*** TLDR - Bitrue small print in the TC's has a single sentence that says "You will not engage in n-degree arbitrage trading to exploit the inefficiencies of the market." Apparently this was something I was doing (didn't even know what that meant) and therefore my account withdrawls have now been frozen. ****
I'll start by detailing the small amount of activity that i've had on my Bitrue account since conception.
4th June 2019 - Initial XRP deposit
4th July 2019 - First XRP withdrawl
8th July 2020 - XRP deposit made
6th August 2020 - XRP deposit made
22nd August 2020 - XRP deposit made
5th October 2020 onwards - XRP withdrawls being rejected
As you can see above on the 5th October I saw that my withdrawl had been rejected so I contacted support by email to resolve.
Email to support
Oct 5, 2020, 23:09 GMT+8
My attempts to withdraw XRP (either to a Coinbase or Toast wallet) are being rejected. There is no explanation given.
XRP 100 2020-10-05 15:52:42 -- wallet address removed --
Tag: 0 Reject
XRP 100 2020-10-05 15:12:44 -- wallet address removed --
Tag: xxxxxxx Reject
You can see that one of the wallet addresses is the same one I used last year to withdraw XRP too. I don’t understand why I cannot do it now.
Please assist ASAP.
Another email to support
Oct 6, 2020, 16:41 GMT+8
I’m still having withdrawls rejected today with no reason provided at all – just ‘rejected’. Please can you look into this ASAP. I’ve as of yet had no response other than the automated reply.
Another email sent to support:
Oct 9, 2020, 4:36 GMT+8
I still have not heard from your support team yet on my issue. PLEASE can someone contact me as soon as possible as all my withdrawls are being rejected.
Email finally received from support with a link to a Zendesk support ticket:
Oct 9, 2020, 11:44 GMT+8
Have you received our warning letter? If you agree with our warning content, please complete the KYC verification according to the above requirements and stop the triangle arbitrage.
My response on 9th Oct:
This is the first communication that I have received from you since I opened my support request almost three days ago. Please can you re-send \ provide the relevant link \ forms that you require me to complete.
Bitrue respond 9th Oct:
To avoid loss and dispute between our platform and the customer, we must require you to stop your arbitrage trading immediately. Further violation to the T&Cs of the platform will lead to limitations on your account. We will also need you to complete KYC verification for withdrawals in the future if you have not yet done so already.
Thank you for your patience and support!
Reponse to Bitrue on 9th Oct:
Oct 9, 2020, 15:12 GMT+8
Had I realised I was in breach of any Bitrue T&C's I would have immediately stopped - this is the first time i've seen such a warning notice as I have had no communication from Bitrue.
I believe I have already completed KYC verification? Is there anything else that I am required to do?
At this point I can't seem to access the support ticket that was created for this on the Bitrue Zendesk. My login doesn't work and a password reset just sends a blank email. Disabled...maybe?
Email to Bitrue support 10th Oct
Oct 10, 2020, 3:04 GMT+8
For some reason I am unable to now log back into my Zendesk support ticket (#XXXXX) for continued assistance - a password reset seems to send me a blank email.
I have attempted a withdraw again (after the previous communication with John in support) but and am still currently unable to do so.
I am pretty sure I have completed and provided all the relevant KYC information – but if you can direct me to what exactly is required that will be helpful.
Email to support 12th Oct:
Oct 12, 2020, 23:23 GMT+8
Please could you respond and provide an update on my support ticket. Withdrawls are still not available for me on my Bitrue account.
I’m intending to move XRP to the Exchange in the near future as Bitrue is participating the SPARK (FXRP) distribution. But unless I have the ability to make withdrawls I will be unable to do this.
I’d rally appreciate an update as soon as possible with the current status.
I had already been discussing what was going on with other XRP Chat community members in the "Zerpening-iv-stairway-to-heaven" area of the site for the last week or so.
Another email sent to support:
Oct 14, 2020, 14:46 GMT+8
It's been over a week and still my withdrawls are being rejected. I have had minimal\next to no communication from Bitrue on this and i've not been informed as to what Bitrue is intending here.
As mentioned before if I broke Bitrue TC's then it was not a deliberate act, I had not realised that what I was doing was against Bitrue policy and was shocked to find this out. I'd like to add that I immediately stopped all trading after receiving the warning notification from Bitrue.
I am very much a Bitrue fan, i've already created my PayID address and I am an avid XRP supporter. I am also an XRP Chat community member (over 2 1/2 years) and I follow XRP \ Ripple very closely.
I would also like to be able to freely move my crypto from other Exchanges to Bitrue for the upcoming SPARK token release and this will not be possible as things currently stand.
I have been discussing my current situation with other XRP Chat forums members and explaining what has been happening, i'd rather this just got resolved and we moved on from this with me being able to continue to use and support Bitrue. Another XRP Chat member linked me this Twitter post from Bitrue earlier on in the year - I hope this will also apply to me too.
Then to my dismay I received the following response from Bitrue support:
Oct 15, 2020, 13:57 GMT+8
According to the judgment of the risk control team, your triangle arbitrage behavior is serious, and the assets you have deposited before have been withdrawn, so we will not unfreeze it.
Bitrue Support Team
Follow up email to support:
Oct 15, 2020, 08:07 GMT+8
I’m finding this all a bit surreal. You run an exchange, what’s wrong with me withdrawing assets in the past – is there a requirement for me to leave and hold assets on your exchange?
I have just received a single email (last week) from Bitrue saying that I was breaking the TC’s, which was a complete surprise to me so I immediately stopped trading.
Now i’m being informed that you will not allow me access to my assets at all. What you are doing is completely wrong, unethical and against all crypto principles in my eyes. As well as out right theft of my original assets I put onto the Exchange.
Your giving me no choice but to raise awareness of this via social media and other news outlets. I’ll also be looking to contact Curis Wang directly as well as other senior members of the Bitrue team and bring this to their attention. Rest assured in addition to this I’ll be reaching out to other prominent figures of the XRP community too.
Apologies for the long post, I wanted to provide as much detail as possible to get the facts out in the open and clear from the outset.
I do not argue the fact that was I was doing may have been in breach of Bitrue TC's - but it was an honest mistake and it hadn't even crossed my mind that trading one XRP pair for another XRP pair via USDT would be unacceptable (I presume this is what 'n-degree arbitrage trading' is?) confirmation of this would be good.
Here is the TC's for bitrue: https://www.bitrue.com/exchange-web/footer/terms.html - search for "n-degree" to find the relevant 14 words that say you can't do it.
I had been trying to find contact details for Bitrue during these events that unfolded and i stumbled upon this 'Curis Wang' post where he is re-sharing \ promoting a Ripple article about "how to take advantage or arbitrage opportunities" - seriously they're having a laugh.
I'm currently at the stage where I may just step back and leave the crypto space and *try* to forget about it - but I really feel what's happened to me here needs to be highlighted and brought to light. Bitrue need to make people aware of what they can and cannot do on their Exchange - and im not talking about 14 words of small print in the TC's.