Some users have reported that they've experienced significant delays—sometimes lasting weeks or even a month—when trying to withdraw funds from the Bittrex cryptocurrency exchange, with no clear explanation provided. According to affected users, the platform’s verification process is often cited as the main cause of these delays. Like many regulated crypto exchanges, Bittrex imposes daily withdrawal, deposit, and transaction limits on its users. To increase these limits, traders are required to submit personal documents such as government-issued IDs, passports, and even selfies for identity verification.
However, with the rapid expansion of Bittrex's user base, the surge in verification requests has overwhelmed the system. As a result, many average users find themselves waiting over a month just to complete their account verification and raise their daily transaction limits. One trader shared his frustration with Business Insider, saying: “I submitted a support ticket on November 6th, but I haven’t heard anything back. I updated it several times over the next 30 days, but it was completely useless.â€
Earlier this month, a Bittrex spokesperson told Business Insider that the company is actively working on streamlining the verification process and increasing user limits as quickly as possible. They also mentioned that they are reaching out to all affected users to explain the ongoing improvements and why some accounts might be experiencing delays. “A small portion of our overall user base faced issues, and we’ve added more staff to resolve them,†the spokesperson said.
On November 29, Bittrex founder Rami Kawach announced that the company had completed a major upgrade to its backend systems to address the challenges caused by rapid user growth and high demand. He stated, “We’re currently upgrading our backend infrastructure due to unprecedented user growth and request load. While we’re trying to minimize the impact, these issues can happen across all markets.â€
Looking ahead, Bittrex plans to continue improving its systems over the coming months to better handle the growing number of users. This issue isn’t unique to Bittrex. In 2017, well-known Bitcoin trader Whale Panda shared similar experiences with Kraken, another major U.S.-based exchange, where he waited over a month to complete verification.
Kraken later acknowledged that the volume of verification requests had increased significantly, overwhelming their team. Recently, Bittrex has also made key hires, including Jim Waschak, who previously worked at Amazon for 12 years, as Chief Operating Officer, and Kiran Raj, former Deputy General Counsel of Homeland Security, as Chief Strategy Officer, both aimed at improving the verification process and managing operations more efficiently.
Bill Shihara, CEO of Bit Shix, commented on December 15, saying, “Our mission is to build the world’s most trusted cryptocurrency exchange. We believe the expertise of these professionals is essential in achieving that goal. Their experience will help us deliver on our long-term commitment to creating a safe, regulated trading environment and opening up new opportunities for blockchain technology and future finance.â€
This article reflects the author’s personal opinion and is not intended as financial advice. The information is for general reference only.
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