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.

And while every exchange does update their ToS from time to time, HitBTC's explicitly said they would notify customers of any changes. They did NOT give any notification of adding the KYC clauses. — Luke Dashjr (@LukeDashjr) March 28, 2019

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.

FRAUD ALERT.

HITBC WITHHOLDING FUNDS. HIDING BEHING KYC DEMAND THAT ARE IMPOSSIBLE TO FULFILL.

JUST LOST $12k.

ALLOWING DEPOSITS, BUT NOT WITHDRAWALS. — Kenny Akman (@NYCrypto777) May 15, 2019

hitbtc are you Ethic? I CAN NOT Withdraw my BITCOIN FROM 4 OF MAY 2019, YOU WILL REPLAY ME THE SAME. Hi Carlos, we are working on this issue. We'll get in touch with you once there is an update, AGAIN? pic.twitter.com/9SHWoQVhNI — Carlos Leonardo Coro (@12345678910clc) May 15, 2019

Any chance to get a serious answer, @hitbtc?

It's been a week and still no news.

If you still wonder why i'm doing this, that's because i can and i have an audience large enough to bring the attention on these cases.

Too many people have life changing money on your platform. pic.twitter.com/arB5WcpwHV — The Crypto Monk ⛩ (@thecryptomonk) May 9, 2019

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

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