Some users have revealed that the withdrawal of funds on the Bittrex cryptocurrency trading platform has been delayed for several weeks, or even a month, but the reasons are still unclear.
According to Bittrex users, the validation of the platform caused delays in cash withdrawals. Like other regulated cryptocurrency exchanges, Bittrex sets different withdrawal, deposit and transaction limits for users. If traders want to increase their daily withdrawal amount, they will need to submit a government-issued ID card, passport, selfie and other sensitive information.
However, due to the rapid growth of the Bittrex user base and the surge in verification requests, it often takes more than a month for average users to increase their daily transaction quotas and complete account verification.
A Bittrex trader told Business Insider in an interview:
“The next step is to submit a support ticket. I have completed it as requested. I opened the support ticket on November 6th, but I did not receive any response from Bittrex. I updated it several times in the next 30 days. Support tickets, but completely useless."
Earlier this month, a Bittrex spokesperson said in a statement to Business Insider that they were implementing various solutions to get rid of the verification process and increase the user's daily transaction amount as quickly as possible.
The spokesperson also pointed out that Bittrex is already in contact with all users and traders affected by the verification issue. “Bittrex recently contacted affected customers to explain more specifically our improvements to the authentication process and the reasons why certain accounts may be affected. A small portion of our overall user base experienced delays in resolving account issues. Recently, we have arranged more staff to solve these delays."
On November 29th, Bittrex founder Rami Kawach announced that the company has completed an upgrade to the Bittrex back-end system and is taking other steps to address the problem of excessive user growth and heavy requests on the trading platform.
Rami said:
“We are currently upgrading our back-end systems due to unprecedented user growth and request load. We are trying to minimize the impact of the transaction, but we think this can happen in all markets.â€
Over the next few months, the Bittrex team's goal is to make more updates and improvements to its back-end systems to address the exponential growth in the number of users.
Similar problems exist in other exchanges
In May 2017, well-known bitcoin blogger and trader Whale Panda revealed that he waited more than a month to pass the verification of Kraken, another large cryptocurrency exchange in the United States.
WhalePanda said, "After waiting for a month, we got a three-level verification on Kraken." Kraken responded that the request for verification and promotion of daily quotas has increased significantly, and the verification team's workload is too large.
In the past few weeks, Bittrex has hired Jim Waschak, who has been with Amazon for 12 years, as Chief Operating Officer, and Kiran Raj, former Deputy General Counsel of Homeland Security, as Chief Strategy Officer to simplify the validation of user applications. Process and better manage platform operations.
Bit Shix CEO Bill Shihara said on December 15.
“Our mission is to create the world's most trusted cryptocurrency exchanges, and we believe that the vast experience of these talents is critical to achieving this goal. They will drive us to deliver on this long-term commitment to build safe and regulated The trading environment creates more opportunities for blockchain technology and future finance and security."
This article only represents the author's personal opinion, does not represent the position of the blockchain pencil, does not constitute investment advice, the content is for reference only.
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