Bitstamp issues

[MrBudgens]

Bitstamp are busy, as anyone who has tried to interact with them will have noticed recently. Their reddit is awash with complaints, MtGox comparisons, threats of legal action, etc. because of their unresponsiveness. I thought I'd share my experience in case anyone else is suffering the anxiety I've had over the last week.

I've made a few withdrawals over the last few weeks. XRP withdrawals completed within seconds or minutes, BTC within an hour (despite the huge mempool backlog at the time) and SEPA withdrawals confirmed within 24 hours and always credited the same day.

However, last Thursday evening I requested a SEPA withdrawal which stayed "in process" longer than usual. I submitted a support ticket yesterday evening, and - whether by coincidence or not - got the confirmation email at about 0900 this morning and the money arrived at the same time of day as it always does for me.

Anyway, one person's experience does nothing to support or refute the idea that they are insolvent, exit-scamming, or whatever the hysterical crowd on Reddit are screaming, but I thought others might appreciate knowing that their normally rapid service is - for me at least - functioning but very, very much slower than usual (as I see they have now acknowledged in a news update that I saw when I logged in this afternoon).

[GTX-2017]

So far everything has worked just fine. Deposits, withdraws, trading, fast UI response etc. They have already reported that so many new customers cause delay to their support services.

EDIT: Sepa transfers 1-3 days, withdraw 1-2 days. At least for me.

Edited December 21, 2017 by GTX-2017

[pucksterpete]

Quote

UPDATE: HIGH DEMAND

20 DEC 2017

Newspaper headlines around the world tell the same story. The massive increase in digital currency trading shows no sign of slowing down, and the industry is working very hard to keep pace with the meteoric levels of demand we are experiencing. This surge in interest is unprecedented, and the pace of growth continues to outstrip even the most optimistic projections forecast by the industry. Although this deluge of attention bodes well for the future of digital currencies, and our position as the longest established digital currency exchange in the world, our resources have been stretched to capacity.

And this has had consequences. Not only are we flooded with verification, account opening and support requests, we are also experiencing backlogs with SEPA and wire transfers. Severe delays are expected in all these areas, and we have had to limit communication solely to email and our support ticketing system. Although we have moved quickly to mitigate the effects of this increase in demand, our task is difficult. We need to continue scaling up to meet the exponential rise in demand for our services, which is why we ask for your continued patience and understanding.

It is difficult to convey in writing how hard we are working to clear our backlogs. But we have all hands on deck and are maintaining a relentless pace, working overtime to ensure your needs are met. Since we are devoting all our resources to clearing tickets, this means that we respond in batches rather than real-time, which is the only reason for any delay in response. Every single ticket will be checked and cleared, normalcy will soon resume and everyone’s needs will be catered for. We can assure you of that. We are currently expanding our capacity to onboard new customers but, given external events and the high workloads we are experiencing, this will take some time.

If you would like to learn about how you can help us get your query resolved faster, please check the link here. Please also refrain from contacting our bank. Since the issues we are experiencing are borne by us, they are unable to expedite the process.

Thank you to all of you who have reached out to us with positive feedback, which often does not get heard. We are proud to keep putting you all first. And we appreciate your continued patience and understanding as we get back on top of things – it means a lot to us.

Best,
The Bitstamp team

 

 

[AdamM]

Purely speculation, I dare say they're just getting over run by all the new players entering the world of crypto and struggling to keep up with the demand.  It's only going to get busier from here and into 2018.  It takes time to build out infrastructure and hire more bodies to keep the lights on. 

Like other platforms have ie, bitfinex, bittrex.... they should've stopped taking on new customers and shored up the lines of support and required backend systems.

Edited December 21, 2017 by AdamM