Bittrex joins the list of prominent digital token exchanges struggling with growth issues. Customers of the popular US-based exchange are unhappy about the company’s inability to handle effective withdrawals. Complaints details how customers have to wait for weeks, or a whole month, to withdraw their funds.
The exchange company released a document detailing the reason for these delays, stating that Bittrex is improving its identity verification procedures. These measures, though necessary, are creating problems for users. The lengthened verification procedure, combined with the exchange’s largely growing userbase, is resulting in withdrawal delays.
Bittrex’s user verification procedure consists of two levels, Basic Verification and Enhanced Verification. Users are required to submit their Government-issued IDs, passport, and other documents. Customers complain that their funds are stuck with Bittrex, as the system is failing to verify their names and identities.
Bittrex promises improvement
Bittrex affirms that these enhanced identification procedures are in the users’ best interests. They will help protect the network against theft and fraud. Bittrex said that it would shut down any account suspected to be involved in a “pump and dump” scam. The company assures that these improvements are a part of its efforts to comply with legal and regulatory requirements.
Users complain that Bittrex does not require verification while depositing or even trading of funds. "You cannot withdraw your funds. Even worse, no response from anyone. Bittrex is in the top three largest crypto exchanges and this is unacceptable," one of the frustrated customers told Business Insider. Moreover, users complain that Bittrex is not cooperative, as when users notice a name mismatch error, the system does not even offer a page where the user might make a correction.
Bittrex is one of the world’s largest digital token exchanges, with daily trading topping $1 billion on daily basis. Users believe that, given its size, the exchange lacks proper communication with its userbase. "Bittrex takes these compliance obligations seriously," the company responded in an email.
The exchange assured that they are taking appropriate measures to resolve this situation. These measures also include the hiring of more staff in order to deal with the backlog. The company is exploring various strategies that enhance security of the network without slowing it down. The major exchange's user activity is not expected to go down with bitcoin's tremendous growth. It will be interesting to see if these measures are enough to hold up with a growing userbase.
For the latest on Bittrex, see our Bittrex exchange review.