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Crypto exchange AAX suspends withdrawals

trends.aax.com

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Re: Crypto exchange AAX suspends withdrawals

#31

Post by oneoff786 »

lbriner wrote: post #7

Forgive my ignorance but it seems that one major problem with crypto-exchanges is that they don't necessarily have any assets other than the crypto that has been deposited there, which means all overheads (which I am assuming for some of these guys is $Ms/year) can only come from trading crypto unless they are charging reasonable money for the privilege of using their exchanges. In the FIAT world, banks make tonnes o…

In the fiat world banks are regulated and can’t do crazy shit with their reserves.

Re: Crypto exchange AAX suspends withdrawals

#32

Post by speakfreely »

> Due to the failure of our third-party partner, some users' balance data were found abnormally recorded in our system. Hence, limiting our services to prevent further risks, the technical team has had to manually proofread and restore the system to ensure maximum accuracy of all users’ holdings.

"Abnormally recorded" ... "prevent further risks" ... "manually proofread" ... "maximum accuracy".

Wow.

Re: Crypto exchange AAX suspends withdrawals

#33

Post by brnt »

So, having been around since the early bitcoin days, core to the salespitch back then was the fact you would have control. You'd have your coins in your wallet, and no need for banks etc. Apparently nobody does this anymore, and gives their wallets to these exchanges (i.e. banks) and balks when the obvious happens in pyramid schemes. People just don't get distributed currency if they promptly undistribute it.

Or is it I who's doing the not getting things?

Re: Crypto exchange AAX suspends withdrawals

#34

Post by flanked-evergl »

benjaminwootton wrote: post #26
lbriner wrote: post #7

Forgive my ignorance but it seems that one major problem with crypto-exchanges is that they don't necessarily have any assets other than the crypto that has been deposited there, which means all overheads (which I am assuming for some of these guys is $Ms/year) can only come from trading crypto unless they are charging reasonable money for the privilege of using their exchanges. In the FIAT world, banks make tonnes o…

They should make money in the same way that the New York Stock Exchange does - by taking a small fee from every trade.

I'm not aware of any crypto exchange that does not charge some manner of fees.

Re: Crypto exchange AAX suspends withdrawals

#36

Post by rapsey »

slaw wrote: post #20
jallasprit wrote: post #8

The warning bells should be going off in the entire crypto sector right now. If you have money in crypto, I'd strongly recommend going off-exchange

I recommend going off all crypto, not only on exchange.

Crypto has really only lived in a zero interest rate policy world and it is shitting the bed majorly now when rates are going up. It is likely far from the bottom.

Re: Crypto exchange AAX suspends withdrawals

#37

Post by kkielhofner »

nadieyninguno1 wrote: post #4
IceWreck wrote: post #2

7-10 days for a so called "system upgrade" lol

I've had a store credit card (via Comenity Bank) having "system maintenance issues" since early June, refusing to pay out the money owed per their rewards scheme. No one at either the store's corporate office can tell you anything nor will the backing bank say anything other than "We value you as a customer and appreciate your patience." It's a common industry tactic, sadly, to scapegoat IT operations for internal fa…

Somewhat unrelated but unless it's absolutely dire circumstances do not EVER get a "store credit card".

They have obscenely low limits which adversely affects your credit score as relatively small purchases can end up using a substantial portion of the available credit. Balance vs total credit (available credit) is a very important factor in calculating scores and credit worthiness.

The interest rates are extremely high even when compared to most other major CCs from the usual suspects. All of these merchants don't push these things because they're doing you a favor - they likely have agreements in place with the issuing bank to get kickbacks on interest.

As you already know most of them are issued through "Comenity Bank" which all signs point to as a bottom feeder and absolute joke. It's not a "real" bank as your experience demonstrates.

Re: Crypto exchange AAX suspends withdrawals

#39

Post by flanked-evergl »

londons_explore wrote: post #27
glerk wrote: post #16

Earlier quoted context omitted.

> unless they are charging reasonable money for the privilege of using their exchanges If the trading volumes they are claiming are real, these exchanges should be printing money from transaction fees alone.

Nearly all trading platforms are fee-free for any big player who asks nicely... The platforms themselves like big players making their order book deeper and bumping up the volume figures. I would be surprised if even 10% of the trades paid the advertised fees.

> Nearly all trading platforms are fee-free for any big player who asks nicely...

Too bad they could not figure out how to both give fee-free trading and keep their businesses solvent.

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