A lot of people are confused over what is going on with Bittrex right now. Plenty of users can no longer withdraw large amounts of money or even have had their accounts closed. This situation is not all that surprising, considering the company introduced a major policy change quite some time ago. Those changes have only recently gone into effect, which is currently causing a lot of confusion.
Bittrex Policy Changes Cause Confusion
A few weeks ago, we touched upon the latest round of policy changes affecting users of Bittrex, the popular cryptocurrency exchange. These changes were introduced by the company in late 2016, yet only went into effect a few weeks ago. It is remarkable to see how few people actually pay attention to these things when they are announced. Instead, we see various reports pop up that the company is “acting shady” and potentially “defrauding customers”, neither of which is even remotely true.
While it is true these changes affect thousands of users, they were also communicated well in advance. Indeed, people who did not verify their accounts before a certain date were informed they would be faced with much lower withdrawal limits until they upgraded their accounts. All cryptocurrency exchanges have to adhere to strict anti-money laundering (AML) and Know Your Customer (KYC) laws these days, which means they need to verify the identity of all customers accordingly.
A lot of Bittrex users seemingly did not take the necessary steps in this regard. Those users are now paying the price for having failed to do so, which is the main source of confusion we have to deal with now. In reality, most users should still be able to update their accounts by submitting more verification documents. Once they do so, their withdrawal limits will be raised once again, which doesn’t require much work by the user whatsoever.
Most of the changes introduced by Bittrex on August 1st focused on improving account security as a whole. Users were actively advised to enable two-factor authentication or else deal with withdrawal limits of up to one Bitcoin. That is still more than acceptable for most people, although it is always better to take account security very seriously.
There is no reason as to why people would have their accounts closed all of a sudden. In most cases, these issues can be resolved by going through the proper KYC procedure. Bittrex always reserves the right to close accounts if they suspect something malicious or nefarious has been going on, though. It seems the site is actively monitoring accounts for unusual activity more so now than before, which means some users will have some explaining to do. Then again, it also has a support system in place to ensure issues like these are rectified accordingly.
In the end, there is no reason to think Bittrex is shady or stealing from users. The changes were announced last year and went into effect over two months ago. For some reason, a lot of people only recently found out about them, which is rather odd. The company takes customer verification and security very seriously, which comes at a small convenience cost. Anyone who goes through the proper motions will have no issues whatsoever, though, by the looks of things.
Crap
Most of us are Enhanced Accounts with legit information and still got disabled by bittrex
it is almost a week and they did not answer the tickets!
Same here, enhanced account, everything checked and confirmed, but still disabled. Also no answer from support
I had basic and enhanced verification. and also 2FA sec. but…DISABLED for a week now…I don’t get it why should u publish this..
I had enhanced verified account with passport and also 2fa and got my account disabled for a week now … That’s really nice.
I think you`re acting blind about this. My registration was approved by Bittrex and still my account got disabled. According to Bill Shihara, Bittrex cannot comments about this. So what is the truth behind the scenes that they can`t comment about that?
verified german account disabled without any notice, no reply from support for a whole week, and you SERIOUSLY DARE to claim this is not shady behaviour? How much did they pay you?
Is there any good decentralized altcoin exchanges out there with good liquidity and ui? what’s going on with all these centralized exchanges is simply becoming unacceptable to say the least. What’s next? Will we have to KYC just to buy laundry detergent?
This should be on an opinion page, not on a news page.
My account was disabled, too.
But last night I was contacted by support, now I have full access to my funds again.
my withdrawal limit was something like 1000+ btc (probably because I have a legacy account), after I went through verification a few weeks ago it went down to 100 btc limit per day. After hearing about the withdrawal issue (I didn’t personally experience this), I withdrew all my funds as a precautionary measure, don’t want to be MTGoxed!
Same here.
how long did u waited? ticket number?
Idiotic article, poorly researched, horrible to dismiss the metric ton of evidence of fully verified accounts getting locked out without explaination and those users banned from the offical slack for raising the issue, I watched it live as it happened. This article is garbage.
This will be the last time I come to this awful website.
Take a hint and stop trading at bittrex. If something smell fishy about an exchange, it is a good idea to take no chances. Don’t learn your lesson the hard way.
Typical whale move…..shows who’s running the bittrex show…Warning a year in advance ? It’s like warning a newborn baby that he is going to die in 120 years.
In any case it would of been ethical and easy to code a way to offer account owners an express way of regaining their assets after the account freezings and specially closures…
legally it<s legit…but I do not know anyone on earth on the other end of this deal that would agree it<s fair play…
kraken…they hold funds to match in a vault in cold storage with armed guards and retinal scanners….
We all agree that Bittrex are thieves.
we need decentralized ledger for exchanges
First off, My account wasn’t closed. I just want to send a message to “Jdebunt”, rethink your writing career and keep your day job, the stagnant flow and lack of quality in your grammar leaves your article a bore to read. Not to mention, you stated subjects without sourcing them, where is the link to the 2016 announcement?
How are you going to base your entire article on a statement without even sourcing it?….
You earn no merit from me.
BS. I made a brand new account on the exchange. Put all my info in. They did not have the option to input my Suffix (JR) and that suffix is on my account. The account refused to verify because the names did not match it has now been a week since I made the account. They took all my info into there system but have yet to respond. Many many many more reports like this. Its deff shady…the fact u guys can post this with a straight face makes u guys seem just as bad. They mustve lined your pockets at one point or another.
Just use Bitvigo. com
This article is bullshit. Even when you give them your passport they still don’t let you withdraw. Lawsuit coming.
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