Shell-Shocked HitBTC Users Shout ‘Fraud’ in Response to Severe KYC

HitBTC users are being asked to provide excessive detail about the derivation of their funds, according to multiple sources. Even Bitcoin developer Luke-Jr was forced to undergo KYC in order to withdraw funds. The famous small-blocker reportedly had chosen the exchange for its perceived lack of know-your-customer compliance.

HIGH-PROFILE USERS GET THEIR ISSUES RESOLVED

Luke Dashjr@LukeDashjr



Probably a good idea to get anything you have there off, and take care not to use it.

(And as always, keep as little on exchanges as possible!)


362

6:53 PM - Mar 28, 2019
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211 people are talking about this

Luke Dashjr@LukeDashjr

 · Mar 28, 2019


⚠️🔥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 it.

(And as always, keep as little on exchanges as possible!

Luke Dashjr@LukeDashjr


They're 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.


65

7:04 PM - Mar 28, 2019
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20 people are talking about this

Luke Dashjr@LukeDashjr

 · Mar 28, 2019

Replying to @LukeDashjr

They're 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.

Luke Dashjr@LukeDashjr


Citing their ToS, they claim the user agreed to cooperate with the KYC when they signed up.

But the KYC nonsense wasn't in their ToS until recently, long after most people signed up. Indeed, many people probably signed up specifically because HitBTC had a reputation of no-KYC.


56

7:06 PM - Mar 28, 2019
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See Luke Dashjr's other Tweets

Luke Dashjr@LukeDashjr

 · Mar 28, 2019


Replying to @LukeDashjr

Citing their ToS, they claim the user agreed to cooperate with the KYC when they signed up.

But the KYC nonsense wasn't in their ToS until recently, long after most people signed up. Indeed, many people probably signed up specifically because HitBTC had a reputation of no-KYC.

Luke Dashjr@LukeDashjr


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.


55

7:06 PM - Mar 28, 2019
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Luke Dashjr@LukeDashjr

 · Mar 28, 2019



Probably a good idea to get anything you have there off, and take care not to use it.

(And as always, keep as little on exchanges as possible!)

Luke Dashjr@LukeDashjr


Update: Can confirm my withdrawl has been broadcast.https://twitter.com/hitbtc/status/1111576414736842752 …

HitBTC@hitbtc

Replying to @__amirs__ @LukeDashjr


We're glad to announce that the full functionality of Luke's account has been restored. Our AML/KYC procedures do not take an extended period of time when a user is willing to cooperate with our team.


24

6:36 PM - Mar 29, 2019
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HITBTC, WOULD YOU LIKE A BLOOD SAMPLE TOO?

One user reports that HitBTC has frozen around $12,000 with the following message, which came after he provided all the requested verification documents:

“The source of funds report 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. Kindly present the chain of such events in chronological order. Please attach screenshots, which will confirm each step.”

The unusual request for further information is viewed as a violation of the user’s privacy and an attempt to simply withhold the funds. Meanwhile, other users claim that their funds have been stopped with limited response from customer support, sometimes for weeks on end.

It’s unclear if these demands are even in compliance with the laws that exchanges must abide by or what laws HitBTC is purportedly trying to respect. Various professional services exist, such as Chainalsysis, which are meant to help companies verify the legitimacy of crypto funds.

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