BiteBTC Crypto Exchange Responds to Scamming Users and Faking Volume Accusations
BiteBTC Issues Response To Crypto Community Accusations
BiteBTC, a digital currency trading platform based in Singapore, has been labeled a sham and accused of faking trading volumes by commentators on BitcoinTalk, an online crypto forum. However, the company recently responded to this allegations by replying to an inquiry from nulltx.com, a crypto news website.
What Is BiteBTC?
As mentioned above, BiteBTC is a cryptocurrency exchange that operates in Singapore. Though it is still new to the market, the platform is ranked at number 65 in terms of daily trading volume. Similar to most of its contemporaries, the most popular trading pairs on BiteBTC are BTC/USD and ETH/USD. Also, BiteBTC is preferred by inexperienced crypto traders.
Multiple indictments have been paced upon BiteBTC, including inefficiency of operations, falsification of trading volumes, account verification issues and expensive withdrawal charges. Precisely, Raske, accused the exchange on BitcoinTalk by calling them a scam due to the extremely high withdrawal fees. Ha further added that the platform is luring investors by setting attractive prices for digital assets and leveraging bots to generate fake trading volumes. After the traders register, they are charged oddly hefty fees on withdrawals. Raske concluded by calling upon other BitcoinTalk members to spread the word.
In addition, other users have issued complaints regarding the KYC verification procedures. In this regard, Bessie, a user on Twitter, alleged that traders must be fully verified before transacting on the exchange. On the contrary, BiteBTC say that partially validated investors have a daily trading cap of $2,000.
Upon an inquest, BiteBTC responded rather promptly, replying within an hour. This is an indicator that they run an efficient customer support service. Concerning the allegations of being a scam, marketing director Bill Morton said that the propagators of such claims were ‘haters’ of BiteBTC. Bill added that these individuals are most probably owners of scamming coins whose attempts to increase the coin’s value were thwarted by BiteBTC. As result, they turned their anger into aggressive campaigns against the exchange.
Furthermore, Bill revealed that the same haters had previously claimed that BiteBTC has non-existent traders. This accusations were fueled by the then slow and complex KYC registration process. However, this issue has since been solved after the exchange simplified the KYC procedure starting from August 17, 2018. Currently, the process is simple and swift.
Speaking on the credibility of their trading volumes, Morton noted that BiteBTC has over 70,000 active traders, including institutional investors, as well as over 20,000 followers on Twitter. Bill further stead that their tweets usually attract a minimum of 1,000 likes. Morton also mentioned the site’s high Alexa rank, an indicator that the platform has a high web traffic.
Lastly, the managing director also commented on the supposedly high withdrawal charges. In most instances, the fees imposed by BiteBTC is $5. Bill said that the fee is inclusive of the costs incurred in deploying a manual multi-level security mechanism. Unlike most exchange platforms, BiteBTC prioritizes security, according to Morton. Therefore, Bill thinks that customers should bear with the high withdrawal fee because it comes with increased security of their assets.