Crypto Exchange Bittrex Taking Months to Process User Withdrawals: CCN

Major cryptocurrency exchange Bittrex has been experiencing issues processing client withdrawals, with various online communities reporting month-long delays, according to CCN.

Verification Issues

Several Bittrex users have complained that their withdrawal requests have been delayed for weeks and up to a month, though reasons for the delay remain unclear. One Bittrex user cited by CCN said the delay was due to the platform’s verification issues. Like other exchanges, Bittrex requires its users to submit government-issued ID to use the platform, with daily transaction limits increasing the more one uses the platform. However, the rapid increase in users and verification requests has delayed the process significantly.

A Bittrex spokesperson has said the company is working on various solutions to boost verification time.

“A small percentage of our overall user base has experienced delays in getting their account issues resolved, and we have recently added more staff to address those delays,” the spokesperson said.

Bittrex’s last major upgrade occurred on Nov. 29, according to founder Rami Kawach. The upgrade included a back-end system overhaul designed to address the huge influx of new users.

New Registration Halted

Earlier this month, Bittrex disclosed it would be temporarily halting user registrations in order to upgrade its infrastructure. The Bittrex team issued the following statement in a Dec. 15 announcement:

“We are excited to have so many new users who want to join the Bittrex community.  Unfortunately, we have to make a few upgrades to our support and backend systems to handle the increased traffic and load.  As such, we have halted new user registrations for the time being.”

Though unpopular, Bittrex’s decision to halt new signups will likely help in addressing the platform’s issues.

Bittrex’s scalability issue is hardly unique; several brokers are struggling to keep up with the rapid surge in crypto trading. San Francisco’s Coinbase has halted trading several times this month as transactions overwhelmed its platform. Despite accommodating more than 13 million users, Coinbase’s customer service department appears to be struggling with the volume of requests.

Bittrex has quickly emerged as one of the world’s largest exchanges. Even with halting new registrations, the U.S.-based platform processed $2.8 billion in transactions over the last 24 hours, according to CoinMarketCap. That’s second only to Binance. The exchange’s most popular trades on Tuesday included Verge (XVG/BTC), Nxt (NXT/BTC) and Bitcoin (BTC/USDT).

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi