My complaint:
Hello my name is Cameron, I am officially filing a complaint regarding my disabled account here at BITTREX. At the end of this complaint, I hope to show the shockingly unfair advantage BITREX has over it’s users, how the language written in the terms and conditions allows BITREX to gain an grossly unequal one sided position to the disabling and suspending of active verified accounts.
An unconscionable contract is a contract that is so severely one-sided and unfair to one of the parties that it is deemed unenforceable under the law. Unconscionability in contract law means that the contract is one that leaves one of the parties with no real, meaningful choice, typically due to significant differences in bargaining power between the parties to the contract. Let’s look at an example written in the BITREX Terms of Service Version 4. Effective date January 21, 2021.
In section 6.6. Custodianship of Tokens and Fiat Currency it states, Bittrex does not own any Tokens or fiat currency that it holds for its customers. It also says that
We, the user, retain ownership and control of our Tokens and fiat currency while in the custody of Bittrex.
I have had my account disabled for over two weeks now. Never was I given a reason. My holdings of crypto became a hostage to BITREX. I was a verified normal user. I have contacted support many times with no answer to why. Reading further into the contract that BITREX has carefully written, contains some disturbing language. and starts to draw a picture of what BITREX can do to its customers. Leaving us helpless and without any answers as our money is being taken right in front of our eyes. Read the next part of the Terms and Conditions closely.
8.9. Property Disputes
If Bittrex receives notice that any Tokens held in your Hosted Wallet are alleged to have been stolen or otherwise are not lawfully possessed by you, Bittrex may, but has no obligation to, place an administrative hold on the affected Tokens or your Hosted Wallet. If Bittrex does place an administrative hold on some or all of your Tokens,
Bittrex may continue such hold until such time as the dispute has been resolved and evidence of the resolution acceptable to Bittrex has been provided to Bittrex in a form acceptable to Bittrex.
So BITREX answers BITREX and then makes the decision based on what BITREX believes is acceptable. Where do we, the owner, have a say in what happens to our assets? Any chance that BITREX, the company that does not own any Tokens or fiat currency, whatsoever, is accusing the owner that his or her holdings were, Not Lawfully possessed by you? or Stolen when they were just regular users? I am no expert but the actual reality of this scenario begins to show itself more and more in their contracts written language. Regardless, BITREX may, but has no obligation to block you from your money. Leaving you with absolutely no options.
10.2. Suspension or Termination of Services
Bittrex may, at its discretion and without liability to you, with or without prior notice and at any time, temporarily suspend or permanently terminate your access to all or a portion of any Services.
The next condition is more strong evidence of an unconscionable contract.
Bittrex will not involve itself in any such dispute or the resolution of the dispute. You agree that Bittrex will have no liability or responsibility for any such hold, or for your inability to withdraw Tokens or execute Trades during the period of any such hold.
So if I understand. This is saying that BITREX, with its sole discretion, can and most likely will suspend your account for any number of reasons, But will not involve itself in any such dispute or RESOLUTION of the dispute. and that your Tokens or $$$ are visible in the app but as much as you want to trade or get them back, all you can do is look at them on the computer screen followed by the ever so friendly
Your Account is Disabled pop-up warning.
Some more Terms and Conditions that prove difficult to understand.
Bittrex has no obligation to segregate your fiat currency in a separate bank account or to segregate any of your Tokens at a separate blockchain address. Fiat currency and Tokens are fungible (of goods contracted for without an individual specimen being specified) able to replace or be replaced by another identical item; mutually interchangeable.with other like fiat currency and Tokens, and, to the extent you are entitled to withdraw or otherwise receive any funds or Tokens, you are entitled to a quantity of fiat currency or Tokens but not any particular fiat currency or Tokens. You will not claim ownership of any particular Tokens based on the blockchain address, blockchain transfer record or other basis.
Whether one side has grossly unequal bargaining power, whether one side had difficulty understanding the terms of the agreement (due to language or literacy issues, for example), or whether the terms themselves were unfair (like sky-high arbitration costs, or any other reason mentioned here to.
I worked very hard to purchase that is being held hostage by a shady, cruel, unethical, disgrace of a crypto trading platform. That should have never been granted a license to be anywhere near other people’s hard earned assets.
Suggested solution:
Re open my account and let me move my funds somewhere else that is a credible source to do business with.
