HitBTC Risk Warning | Withdrawal Freezes and Lack of Regulation, Have Established Exchanges Become High-Risk Platforms?

1. Platform Background and Market Position

• Platform Full Name : Hit Solution Ltd. (Operating Brand: HitBTC)

• Founded : 2013

• Place of registration : Originally in Europe, later moved to Hong Kong and offshore jurisdictions

• Official website : https://hitbtc.com

• Market Position : Ranked among the top ten exchanges from 2014 to 2016, it has now fallen out of the top 50.

2. User Complaints and Withdrawal Freeze Issue

• Withdrawal difficulties : There are a large number of posts on Reddit accusing HitBTC of delaying withdrawals, mostly citing "compliance audits" or "additional verification" as reasons.

• Frozen funds : Some users reported having their accounts frozen for months, with official support responding slowly.

• Negative reputation : Trustpilot rating is as low as 1.5/5 , with most users warning "don't use it".

III. Regulatory and Compliance Issues

• It does not hold a license in the US, UK, EU or major Asian markets ;

• Offshore structure : Once users encounter asset disputes, they have little access to legal protection;

• Potential money laundering risk : HitBTC was once named a “high-risk exchange” in a Chainalysis report.

👉 Compare:

• Coinbase : Holds multi-state licenses from FinCEN and SEC in the United States;

• Kraken : High level of compliance, licensed in multiple countries;

• HitBTC : Almost zero regulation, extremely high risk.

4. Questions about Fund Transparency and Trading Volume Falsification

• Proof of Reserve (PoR) is not published , and users cannot confirm the security of their funds.

• Fake trading volume : A Bitwise report pointed out that most of HitBTC’s trading volume may be “fake trading”.

• Insufficient market depth : Some trading pairs have extremely high slippage, which is not conducive to large-scale users.

V. Risk Warning and Investment Advice

Investment advice :

• Do not deposit funds with HitBTC;

• Avoid using the platform for large or long-term transactions;

• It is recommended to switch to regulated exchanges (Coinbase, Kraken, Binance in some areas);

• Use a cold wallet to completely avoid platform risks.

VI. Conclusion

Despite its long history, HitBTC has long lost its industry standing. Issues such as difficulty in withdrawing funds, a lack of oversight, and insufficient fund transparency have placed it at a high risk.

⚠️Final conclusion : HitBTC has an extremely high risk level. Investors are advised to stay away immediately and avoid any fund custody.