HitBTC Resorting to outlandish methods of KYC

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Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.

HitBTC is a cryptocurrency exchange website used for buying and selling Bitcoin, Ethereum, Litecoin and any other major and minor cryptocurrencies. It is a Europe based company which was launched back in 2013 and was acquired by HitTech Limited. It’s Headquarters currently sits in Hong Kong from where major operations for running the website are carried on.

HitBTC’s Severe KYC

HitBTC has been practicing severe and strict KYC (Know Your Customer) for withdrawal of Funds. Even the developer of Bitcoin Luke Jr. , complained about this on Twitter in a series of Tweets. He said that the website has decided to go “full scammer” and is stealing money from users. He suggests that people withdraw their money that they have on the website.

Also, Luke Jr. said that there has been unreasonable demands of private information from the website from users around the globe. HitBTC unlocked Luke Jr’s account but everyone is not fortunate enough like him. People were flocked to HitBTC because of no KYC and now HitBTC are themselves ruining the niche in the market that they had.

HitBTC recently added the compulsion of KYC in their Terms Of Service and no user was notified about it. Due to this many cases of outrageous demands of KYC have emerged online. A person was asked for their Skype ID and perform a live Skype Chat with HitBTC customer support. A user was even asked for their blood sample to be sent to the office of HitBTC.

HitBTC is insolvent – A Conspiracy

When a trading website asks for blood samples from a user, there is bound to be something strange. Blockchain analysis shows that HitBTC doesn’t hold sufficient funds for the number of users it has. Also, the official handle of HitBTC on Reddit, the r/hitbtc subreddit was also banned. Many users were already complaining about money taken from their balance and not showing any trace of it. All of this might clue into the fact that HitBTC has constantly been avoiding complaints about it and actually being insolvent.

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