Users of Cryptocurrency Exchange Bittrex Unable to Withdraw Money
Several clients of popular cryptocurrency exchange Bittrex have complained about being unable to withdraw their money. Reportedly, the exchange has been dealing with some problems in processing clients' requests for withdrawals. Allegedly, the delays have been of several weeks, up to one month.
For the moment, the exact reason why the exchange has been processing clients' requests so late has not been revealed. However, some reports indicated that most likely the delays were caused by the company's verification system issues. It is a well-known fact that the exchange asks all its users to submit government-issued IDs in order to access its platform.
While the cryptocurrency market has experienced a huge growth in the past few months, the number of users on Bittrex's platform have also increased.
The high number of users and the verification process have allegedly caused the delays in the platform's ability to process requests. The company itself admitted that the verification process was dealing with some difficulties.
Bittrex allegedly searching for solutions to reduce verification time
Bittrex stated that it was looking into this process and was working on some solutions to reduce the verification time. The company also admitted that some users have been dealing with some delays, but claimed that only a small percentage of people were affected.
The company also stated that it hired more people to be able to deal with these delays, as one of the first measures taken to solve the situation.
An important thing to mention in this context is that Bittrex has previously done some work to avoid potential issues by upgrading its system to address the high amount of new users. Earlier this month, the company also said that it placed a temporary halt on user registration as it was working on a few upgrades to support the traffic.
Of course, the company’s decision was not well received by people who wanted to register on the platform, but Bittrex tried to prevent more issues with the halt.
Bittrex is not the only exchange which had to deal with such issues. Similar problems were experienced by other popular exchanges in the US.