If you're having difficulty withdrawing funds from Huobi, a Chinese crypto exchange, you're not alone. As of March 2018, it's exceedingly challenging to transfer or remove funds to another exchange (such as Binance) or wallet. It's raising suspicions that Huobi is intentionally putting barriers that prevent investors from accessing their digital money, resulting in funds getting trapped inside the platform.
And it's tough to resolve the many issues that inevitably arise. The exchange's help desk is very busy, to a point where customer support has become unresponsive. The live chat takes 10 to 30 minutes to respond. In terms of user experience, Huobi is a labyrinth that forces you to jump through complex hoops to accomplish basic tasks.
There are other red flags. Japan's SBI Group recently cancelled a partnership due to security concerns with Huobi platform. And this study alleges that Huobi fakes its trading volume apparently to give the impression of more trading activity than what actually takes place.
Here are serious issues with Huobi that can make your deposits inaccessible and/or illiquid:
Huobi seems like an attractive crypto exchange with which to do business. That's because they list new coins or tokens such as Theta (THETA) and China-based Elastos (ELA) that are unavailable on Binance. But beware. You could be depositing into a black hole.
Is Huobi intentionally placing barriers to prevent you from withdrawing your digital money? Feel free to share your comments below.
