Bitcoin Forum

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 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.

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.

This thing is pretty common for the other services that deal with fiat. You san have your funds on Skrill or PayPal and get your account freezed until you pass full KYC. This thing is also waiting for everyone who wants to trade forex.
There is nothing special about this until you follow their ToS. You should just remember that no one in the entire internet cares about scan of your ID. In dark web you can buy a full verification pack for about $2. If your documents had any worth they could be already stolen a dozen timed via some governmental bodies.

I used them over a year ago and havent had any problems with withdrawing from them then. And never was asked to provide any identification to verify my account before doing these withdraws. And now they do. So what searching do you suggest doing before posting this news about them? Article about them committing fraud was published just the other day. ::)
If you check their ANN thread in the exchange section you will see all the problems with their customers withdrawals they are having currently posting about them for months now.

I had been using Hitbtc for two years and honestly, everything went smooth even the withdrawals. Yes, they're requiring Kyc now and that might be the reason of some freezing of accounts.
It's just disappointing that they're hardly implementing Kyc in every trader. We can't do anything but just to obey their rule because it also helps for security purposes.

I read few review here and there about hitbtc and how people are facing difficulties in withdrawal, i never experience such, the few occasions i have transact with them was actually smooth but my only issue was the high fees to withdraw, and i withdrew without any kyc although the amount wasn't a huge sum still went through.
Seeing that so many people have bad experience with them i hope they can make adjustment to serve customers better.

Yeah, HitBTC is known for being a "shady" exchange.

Just take a loot at the reddit subreddit (r/EN_HitBTC), most of the posts are people complaining about funds stuck, accouns disabled, etc, etc.

Also, check out this thread (https://bitcointalk.org/index.php?topic=2556342.0) in the Scam Accusations board, bunch of people complaining about the same thing since 2017. Overall, HitBTC has always been a shit exchange, good to see that the whole thing is blowing up right now and everyone's exposing HitBTC shit service. Though I hope people can get their funds back.

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 tried to use HitBTC. Terrible experience! The withdrawal fees are insane. The customer support is almost non existence. The more I read about it the more I stay away. It does not surprise me if they close doors one of these days.

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.

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.

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

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.

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.

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!

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.

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.

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


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

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.

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.

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.

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.

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.

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

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!

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.

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.

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.

I recently received an email from them stating if I dont verify my account it will be automatically disabled and I wont be able to recover it even if there are funds in there. If I wanted to have an account with them I would need to reregister and start the verification process so to use their exchange.
I think poloniex customers received a similar email saying they need to have their accounts verified with kyc information as well. Dont quote me on this as I dont have an account with them.

This is the common problems with any exchanges therefore it's not a good decision to leave your money in their hands as they can alternate their terms and conditions anytime.

Then they can just forfeit your money anytime if you cannot comply to their new rules, though KYC is not a big issue especially if you are willing to give your credentials to them but for those people who want to stay anonymous then it is a big problem for them. It's better that you need to be careful especially in storing your money, it's better that you hold it by yourselves rather than putting it in any exchanges to avoid this kind of problem in the future.

Even though in some ranking websites, HitBTC also occupies the above position, this is also actually confusing regarding the HitBTC policy which is like decentralized, all activities in it require fees, even deposits. of course this fee is even greater when compared to some better exchanges like Binance. for problems not being able to withdraw funds, it would be better if you contact the customer service department directly, and yes most people still has a lot of complaining about this exchange

Tbh hitbtc is already shaddy since a long time ago, that's why i never use hitbtc exchange again and i'm not surprised with this news.

I heard there are so many scam accusations on hitbtc exchange and if you withdrawal with a big amount, you will be hard to withdrawal.

They had a similar issue about an year and a half back when they block withdrawals. They were stuck on processing. It got solved after about a week with no update from Hitbtc. There was also a group on telegram for the same which had about 500 people complaining. It was a relief when they reenabled withdrawals after a week. Took that opportunity to get all my funds off the website and not use the website again. They had it coming a long time.

I have used HitBTC only once, It gave scammy vibes even back when I used it now even so more. There several exchanges that are better than HitBTC, I don't understand why people use/used it. They list shittiest of the shit coins.

HitBTC among other exchanges are taking measures to stop scams and hack on they exchange just like what we recently witnessed with binance hack were unknown hackers break into the cold wallet and stealing huge number of bitcoin but with KYC those behind it can be traced.

