their operations now. If their customer service is poor, then it should be avoided.

Yakamoto

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Activity: 1218

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Quote from: pushups44 on May 19, 2019, 03:06:35 PM

I have used HitBTC in the past with no issues but I always felt they were second-tier with more questionable tokens, and their fees for withdrawing cryptocurrencies are astronomical. I hope in time they just go away, because the market needs to punish exchanges that charge excessive fees.

Exchanges are free to choose what they charge for fees and it's up to the users to choose which exchanges they use. It's better to have an exchange either reform or go under because users aren't interested than have it go under because they lost all of their deposits. HitBTC might not have been the best exchange, but every time another exchange goes under, Bitcoin's reputation gets damaged. It should always be the free market dictating what is important and what is not important in an exchange, because that is how we get better products. Nothing good (aside from maybe better security protocols) comes from an exchange being hacked and forced to shut down.

Based on the other replies from this thread, though, their loss won't be missed. If they're really that bad, it's probably better that they go under. Seems like they're missing a lot of what makes a good exchange platform.

beliomir

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Activity: 539

Merit: 100

I never liked this exchange, there is an inconvenient system for trading. Used it only for the sale of tokens from bounty

kryptqnick

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I used HitBTC a while ago, and even though I did not find it particularly user-friendly, I enjoyed a rather smooth, cheap and fast process of selling some tokens and receiving BTC which I then withdraw to my wallet. I entered no personal data (I guess, it was only an email) and was not asked to provide any documents, even though the transaction involved around a $1k worth of crypto. I never used this exchange with fiat, though, and I believe that KYC is frequently enforced in general when it comes to fiat-crypto operations. Whether the KYC demands of HitBTC are justified or not is hard to say. Maybe they had reasonable suspicions about some illegal activities. I will monitor the situation further, but for now, I cannot make up my mind about it.

pushups44

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I have used HitBTC in the past with no issues but I always felt they were second-tier with more questionable tokens, and their fees for withdrawing cryptocurrencies are astronomical. I hope in time they just go away, because the market needs to punish exchanges that charge excessive fees.

Topic: HitBTC the next exchange to become insolvent customers not able to withdraw fund - page 2. (Read 691 times)