Important Notice For All Customers
As you may have noticed over the last 48 hours, trading on the BitPrime retail website has been suspended. Since then, a maintenance notice has been up on our website.
This pause in trading is due to liquidity issues combined with extreme market volatility, which has increased over the last 48 hours.
You may have also noticed we have temporarily suspended trading on the OTC platform for the same reason. This pause in trading is likely to continue for a short while longer.
Please read on for more information and frequently asked questions.
Since BitPrime launched in 2017, we have grown in leaps and bounds, starting from Ross and Monique’s living room and growing into today’s twenty-employee business.
Recently we have been working with a significant increase in compliance costs and several other operational costs, but we persevered. Every year since our inception, we have doubled and tripled our trading volumes.
Our overheads have exceeded our earnings for some time. This was not necessarily a problem at the time, as we’re a growth company, and we’ve been preparing for our series A capital raising round.
However, a perfect storm has occurred, where liquidity has reduced, the market has crashed, and our overheads have increased. These have eroded trading capital and liquidity to a point where we felt we couldn’t guarantee fast trading execution and liquidity of customer funds.
We temporarily disabled trading on the retail and OTC platforms to protect the BitPrime community.
We apologise for the inconvenience and sincerely appreciate your continued support.
We’re working hard behind the scenes to recapitalise the business, restore reliable operations and facilitate the company’s future growth. We expect this to happen soon and we’ll update you once live trading is available again.
You likely have several questions, so we’ve addressed the most common ones below.
Please, feel free to reach out to us 24/7 via email or live chat on the website if you have any unaddressed questions.
Frequently asked questions
The OTC platform is run differently from the BitPrime retail platform. We don’t hold your crypto; instead, it is held by a third party custodian with appropriate insurance. BitPrime and BitPrime staff have no access to the cryptocurrency you hold on the platform. You are still welcome to make OTC withdrawals (in both crypto and fiat) as usual. However, we have temporarily suspended OTC trading as well during this period.
We don’t hold customer funds – at the time of the trade, we send the cryptocurrency directly to your wallet. If you need to execute a trade at this time, other platforms can facilitate this.
During normal trading, when a quote is requested, the price is locked in after the quote is made. During this pause in trading, this won’t be possible. If you make a manual request, we won’t be able to fulfill these at present and will contact you about these quotes after the trading pause.
To focus our efforts on fixing the problem, we’ve temporarily disabled new verification requests. The Compliance team works from 8:30 am – 5:00 pm, Monday to Friday. If you want to increase your limits during this trading pause, they will be happy to facilitate your request.
We’re working on recapitalising the business to restore reliable operations, which we expect will happen shortly. We’ll be in touch with you via email once this has happened, and we have turned live trading back on for both the retail and OTC platforms.
Our email is email@example.com, which is monitored 24/7, and we aim to reply within 24 hours. You can also reach out to us via live chat, which shows as a purple chat bubble on the bottom right of all our website’s pages. Account managers are also available as usual for OTC customers.