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HitBTC in Trouble? Users Continue Withdrawal Controversy

By Robin Wong | January 9, 2019
The most advanced crypto exchange seems to be falling apart as the start of 2019

Some Reddit accounts using Bitcoin exchange HitBTC have been venting their frustrations over unreasonable KYC (Know Your Customer) procedures, widespread halted withdrawals, and frozen accounts.

The HitBTC sub-Reddit page has been awash with complaints of withdrawal issues and KYC problems amidst continuing rumors that the exchange is insolvent.

One interesting observation is that the only moderator of the HitBTC Reddit page u/hitbtc has been suspended, leaving it currently without anyone running it.

Reddit user u/colonelnipples writes of strange KYC procedures for fund withdrawals, which include requests for information about social media accounts, and for photos of himself in different parts of his house. He faced no such issues when depositing in fiat.  

Just last week (Jan 2), John McAfee, founder of cybersecurity giant McAfee Associates, called on people to not use HitBTC, and to withdraw their funds from the “corrupt company” if they had not already done so.

Back in June 2018, McAfee first tweeted a call to boycott HitBTC:

“The crypto exchanges have 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 buy-in since it is greater than their monthly income. Boycott them.”

 

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