John McAfee Bashed HitBTC Crypto Exchange is Suspending Users Accounts

HitBTC Exchange Faces Criticism on Multiple Fronts

HitBTC is among the oldest cryptocurrency exchanges currently in existence. Though perhaps for some this title means little considering the small length of time for which the market has even existed at all, HitBTC has still managed to stick around through the thick and thin of an incredibly volatile and constantly evolving marketplace. In doing so, they have won the trust of tens of thousands of loyal users.

But recent reports have surfaced which may severely negatively impact the public perception of the exchange giant. In particular, two popular names in the cryptocurrency world have recently come forward expressing their disdain in the current practices of HitBTC, some professionals even advocating for an all-out boycott of their services.

Sicarious: Unfair Suspension of Accounts

Sicarious is a Twitter personality known for his cryptocurrency analysis and trading skills. Recently, he came out in disgust regarding HitBTC after they allegedly suspended his grandmother’s account without just cause. According to him, the exchange had already seen requisite verification forms, including identification of person, address, and banking information.

But after having seen all of this information, the exchange froze the 65-year-old woman’s trading account for a whopping three months. While this may not initially seem like a lot, three months in the cryptocurrency world is a significant amount of time, and a lot can happen while a trader is effectually incapacitated on the major markets.

Sicarious alleges that the exchange had spoken with his grandmother on skype following the account being frozen, but they were clear that she would not be allowed back onto the site before the three month suspension is up. According to Sicarious, they likely suspect that she is somehow involved in a money laundering operation, though it is unclear at this point what may have given them this impression.

But it isn’t particularly surprising that the exchange is being this meticulous about the verification process. While in the beginning days of cryptocurrencies exchanges could get away with very little verification steps in their signup process, the push for global regulation and the prevalence of crime using cryptocurrencies has caused many exchanges to up their game when it comes to regulatory compliance and identity-checking.

It does appear now that this story is making it's rounds online, HitBTC has finally reach out to Sicarious and his grandmother:

John McAfee: Boycott HitBTC

John McAfee has long been a respected name in the world of cryptocurrency and crypto technology. Now, the tech professional has come out against, HitBTC, even saying that consumers should boycott them on largely philosophical grounds.

At its core, McAfee’s complaint with HitBTC is that their ridiculous “withdrawal fees.” During a twitter rampage against the company, John lamented that the “buy-in” is higher than the monthly income of some users, meaning that the world of cryptocurrency is made even more inaccessible to those of lower income.

McAfee represents the sentiments of many cryptocurrency-proponents, especially when he works to invoke the original intent of cryptocurrencies to inspire an angry reaction in his readers. It is not hard to recall the beginning days of Bitcoin, when sentiments and hopes were high that this currency may represent an alternative to the capitalist and centralized economics of the past. But now, he argues, exchanges like HitBTC are abusing their power to keep people out—not let them in—of a new financial order.

Here are a few of the tweets from John McAfee towards HitBTC:


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