Some users have reported that they've faced significant delays when trying to withdraw funds from Bittrex, a popular cryptocurrency exchange. These delays can last for weeks or even a month, and the reasons behind them remain unclear. According to affected users, the verification process on Bittrex has been a major cause of these issues.
Like many regulated crypto exchanges, Bittrex imposes withdrawal, deposit, and transaction limits on its users. To increase these limits, traders must submit personal documents such as government-issued ID cards, passports, and selfies. However, with the rapid growth in Bittrex’s user base, the volume of verification requests has surged, leading to long wait times.
One Bittrex user shared their frustration with Business Insider, saying: “I submitted a support ticket on November 6th, but I haven’t received any response. I updated it several times over the next 30 days, but it was completely useless.â€
In response, a Bittrex spokesperson stated that the company is working to streamline the verification process and increase daily transaction limits more efficiently. They also mentioned that they are reaching out to affected users to explain the changes being made to the authentication system.
On November 29th, Bittrex founder Rami Kawach announced that the platform had completed a major backend upgrade to handle the growing number of users and the increased demand on the system. He noted that while the team is working to minimize the impact, such delays are not unique to Bittrex and can occur across all markets.
Looking ahead, Bittrex plans to continue improving its systems to accommodate the exponential growth of its user base. Similar issues have been reported on other platforms as well. For example, in 2017, Bitcoin trader Whale Panda shared his experience of waiting over a month to complete verification on Kraken.
Kraken later acknowledged that the surge in verification requests had overwhelmed their team. In recent months, Bittrex has also brought on board experienced professionals, including Jim Waschak, former Amazon executive, and Kiran Raj, a former Homeland Security official, to improve the verification process and manage operations more effectively.
Bittrex CEO Bill Shihara emphasized the importance of these new hires, stating that their expertise will help build a safer, more trusted trading environment. The article reflects the author's personal views and should not be considered financial advice.
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