The pressure faced by exchanges is growing with the increasingly tight regulation on cryptocurrencies, causing them to take some tactics regarding risk control in response. Users have reported to WikiBit recently that Huobi is suspected of running away, refusing to process withdrawals on the grounds of risk control.
According to a user, Huobi sent him the notification of ‘unavailable withdrawal for account’ on July 5th and required him to submit a safety questionnaire for verification. However, no reply was received after he did as required.
Another user saw a frozen account because of ‘risk control’, filling in the safety questionnaire for verification which was said to take more than ten days. Traders who are not familiar with the rules may think that Huobi has run away.
Reasons for risk control are presented as follows:
1. Huobi pays more attention to transactions due to stricter regulation. Therefore, an account is more likely to be restricted if it is a new one without speculating coins on a daily basis but applying for withdrawals soon after the purchase of coins.
2. When an account unused for a long time starts to trade frequently, it can be suspected of money laundering by the platform.
As for speeding up the verification carried out by Huobi, users are recommended to fill in safety questionnaires carefully in the beginning and submit data as required to cooperate with the customer service. In this way, withdrawals can be available after the verification on the early date.
As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects to protect you from hidden dangers in the risky industry!
