Bittrex Closing down accounts? What to do....

rahulbasu (46)in #bittrex • 7 years ago

It has been some time that the news of bittrex closing down accounts is trending on the market.
We can even see many verified accounts got shut down without notice and all. Many people have been raising requests that bittrex has closed their accounts for no reason at all. And almost all accounts without "2 step verification" got shut down.

Here are a few thoughts

Firstly if we look at bittrex terms and policies carefully, they already declared that any unverified account will be shut down. They gave notice months back that all accounts without enhanced verification can withdraw a max of 1 btc, and with 2 factor authentication turned on, they can withdraw a max of 3 btc.
I personally have a bittrex account that is only verified via mail and phone and has a 2 factor authentication turned on. I did not submit KYC documents....

I approached bittrex channels and asked them if my account would get suspended.... Their reply was that only if a user violates terms, then only accounts get suspended....
This relieved me bit, since like other people, I was also panicking and started to move funds out of bittrex.

And they take security and AML guidelines very seriously.

Cases when your account might get suspended

If your account is not protected with a good password and Two factor authentication turned on, account being suspended is very high
If you try to withdraw More BTC than what is allowed (it depends kn the state and level of verification)
If you try to manipulate market, by implementing unsafe trading practices
If you use bots to manipulate market (using basic trading bots is fine as long as you dont manipulate market)
And if you are inactive for a very long time.

So keep these in mind, and also go through the bittrex terms and conditions on their website for reference. Whenever you sign up for something always read through the terms and conditions... People not reading terms and conditions is the major reason for fake news and rumours.

There are many rumours on bittrex, including all altcoins falling on a similar pattern at one go, which is rumoured to be done by a bittrex bot which collects trading fees
.so whatever, keep these in mind before panicking!
Join the discussion in the comments section to let us know what you think..... :)

#enhanced #closing #accounts #panic

7 years ago in #bittrex by rahulbasu (46)

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minnowpond (62) 7 years ago

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