In the world of Bitcoin and altcoins, exchange platforms play a crucial role in facilitating the trading of crypto assets. One such platform, Bibox, has faced great difficulties in the past month, especially when it comes to withdrawing money. Here are the details…
Bitcoin exchange has withdrawal problems
cryptocoin.com As we have previously reported, Bibox, which was founded in 2017 by Lei Zhen, the former founder of another cryptocurrency exchange, OKCoin, has been a popular exchange platform among traders for some time. However, in recent weeks, users have been expressing their disappointment on social media platforms such as Twitter, claiming that they have been waiting for a long time to withdraw their money from the platform. One user, (@kryptopauper), tweeted the following:
You don’t give up money for people who ask for support. We wait 3 days to withdraw USDT? There can be no more garbage service than this.
Such complaints became commonplace, and many users took to Twitter to express their dissatisfaction. Despite these complaints, Bibox’s official English Twitter account is regularly updated. Coinecko, a platform that tracks the trading volume of cryptocurrencies, still shows Bibox’s 24-hour spot trading volume at $255 million.
Is the trading volume real?
However, there are suggestions that this volume may not be entirely real and is “wash trading”. Wash trading refers to the practice of buying and selling the same asset to create an impression of activity and volume on an exchange platform. Some Twitter users accused Bibox of using this method to create the impression of a thriving platform despite difficulties in withdrawing funds. It is worth noting that Bibox has not made any official statements regarding these claims.
So, it’s not clear if the platform is really having trouble processing withdrawals or if there are other factors at play. Despite this, negative sentiment towards Bibox is growing and many users are labeling it a scam. Some users reported that they waited up to two months to withdraw their money, and there was no response from the platform’s customer support team.
As a result, Bibox’s recent struggles to process withdrawals have raised concerns among its users, with many taking to social media to express their dissatisfaction. Wash trading claims also cast doubt on the platform’s reported trading volume. As of right now, it’s unclear what the future of Bibox will be, but one thing is certain: The exchange platform will need to address these issues if it wants to regain the trust of its users.
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