Bithumb faces withdrawal delays as regulator reviews situation

Bithumb experienced altcoin withdrawal delays exceeding 13 hours, prompting scrutiny from South Korea's Financial Supervisory Service, which will investigate the matter. The exchange attributed the delays to the time required to transfer virtual assets from a cold wallet to a hot wallet. However, concerns are rising regarding whether this is merely a wallet transfer issue, as similar delays have occurred in the past. A user who requested an altcoin withdrawal on August 11 completed the process around 3:25 p.m., after waiting approximately 13 hours. Initially, the withdrawal remained unprocessed for about four hours, leading the user to contact Bithumb's customer service, which stated in English that the delay was due to insufficient balance. Bithumb later clarified that its actual virtual asset balance was adequate. Industry observers are now questioning whether this withdrawal delay is an isolated incident.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.