Bibox’s Withdrawal Issues Continue, Withdrawal Requests Pending Since Last Year

Bibox, a Chinese cryptocurrency exchange, is reportedly ignoring users’ withdrawal requests (in some cases, since last year). So far, the exchange has made no comments regarding withdrawal issues and is ignoring users’ comments on its social media channels.

Unfortunately, Bibox could become the latest in the long line of crypto companies that have taken advantage of lax regulations in the space to scam their users. To avoid the pitfalls of using smaller and shady exchanges, it’s best to use reputable platforms like Binance, KuCoin, and other top crypto exchanges.

However, that also isn’t the ultimate guarantee to keep your crypto safe, as we saw with the 2022 collapse of FTX, once considered a hallmark of crypto security and legitimacy. If you want to keep your crypto 100% secure, you’ll need to take custody of crypto assets into your own hands and use Ledger, Trezor, or some other crypto hardware wallets.

Users reportedly waiting months for their withdrawals to clear as Bibox goes silent

In the past couple of months, numerous Bibox users have been complaining about their withdrawals not clearing. In most cases, Bibox has ignored those complaints while simultaneously advertising various giveaways and promotions on social media.

I waiting 24 days but still my usdt and btc withdrawal is pending bibox is ?% scam exchange pic.twitter.com/NjMpVr4Cn6

— Aloshi Demon (@AloshiDemon) April 4, 2023

Here are some statements made by affected Bibox users on Twitter and Trustpilot in the past couple of weeks:

“It has been more than 3 months since they locked my account. I had 38000 $ in my account, and as soon as I requested a withdrawal, I got locked. I tried every method to get back my account, but still no success.”

“At some point, they’ve stopped processing operations over 50 USDT. I have 300 USDT stuck with «Withdrawing» status from December 2022.”

To make matters worse, some users have reported that the tokens they held on Bibox have been removed from their accounts after being delisted, with no compensation. “They decided to delist a token I held. They simply took all tokens from my wallet & when they did this they replaced it with nothing. This is theft,” shared his experience with Bibox a user on Trustpilot.

A Twitter user tests what’s the deal with Bibox withdrawals

In light of Bibox’s withdrawal issues, a Twitter user by the name of “Coach Crypto” decided to do an experiment and verify for themselves what’s the deal with withdrawals on Bibox. They opened a Bibox account, deposited crypto, and then tried to withdraw their funds.

A word of warning to all traders who wish to trade coins that are not yet tradeable at major exchanges: stay away from @Bibox365. ?

?: Here’s how my experiment resulted in 6 important lessons. A thread on my personal review of Bibox. ???

(1/12) ??

— Coach Crypto (@CoachCryptoNL) March 9, 2023

They found out that the withdrawals are indeed not being processed on Bibox, despite the withdrawal amount being deducted from their account balance. In addition, the withdrawal fees are extremely high ($20 — $50 for Ethereum, for instance).

After a month of trying to withdraw their coins and 27 emails sent to customer service (which turned out to be an automated bot), Coach Crypto’s withdrawal remained unprocessed.

The bottom line: Stay away from Bibox

At this point, it’s hard to argue that the Bibox exchange is not trying to scam its users. If the exchange has problems with liquidity, they should come out and say it, and not continue to advertise random promotions, airdrops, and even bonuses for new users.

Bibox co-founders Aries Wanlin Wang (based in the US) and Kevin Ma (based in China) have made no public comments about the allegations so far.

Bibox’s native digital token, BIX, lost -20% in the past month, despite most digital assets experiencing notably positive price activity in the same period.

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