The HitBTC exchange, known for many years, discourages more users from using the withdrawal option. The Reddit portal has long been replete with posts about the current exchange policy.
HitBTC is one of the first exchanges
The stock exchange was established in 2013. Then almost no one heard about cryptocurrencies. Regardless, HitBTC has always had a large number of markets available for trading, including high availability of altcoins. Currently, the amount of funds that HitBTC captures on all trading pairs exceeds $ 200 million (about 53 BTC). The exchange allows you to trade over 000 coins. Only 800 of them have a turnover of $ 300. This would seem like a large amount, given that the exchange has not paid out funds to many users for a long time.
A few days ago, a post was posted on Reddit by a certain PEDXS, which tells about his latest adventure with HitBTC.
The user describes a situation when 6 months ago his account became “suspicious” and was frozen (blocked). After several months of correspondence (a total of 40 emails were sent), the account was unlocked. PEDXS went on to write that he immediately withdrew all funds. But he kept some of them in order to continue to play on the stock exchange.
When, after a few more months of trading, his balance increased by a couple of BTC. He ordered the withdrawal of funds, which were blocked again. Despite the promises given by HitBTC in previous emails, such as “There will be no more automatic restrictions,” they were made again. Attempts to contact the exchange only resulted in automatic replies, and the creator of the posted thread indicated that he shared the case to warn others. There was no response from the administration to the post on the HitBTC channel.
Other users inundated the topic with rude comments to read first before trusting a third party. According to users, HitBTC has not withdrawn funds for a long time and it is well known that it is a scam (SCAM).
HitBTC is a crypto exchange focused on providing trading services with the maximum amount of assets. The company specializes in crypto trading and exchange of coins; it does not provide investment programs.
How do you think to symbolically mark the tenth anniversary of Bitcoin? Bitcoin’s 10th anniversary is over. We are still forced to sometimes use third-party parties for transactions, i.e. exchanges, banks, etc.
Proof of Keys is a project that aims to remind all cryptocurrency enthusiasts of their main goal. On the occasion of this holiday, Proof of Keys offers to withdraw and transfer all funds to our personal wallets. Simultaneously checking the behavior of the party that processes our transactions on a daily basis.
The bottom-up ‘Proof of Keys’ educational initiative was launched by entrepreneur and digital currency promoter Trace Mayer. Which, since December last year, has encouraged users of centralized cryptocurrency exchanges to withdraw all funds held on platforms for security reasons. Why Proof of Keys? Only when we have the private keys to the purchased cryptocurrencies are we their real owners. And on centralized cryptocurrency exchanges, we receive them only after ordering a withdrawal.
The action, initiated by Mayer, began on January 1st. However, HitBTC users were unable to participate due to the ongoing blocking of withdrawals.
Mayer expressed concern on Twitter, linking the HitBTC payout freeze to the Proof of Keys campaign. Interestingly, the exchange policy perfectly justifies the reason why you shouldn’t store long-term purchased cryptocurrencies on exchange markets.