ICO Daily (18 Oct): Bittrex Speaks on Banned Accounts

Bittrex Speaks on Banned Accounts – Questions still remain

Bittrex finally made a public statement about the thousands of accounts they’ve disabled. According to Bittrex’s website:

“We occasionally conduct compliance reviews and are working vigilantly to protect our service and our users from harm. As part of a compliance review, we have temporarily suspended certain accounts pending the completion of the review. The total number of suspended, closed, or banned accounts is very limited: less than 0.1% of the total accounts on Bittrex.  More than 99.9% of Bittrex accounts are unaffected.”

Everybody knows that the majority of Bittrex’s accounts are working just fine. The problem is that thousands of accounts–the 0.1 percent–were (and still are) disabled.

Real money at risk

Bittrex is based in the US, so it’s understandable that compliance is important to the exchange. After all, the US is a patchwork of different regulations and laws, both at the state and federal levels.

The strange thing is that Bittrex never bothered to inform the customers whose accounts they disabled of what they were doing and why. Some of the users have stated to have rather large sums stored on Bittrex. One user pleaded:

“Please help me … I have about six Bitcoins in my account … I lose my money :/ Please tell Bittrex to activate my account only for 10 minutes so that we can withdraw our money…please.”

Bittrex also wrote:

“Any reports that Bittrex miscalculated or misapplied its exchange fees, that there is a security problem with the exchange, that Bittrex lost any coins stored on users’ behalf, or that Bittrex is banning people trying to access Slack to discuss the status of their accounts are incorrect.  We are committed to making Bittrex a strong, safe, and compliant exchange where people can securely participate in the digital currency economy. We ask for patience from our highly valued customers. As for us, we plan to ‘keep calm, and carry on.’”

It doesn’t look like everything is true; According to Bittrex, they never banned anybody from Slack who tried to enquire about their accounts, but there is a number of emails claiming that the exchange had just done that.

Moving on

Bittrex is calm and moves on, but what about the affected users? At the moment, the exchange is either not responding to tickets or is lagging far behind. The latter would not be surprising, as a number of Bitcoin and altcoin exchanges have been hammered with higher-than-usual user support ticket volumes, including Poloniex and Coinbase.

Source: Cointelegraph

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