So this news happens to be more alarming compared to the recent Binance hack?

I won't easily believe that they are going to be insolvent because it was just 2 complaints from their thousands of clients.
I can give my opinion based on my experience, thus far, I never face any problem with hitbtc, I was not required to comply with a KYC or whatsoever.

Been hearing the feedback of the people about this site that it's shady, but I still used it because none of my problem remained unsolved.

Unfortunately, everything goes to the fact that on the exchanges terebovaniya to customers will be tightened. It will be necessary to provide more documents and in extreme cases even prove the origin of the funds. I think this will be a trend in the next few years. Many large exchanges want to operate in accordance with the laws of the countries in which they are located. Most likely this can be explained by the pressure of regulators from different countries on the stock exchange.

This is exact reason why some people are in support of DEX platform. How will you decide to wanna hold someone asset just because the deadline for a particular rules has passed. This is very unfair. I have used hitbtc in the past and I didn't have any problem with them but I stop using them due the fact that token trading ratio they use is not good for me. Hitbtc unlike binance doesn't send update to users via e-mail so if you are type that doesn't follows their twitter and other social pages, you may have problem such as this.

Hitbtc is having issues for ver long time but now due to market slow down hitbtc got efforted very badly we should wait for some more days whether hitbtc coming back or nt

To what extent this is going to be true is completely unknown. From my experience with hitbtc exchange I've never got into any of the issues. The thread was started on 19th of this month. I made a withdrawal on 22nd and no issues were encountered. The fund got reflected on the wallet in a short and within few minutes time the transaction got confirmed.

Eversince my friends account on HITBTC was hacked back early 2018 , we decided to withdraw all our funds and abandoned this exchange for good.

All i have ever heard about Hitbtc is negative remarks from people who have used it, a project am following mention they are looking into negotiating with Hitbtc and all the community members went ballistic with the idea,
many were against it, making all sort of claim about the exchange not been trustworthy, and many customer has unresolved transaction issues and so forth, i don't need a soothsayer to tell me this exchange is a no no.

When there was a lot of noise about HitBTC holding back and long transactions, I also experienced and traced and was hampered because of the many transactions at the time and the fees seemed too small. finally be able to be patient and report according to the rules they make, although slow but can be resolved properly. but now even though it's still active I have never used it again, so I don't know the current situation.

I really do not like the exchange and I'm sure it's not just me. I signed up on the exchange and activated 2FA. Even with that I still get email notifications that my account has been logged into. I wouldn't be surprised if eventually the exit scam. Their security is poor so they are even bery likely to be hacked also.

Unfortunately they are not the first or the last exchange with such destiny. That is why it's very important to be careful about investing funds with them. Usualy when I spot the first signs of problems and something that is suspicious to me I leave such exchange and don't use it anymore.
I wouldn't be surprised if I read one day here how users lost their funds with that exchange.

I do not know whether HitBTC will forever keep user funds without returning to give the opportunity to complete KYC or not, if not then HitBTC is very unfair.
My funds have been stuck on another exchange for more than 2 months because verification is always pending but when the verification is complete I can wd my funds right away and finally decide not to use that exchange.
HitBTC should not provide a time limit for users to complete their KYC and also gives users the choice to be able to withdraw their funds if they object to KYC (and this can be applied to old users).

They used to be one of the best exchange in the market, that is when Binance is not yet launching, they cannot keep up and these new exchanges are beating them, although they have a lot of advertisement, they failed to attract traders to use their platform.

I immediately withdraw all my funds and trade all my funds at a loss, when I first saw the sign that they are not living to everyone expectation,
I feel sorry that it has to go this way because I traded in their platform so many times, at least there are still big exchanges in the market like Binance, Kucoin and livecoin.

We really have to be cautious of the exchange that we pick interest in, although this exchange started well, but I don’t know the reason for the problem they are having, this is also a big exchange and I would not be sure if they lack the profit to run the exchange smoothly r they lack expertise hands.

I stopped using them also when I discovered some of those lapses in them, and I am sure that before it go to the stage of op, they must have been showing some signs that he just did not pay much attention to, if he had paid attention to them, then he would have moved over to some other better exchanges like kucoin, coinbase, binance and maybe Bittrex, those have served their clients well ever since they were created and I am sure that they will not fail now.