Report: Customers of shuttered Chinese exchange FXBTC frustated by inability to withdraw funds

Home » Report: Customers of shuttered Chinese exchange FXBTC frustated by inability to withdraw funds
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Earlier this month, Chinese bitcoin and litecoin exchange FXBTC announced it would be shutting down due to increased regulatory pressure from the People’s Bank of China. In an attempt to prevent customer losses from the inability to access its accounts, the exchange moved quickly and strongly urged all customers to withdraw their funds as soon as possible, as it planned to cease operations a week after the announcement.

Unfortunately, some FXBTC users didn’t get the message in time, and are now complaining that they are unable to access their funds. With the site itself in accessible since Sunday, and the company’s Weibo social media account deleted, customers have few easy means to reach the defunct exchange’s staff.

According to a report in CoinDesk, an unknown amount of users have taken to social media to complain about the inability to withdraw funds or contact FXBTC support. It’s not known how many users still had RMB, BTC and LTC accounts on the exchange, but CoinDesk suggests that the total remaining amount of uncollected bitcoin and litecoin is between $8,000 and $13,000.

In spite of claims from Chinese media that attempts to contact FXBTC staff have been unsuccessful, CoinDesk reports that few insiders are worried that the accounts will go unpaid for long. Although the exchange had only been in operation for a year, the FXBTC staff have a good reputation and “probably wouldn’t maliciously run away with funds.”

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