Bitcoin and Altcoin Exchange Cryptsy May Have Withdrawal Issues, Says Report

| Updated
by Eugenia Romanenko · 3 min read
Bitcoin and Altcoin Exchange Cryptsy May Have Withdrawal Issues, Says Report
Photo: Mr. Papercut/Flickr

Cryptsy, a Belize-based bitcoin exchange headquartered in the US and Canada, is having withdrawal issues. Some users are unable to cash out.

Cryptsy, bitcoin and altcoin exchange, may have withdrawal problems, according to some reports which claim that the above-mentioned exchange won’t permit customers to take out their money.

So, The Merkle reads that some users have had their funds blocked and now they cannot cash out. A user under the nickname Bitcointard commented the report from The Merkle:

I have 3 withdrawals stucked, they are BTC, BTCD and LTC.

I repeatedly tried to contact your support to help you to resolve the issue and in 15 days you’ve never responded to my tickets or asked for more informations, documentation, proof of address and other crap like that.
5 days ago, even if i’ve NEVER touched your FIAT markets, i submitted all the documents you ask for the verification anyway, but my withdrawals are still stucked, you still ignore my tickets, and refuse to give me a credible explanation.

So bitJohn, what the hell are you talking about?

My username is CryptsyGMaccount1, you can check that i’m telling the truth, since you ignored my tickets for 15 days, you banned me from the chat and you didn’t listen to my complains at bitcointalk, i’m trying again in this blog to ask Cryptsy a very simple question, what the hell should i do to have my money back?

Plus, months ago, Bitcointalk users discussed a similar issue. They couldn’t  withdraw funds from Cryptsy. Moreover, according to the users’ complaints, support team told that they could lose their accounts for continuously trying to ask for help.

It’s also necessary to mention earlier reports claiming that Cryptsy was under Federal investigation for its involvement with Paycoin, reads SiliconAngle. CoinFire, a Bitcoin and cryptocurrency publication, reported that the US Securities and Exchange Commission (SEC), the Internal Revenue Service, FinCEN, Department of Homeland Security, and other government agencies have officially launched multiple investigations into Cryptsy.

Representative of the SEC have reportedly told CoinFire:

“[We’re] looking at the worst offenders in cryptocurrency and would be closing in further on our unofficial ‘top ten’ list of which Cryptsy and Project Investors will find itself to be in the Top 5.”

However, Paul Vernon, the CEO of Cryptsy, wrote in the company’s blog commenting the report from CoinFire:

“We have never been investigated for anything, period. We have never gotten any letters from any of the agencies that they have stated in their article, nor have we been contacted via phone or any other method. It’s safe to say that this article and their reporting are completely false. My guess is that whomever wrote this article has personal reasons for writing it and are attempting to hurt our business and reputation.”

Thus, while Cryptsy refuses to accept CoinFire’s claims, the fact that a few customers are having issues with their accounts may undermine the exchange’s reputation.

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Eugenia Romanenko

Eugenia graduated from Minsk State Linguistic University with a degree in Intercultural Communication, Translation/Interpretation (Italian, English). Currently she works as a business analyst, freelance interpreter and tutor. She’s fond of numismatics, photos, good books and sports, adores travelling and cooking.

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