BTCC is not having liquidity issues. Rather, we have seen a net increase in customer funds on our platform over the past few weeks, for both fiat and bitcoin.
We take our customers’ concerns seriously, so please allow me this opportunity to directly address them.
BTCC usually processes all fiat withdrawals within 24 hours. On Saturday, October 31, however, some customers experienced up to 36-hour delays in receiving funds after submitting a fiat withdrawal request. There were delays because a third party that we use to process fiat withdrawals was experiencing technical issues in submitting payments to customers’ banks. The technical issues have been resolved, and most fiat withdrawals are now being processed within 7 to 8 hours. We aim to process all fiat withdrawal requests within 24 hours.
On the bitcoin side, we aim to process bitcoin withdrawals within 30 minutes. Over a few days in October, however, some customers were experiencing delays of up to 8 hours in having their bitcoin withdrawal requests processed; in one extreme case, a customer had to wait 20 hours before their withdrawal request was processed.
We were experiencing delays because we started receiving an unusually high number of bitcoin withdrawal requests after the current bitcoin price rally began; we were unable to process the requests in time because we have strict controls in place to protect customers’ funds. We have increased our manpower and our average bitcoin withdrawal processing time is currently one to two hours, with all requests being processed within four hours. We apologize for the delay and are working hard to return our bitcoin withdrawal processing times to the usual 30 minutes.
Please email us at
support@btcc.com with the subject “BitcoinTalk” if you are experiencing any issues. Please also feel free to PM me directly if you have any further questions.
-Bobby Lee
CEO, BTCC
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