BiteBTC - SCAM!

It gives CryptoLearning.Center great pleasure to blacklist our first crypto exchange:

www.bitebtc.com

Our research team was exploring www.coinmarketcap.com, when they noticed a rather large arbitrage opportunity for BTC with an exchange by the name of BiteBTC. According to CoinMarketCap, the BiteBTC exchange reported over $20,000,000 million in 24 hr volume at the time of investigation. This seemed like a rather large volume considering other exchanges with grater influence, age, and history. On initial research, the exchange's twitter account was loaded with customers complaining about withdrawal issues, technical glitches, and unresolved technical support tickets. So we decided to take a look for ourselves.

While the volume was a good indicator of the exchange being suspect the price of crypto being traded was hard to ignore. Where BTC was being traded at $3800 USD on most trusted exchanges, BiteBTC was trading at $4,150 USD consistently. Highly suspicious. This price % gap was quite consistent with most other coins on their exchange in comparison with the numbers reported on CoinMarketCap.

Our team registered for an account which seemed like a straightforward process consistent with normal exchange procedures. The process included email verification, 2FA, and KYC. After providing this information the account was "fully verified"....until...

...withdrawal...

BiteBTC claims that USD withdrawals (using SWIFT) can take "up to 24 hours", and recommend on their website that you should submit a trouble ticket if the USD SWIFT transfer takes longer than 24 hours. Which we did. The response to our support ticket (within a couple of hours), was that there was additional AML documentation that was required (which we submitted).

After 3-5 working days we asked for an update on the status of our ticket to which we received a reply email identical to the original request for additional AML documentation. After going back and forth via several tickets asking for the same thing, replying/complying with the same requests, and repeating these tasks for approximately 2 working weeks, the website completely shut down on Jan 1st ("due to maintenance") and was back online the next day....but this time when we tried to log in...

This kind of experience is very much consistent with a scam exchange and thus earns their place on the CryptoLearning.Center's blacklist!

BE SAFE & SECURE! ALWAYS TEST A CRYPTO PRODUCT USING A SMALL AMOUNT OF FUNDS TO ENSURE THE PROCESS, PRODUCT, AND EXPERIENCE WORKS AS ADVERTISED!