The HitBTC cryptocurrency exchange reacted to the recent reports of its probable insolvency, stating that such statements do not correspond to reality. The exchange also clarified its position regarding strict AML / KYC procedures, which many users accuse of it.

As Joan Geld, a member of the board of the exchange, writes in a company blog , HitBTC was one of the first in the industry of trading platforms, starting its work in 2013. According to her, despite the fact that HitBTC has always been one of the best exchanges from a technological point of view, the main mistake was that it often neglected communication with customers.

At the same time, Joan Geld stresses that the exchange’s reluctance to deal with “anonymous and other baseless accusations” and the fact that it allowed such cases to occur, made her “a target for various provocative statements”.

Commenting on the rumors about insolvency, the representative of HitBTC said that they are based on three cases when the exchange was forced to conduct a deeper AML-check. All these episodes were resolved for 3, 12 and 33 days respectively.

"It is clear that the balance of the three hot wallets can not display all the assets of the exchange," said Joan Geld, not excluding that someone may have reasons to openly damage the company's reputation.

She also added that since the cryptocurrency industry is becoming increasingly similar to the traditional financial market, it inevitably adopts practices practiced by traditional institutions, including strict AML / KYC procedures.

All this is done with the ultimate goal of protecting market participants, and it is precisely such strict AML / KYC procedures, says Joan Geld, that lead to unreasonable accusations of account freezing or delay in withdrawing funds.

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