Bitcoin Exchange HitBTC suspends Customers’ Accounts

Girish Chugh

January 3, 2019 9:54 am

Crypto News

Bitcoin Exchange HitBTC suspends Customers’ Accounts | Coindelite News
5032 Total Views

According to several sources, the cryptocurrency exchange HitBTC has frozen its customers’ accounts ahead of an annual proof of keys event.

The firm replied to an open complaint on Reddit after the user accused them of suspending his withdrawal requests. Redditor PEDXS alleged that he had duly passed the Know-Your-Customer (KYC) test after waiting for about half a year to use his HitBTC exchange account. He confirmed that he had withdrawn a significant amount previously, but still had some money left back in his public address for trading purpose.

In his complaint the redditor said,

After months of sending 40 plus emails. HitBTC finally unfroze my account. I immediately withdrew most of my funds but left a small amount to day trade. I did that because HITBTC promised that “No further automated restrictions will be applied.”

Meanwhile, another redditor confirmed that he experienced withdrawal rejects as well on HitBTC’s platform.

Submitted all my documents/evidence for KYC days ago and now support is going cold on me. Have I been scammed? I have been trading crypto for years on all kinds of exchanges and never had my funds locked without warning like this. Support was fast to respond when asking for additional information but since I have given them everything they have asked for they’ve just disappeared on me.”

A redditor representing the company acknowledged their complaints and ensured immediate solutions.

Some believe that the exchange purposely froze accounts to prevent large-scale withdrawals on the annual Proof of keys event. Proof of keys is an event which encourages cryptocurrency traders to move their funds from centralized exchanges to their personal wallets on every 3rd of January. Famous bitcoin investor Trace Mayer started this movement. The purpose behind it to hold all the third-party services accountable by testing them for their solvency. The campaign helps in verifying if the crypto exchanges possess the funds that have been previously deposited into their private wallets.

No Comments