A New Yorker just filed a lawsuit against Bittrex, claiming they’re holding onto her funds. Apparently, she deposited $120K in August 2018 and now they’ve suspended her account until November. She even says they wanted her to sign away her rights to sue before they'd release her money.
This TOS is getting outta hand. Do US laws really require you to declare the source of even $1? Like, is there a threshold or something? How many Americans are even using Bittrex? Do they ask for proof of funds for deposits as little as $10?
Totally agree. They used to allow unverified accounts, but since 2017 it’s all changed. I steer clear of Bitstamp and Bittrex now because the customer checks are just too much.
Bittrex was once a top exchange, now it's going downhill. Unlike Binance, they’re not under pressure to act this way and it's like they’re trying to squeeze users dry, hoping we just give up. Also, the income proof they’re asking for is so invasive, it’s none of their business.
Regulatory pressure is a huge part of this. A few years back, unverified accounts were withdrawing without limits. Then BAM overnight, everything changed with limits. They started targeting certain regions and made KYC mandatory for all users.
Nah, that’s not true. Bittrex always aimed for fiat trading but had to clean up to comply. They’re navigating tough regulations and banking partner demands. Sure they could be more open about it, but let’s not forget they were an unregulated exchange and didn’t care for years.
Speculative for sure, but with all the bans on certain tokens and frequent shifts in jurisdiction, it wouldn’t be shocking. If you're fully verified, withdrawing should be fine.