Exchange News

You may need to provide a blood sample to withdraw Bitcoin from HitBTC

Welcome! HitBTC says when you want to deposit your digital wealth. Problems start haunting you when you want to withdraw Bitcoin from HitBTC, a cryptocurrency exchange.

HitBTC has always had a somewhat questionable know-your-customer procedure. The exchange capitalized on human nature to loathe giving out intimate personal details. They required very little personal information to conduct activities on the platform. Traders took the bait and deposited their coins with the exchange.

It’s time to pay.  HitBTC now requires personal details on those who want to withdraw Bitcoin among other coins. Some traders even consider the details to be extremely personal and some hard to provide.

Luke Dashjr, a Bitcoin Core developer, tweeted:

Looks like HitBTC have decided to go full scammer, and are stealing balances of users (including me). Probably a good idea to get anything you have there off, and take care not to use. They are locking accounts and making unreasonable demands for private information, which many people *can’t* provide even if they wanted to. And when you don’t / can’t comply, they just keep your Bitcoins instead of closing your account and sending them to you.

In a series of tweets, the Bitcoin developer notes that HitBTC is justifying its actions by saying its users agreed with the terms of service (ToS) when signing up.

However, this is another issue that the developer picked a quarrel with the exchange. According to Dashjr, “the KYC nonsense wasn’t in their ToS until recently, long after most people have signed up.” Adding that it’s the exchange’s no-KYC reputation that drove people to the platform.

Now, considering the amount and nature of personal information needed, a blood sample looks like the next thing they will require to withdraw Bitcoin from HitBTC. In the past, the platform explicitly said that they would notify users before updating their ToS. But as it stands, they did not, and users are regretting depositing funds in the first place.

Before you withdraw Bitcoin from HitBTC you are required to provide the source of the fund’s report which has to:

“Describe all the actions you have performed with these funds before sending them to HitBTC, e.g., purchasing them, exchanging, transferring from one address to another… present the chain of such events in chronological order…attach screenshots, which will confirm each step.”

Next, maybe they will ask for a blood sample.

Do you think this is an exit scam or the beginning of a mass exodus from HitBTC?

You may also be interested in:

The Binance return: $1.2 million for its patient users

Share the news on;
  •  
  • 8
  •  
  •  
  •  
  •  
  •  
  •  
    8
    Shares
  •  
    8
    Shares
  •  
  • 8
  •  
  •  
  •  
  •  
  •  
coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

Comments are off this post!