Hitbtc Exchange Takes Too Long to Upload Deposits

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Bitcoin Commutation HitBTC Freezes Customers' Accounts ahead of Proof of Keys Consequence

Cryptocurrency commutation HitBTC has frozen its customers' accounts ahead of an annual proof of keys event, according to multiple sources.

On Dec 31, 2o18, the company responded to an open complaint on Reddit after the user accused them of suspending his withdrawal requests. Redditor PEDXS said that he had dutifully passed the know-your-customer examination after waiting six months to admission his HitBTC trading business relationship. He confirmed that while he had withdrawn a large portion of his money already, he had yet left some of it back in his public address for day trading.

"Later months of sending 40 plus emails, HitBTC finally unfroze my account," PEDXS said in his complaint. "I immediately withdrew virtually of my funds but left a pocket-sized corporeality to day trade. I did that because HITBTC promised that "No farther automated restrictions will be applied."

Another Redditor, using the alias LOOKATMYIQ, confirmed that he too faced withdrawal rejects at the behest of HitBTC. Excerpts from his complaint:

"Submitted all my documents/evidence for KYC days agone and at present support [is] going cold on me. Have I been scammed? I accept been trading crypto for years on all kind of exchanges and never had my funds locked without warning similar this. Support [was] fast to answer when asking for additional (over the elevation) information but since I have given them everything they take asked for they've just disappeared on me."

A Redditor posing as the representative of HitBTC collected their charges and ensured immediate follow-ups.

Funds Frozen alee of Proof of Keys Event

PEDXS doubted that HitBTC is intentionally locking users' accounts fearing massive coin withdrawals on the annual Proof of Keys issue.

To those who don't know, Proof of Keys is a motility started by renowned bitcoin investor Trace Mayer that requests crypto traders to withdraw their funds deposited with a third party service on every January 3rd. The purpose of doing information technology is to hold all these 3rd-party services accountable by testing them for their solvency. The motion is a way to detect that whether or not crypto exchanges concord the funds that have been deposited into their individual wallets in the past.

"Over the months, from day trading I have built dorsum my balance up to a couple BTC," complained PEDXS. "With the proof of key date budgeted, I felt that HITBTC is the prime suspect for existence insolvent, so I tried withdrawing my BTC. Guess what, they blocked the withdrawal and froze my account again."

"HitBTC was something that began as a promising crypto exchange and got lucky with the big crypto wave in 2016 and 2017, simply it [definitely] failed to keep up with the innovation and user demands," wrote reviewer Harsh Agrawal. "They are barely surviving, and this tin have a major impact on users who are using HitBTC every bit their crypto exchange."

Technologist John McAfee also requested people to cold-shoulder HitBTC earlier in 2018.

The crypto exchanges take become the thing that we have originally fought against. Their power is immense. Hitbtc, for example, has increased suffering for millions of poor people who cannot afford the minimum purchase-in since information technology is greater than their monthly income. Cold-shoulder them.

— John McAfee (@officialmcafee) June 28, 2018

CCN has reached HitBTC for the press statements. We volition update this commodity every bit soon as we receive them.

Featured image from Shutterstock.

The post Bitcoin Substitution HitBTC Freezes Customers' Accounts ahead of Proof of Keys Event appeared first on CCN.

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Source: https://finance.yahoo.com/news/bitcoin-exchange-hitbtc-freezes-customers-233031863.html

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