YoBit Exchange Review

YoBit is a cryptocurrency exchange that is based in Russia. It was launched in 2014. A YoBit exchange review shows that it serves the cryptosphere via almost 500 active markets (493+) and a massive 7000+ currency pairs, including both crypto-to-crypto and fiat-to-crypto currency pairs. In addition, there website is available in Chinese, English and Russian.

A YoBit exchange review shows that this crypto-asset trading platform is surrounded by many controversies. Controversies include being involved in pump-and-dump schemes involving various cryptos, including PutinCoin (Ticker symbol: PUT), the arrest of YoBit founder, Pavel Krymov, for allegedly being involved in fraudulent activities, the alleged questionable use of ticker symbols and token names to get market participants to buy fake tokens (BNB is “Boats and Bitches” instead of Binance Coin, KNC is “KingN” instead of Kyber Network, etc.), the alleged restriction of token withdrawals by claiming tokens are “Under Maintenance” while deposits remain open and many other controversies.

In addition, there were media reports surfacing in December 2018 that alleged that Russia banned YoBit, making this crypto exchange inaccessible to Russian residents. They also seem to have notoriously bad customer service and technical support, including some support tickets allegedly not being answered at all. This while being slow to respond to inquiries in general.

A YoBit exchange review also reveals that this digital asset exchange lost a substantial quantity of Ethereum Classic (Ticker symbol: ETC) tokens during the 51% attack on the ETC network that took place in January 2019. The hacker allegedly returned 94% of the stolen ETC tokens.