Smaller cryptocurrency exchanges often make headlines due to their issues. The recent problems affecting the YoBit exchange are no different in this regard. More specifically, it appears the company struggles with processing Ethereum withdrawals as we speak. Various users are complaining about lengthy delays in this regard. No one wants to wait days or over a week to get their money out, that much is certain. It is unclear how the company plans to address this problem moving forward.
Seeing an exchange struggle with withdrawals is never a good sign. Unfortunately, those problems occur a lot more than people would like to believe. Deposits are often fine, but withdrawals are subject to unexpected delays. These issues affect both small and large cryptocurrency exchanges, though when it happens to a smaller company, the problems are only amplified. Unfortunately, YoBit is one of smaller cryptocurrency exchanges that is going through such a rough patch right now.
Major Ethereum Withdrawal Issues for YoBit
For some reason, the exchange isn’t properly processing all Ethereum withdrawals. Transfers are initiated but seemingly remain stuck in Pending” for days or weeks. That is not acceptable by any means as it becomes a major inconvenience to the users. Moreover, the company has not issued any official statement regarding this matter. One could argue this is just a one-time event, but that is not the case. The problems are mounting for YoBit as we speak and users aren’t too happy.
This highlights the main issue a lot of people have with cryptocurrency exchanges. Every exchange wallet isn’t controlled by the user themselves. It means that, when funds need to be moved out, one relies on the goodwill of the exchange. Although YoBit seemingly has no malicious intent, issues like these will tarnish their reputation. We can only hope the company finds a way to address the situation sooner rather than later. For now, that does not appear to be the case whatsoever.
Opening a support ticket doesn’t appear to help much either. It seems only Ethereum withdrawals are affected as other currencies work just fine right now. Considering there has been no Ethereum client update, it is unclear what causes this problem. The time is now for decentralized exchange models to take over once and for all. Centralized platforms remain a weak link and can cause issues at any given moment. We sincerely hope YoBit address the problem soon, but for now, it is anybody’s guess as to what will happen.