HitBTC's severe KYC procedure is complained by users, some even shout fraud

18 May, 2019
by Fifi Arisandi
HitBTC's severe KYC procedure is complained by users, some even shout fraud

Crypto exchange, HitBTC's new know-your-customer (KYC) procedure is complained by many of their users, some even claim it as fraud. 

“Looks like @hitbtc have decided to go full scammer, and are stealing balances of users (including me).🔥⚠️,” said Bitcoin developer, Luke Dash Jr. on his Twitter account.

He posted a series of tweets about what he went through as a HitBTC’s user a while ago.

The exchange can be seen of responding to the complaints and after some time, making an “announcement” that the issues with Dash had been resolved.

“We're glad to announce that the full functionality of Luke's account has been restored. Our AML/KYC procedures do not take an extended period of time when a user is willing to cooperate with our team,” HitBTC reiterated.

The matter, however, is still far from over. Another user reported that HitBTC has frozen approximately $12,000 of his funds despite having provided all the requested verification documents.

“The source of funds report 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. Kindly present the chain of such events in chronological order. Please attach screenshots, which will confirm each step,” the notification from HitBTC wrote as reported by CCN.

The anonymous user considers the unusual request for further info as a violation to his privacy and simply an attempt to withhold his funds.

Other users reported similar things, while at the same time stating a “limited response” from the customer supports, which even took weeks.

It’s still unclear if HitBTC’s excessive request complies with the KYC regulations that exchanges should abide, however, it’s definitely not the only issues that the exchange is being complained about.

They were also criticized heavily for their inappropriate handling of Maximine token swap that caused the token price collapsed a while ago.

A Reddit user tried to sum up his experience as a HitBTC user in a short sentence as shown below.


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