Exchange Bittrex is on the Verge of the Biggest Public Scandal

December 8, 2017

Exchange Bittrex is on the Verge of the Biggest Public Scandal

Social network users voice their concern about Bittrex: something is wrong at the third largest cryptocurrency exchange in the world. Clients openly complain that they are having problems with withdrawing funds, and this has been going on for several weeks. No doubt, each popular platform has had its own issues during the price spikes, nevertheless until yesterday the exchange did not give any public explanations.

Since November 30 Bittrex has not been publishing on its Twitter account. Its Facebook page has not been updated from summer. No wonder that the customers little by little are starting to panic.

The message, published on the evening of December 5, informs: "We are committed to making sure our services are not used to launder money, support terrorism, commit fraud or other illegal activities." In addition, the exchange, in fact, blamed its clients of illiteracy in the identity verification process.

The list of common mistakes includes such problems as "Creating multiple accounts; Name mismatch; Unreadable IDs; Non-Latin symbols on the Government IDs"

The message ends with the words: "We believe that you understand  Bittrex is committed to following  the law and makes assurance double sure that it has a robust compliance program. We ask for your patience and cooperation throughout this process. "

The exchange exists since 2014 and is based in Las Vegas. Its daily trading volumes hover near 1 billion US dollars. At the time of writing this article, it ranks second in daily volume among stock exchanges.

Despite the fact that Bittrex was not accredited by Better Business Bureau (BBB), the website, nevertheless, has a dedicated page for considering complaints. Many users published their stories and most of them are very similar: “Last night I tried to withdraw my funds and received the following message:" Unverified account withdrawal limit has been reached. Please try again in 24 hours. To increase your limits, verify your account. "” There is even the #BittrexTrouble hashtag in Twitter.

It is vital to note that these are not the first problems for Bittrex, and they are not the only ones in this regard. Bitcoin’s price, as well as the value of crypto market in general, has exceeded the limits of expectations. Small wonder that it could be the case of not being prepared for many  cryptocurrency exchanges, such as Kraken, Coinbase, Tether, Gemini and many others.

An important point is that Bittrex has always cited other exchanges as an example, known as the most "clean", honest and fast one. What is more, Bittrex was never involved in any scandals. That is why the problems on the most "white and fluffy" stock market cause such a resonance. Nobody knows what is really going on inside the platform. If there is really something bad going on and this "something" will get well-known for public, no wonder that the "Bittrex scandal" may become one of the biggest scandals in the history of the cryptocurrency.


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