Why We Decided to Delist from HitBTC

Coin

Some of you might have noticed that $COIN has been delisted on HitBTC. After a couple of months patiently waiting for HitBTC to aid us as a customer, we have now decided to stop pursuing an amicable solution and officially announce that we are no longer in support of working with the exchange.

What Happened?

We all know that good exchanges, with good volume and liquidity, can spell success or disaster for a blockchain company with a token. Getting listed is one of the most difficult hurdles that a crypto company can achieve. Early on, we applied for listing on several exchanges in order to provide liquidity for Coinvest token holders. We selected and were grateful to align with HitBTC as our inaugural listing partner.

In the interest of transparency, we will disclose that we spent over $250K to list with HitBTC. Despite a few negative experiences including a delayed listing date, poor communications, etc., we embraced the partnership with an understanding that running a technology company may have unforeseen setbacks and delays.

On November 2018, Coinvest requested a token contract address update to our new V3 token. As a cryptocurrency exchange ourselves, we understand the technical requirements to simply update a contract address in order to support a token contract upgrade. As a response, HitBTC requested an additional payment of 20 BTC (equivalent to over $125,000 USD at the time). After several rounds of negotiation, the price was reduced. However, we still deemed the negotiated price as unreasonable given our initial investment. Additionally, we were required to submit a new round of KYC checks (despite having passed them before) while support was nearly non-existent. It was clear from HitBTC on their unwillingness to cooperate as we were forced to chase down responses.

Why Not Pay the Additional Bill?

We understand that businesses need to charge for their services and can not always provide services for free. But given our previous listing payment to HitBTC (which is on the high end of exchange listing rates) and our continued encouragement to push our token holders to HitBTC, we expected better cooperation to support our token contract address update request.

Unfortunately, it is extremely disappointing to see that HitBTC’s business decision was financially driven and did not support the growth of current customers as well as credible compliant companies in the industry. As such, we wanted to write and express our displeasure for how the situation was handled.

To this end, we are currently seeking advice from our legal counsel regarding this situation. Our advisors, Tony Scott — Former CIO at Microsoft, Disney, and White House, Pete Cashmore — Founder at Mashable, and Alex Mashinsky — CEO of Celsius Network are all aware of the situation and will be advocating on our behalf to their network of communities as well. We also encourage our community to do the same by sharing this article.

To our token holders and the overall industry… we feel it is our responsibility to be transparent about this experience and our decision to cease “partnering” with HitBTC. Despite these challenges, we remain optimistic about working with other partners on providing liquidity for $COIN. $COIN is available for purchase on our own exchange at https://plus.coinve.st.

What Do I Do if My $COIN still Resides on HitBTC?

Withdrawals for $COIN are no longer available on HitBTC through their exchange interface. If you have $COIN that resides with HitBTC, we recommend that you complete this support form with HitBTC for their support team to manually help you.

Upon withdrawing your $COIN from HitBTC, we recommend that you:

  1. Create an account on Coinvest at https://wallet.coinve.st
  2. Withdraw your COIN and send the funds to your new wallet on Coinvest
  3. When automatically prompted, upgrade your COIN V2 tokens to Coinvest V3
  4. Trade on Coinvest or Coinvest Plus

As always, we value your support and appreciation.


For more information, please visit our website. Join our Telegram or Discord to join our community conversations or say hi to us at any of the channels below:

Coin

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Coin

Financial services for GEN XYZ.

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