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Author Topic: HitBTC the next exchange to become insolvent customers not able to withdraw fund  (Read 291 times)
rdbase
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May 19, 2019, 05:00:28 PM
 #1

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?

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May 19, 2019, 05:12:28 PM
 #2

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.

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May 19, 2019, 05:27:16 PM
 #3

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.
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May 19, 2019, 05:29:52 PM
 #4

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.

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May 19, 2019, 05:32:25 PM
 #5

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. Roll Eyes
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.

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May 19, 2019, 05:33:21 PM
 #6

HitBTC has been known for "scam by request KYC document" since few years ago, many users funds are locked the moment they deposit or withdraw lots of money.
But the real problem are their customer service are unfriendly and have respond slow. Few reports their funds still locked even though they submit valid KYC document which works on another exchange.

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May 19, 2019, 05:36:54 PM
 #7

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.

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May 19, 2019, 05:43:00 PM
 #8

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.


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May 19, 2019, 05:46:26 PM
 #9

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 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.
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May 19, 2019, 07:30:25 PM
 #10

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.

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May 19, 2019, 07:56:57 PM
 #11

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.

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May 19, 2019, 08:06:35 PM
 #12

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.

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May 19, 2019, 08:32:02 PM
 #13

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.

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May 19, 2019, 08:34:39 PM
 #14

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

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May 19, 2019, 08:41:18 PM
 #15

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.

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May 19, 2019, 08:47:19 PM
 #16

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.

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May 19, 2019, 08:55:04 PM
 #17

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!

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kingcolex
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May 19, 2019, 08:57:23 PM
 #18

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.

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May 19, 2019, 09:12:59 PM
 #19

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.

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May 19, 2019, 09:25:31 PM
 #20

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.

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