Beribit Clients Report Difficulties with Cryptocurrency Withdrawals

Clients of the cryptocurrency exchange Beribit gathered at the Federation Tower in Moscow City, demanding the return of their digital assets, according to the Telegram channel Mash.

The clients reported that the platform is holding assets worth approximately 400 million rubles (~$4.3 million). Media sources indicate that company representatives unsuccessfully attempted to flee through a back exit.

Allegedly, clients were promised the return of 50% of their assets, with the remainder to be paid within 15 days. According to media reports, two individuals received 7 million rubles (around $76,000), after which “the money ran out completely.”

On April 25, Beribit reported “technical issues with cryptocurrency withdrawals.” A few hours later, a message appeared on the exchange’s Telegram channel announcing the resumption of operations.

The following day, withdrawal issues resurfaced. They were attributed to excessive load and technical problems amid “the launch of several new products on the platform.”

“You may have to wait a little longer than usual for your withdrawal requests to be processed. We are working to reduce this time and restore operational efficiency,” the message stated.

On April 26, Beribit announced that a new team, led by the board of directors, had taken over the platform’s management. According to the publication, discrepancies in reporting were discovered during the transfer of management documentation.

The exchange has begun a “thorough balance audit” of holdings on partner platforms and a “detailed reconciliation of each client’s balances,” including transaction history and compliance with KYC/AML standards.

“Clients who successfully pass the audit and KYC/AML verification will receive verified status and be able to use their accounts without restrictions. During the waiting period, we provide compensation based on the current Central Bank rate. The estimated time to complete all checks is 1 to 15 business days,” the message stated.

On April 27, Beribit promised “the first batch of payments for clients whose accounts successfully passed the audit.” They are reportedly set to receive their assets at 16:00 (MSK).

In a comment to ForkLog, SmartSwap technical consultant Anton Shkurenko noted that this is “not the first and not the last case.”

“Any centralized exchange, licensed or unlicensed, is a high-risk venture for the user. By accepting these risks, you must understand that you are handing over your coins permanently. I urge a balanced analysis and informed decision-making when choosing storage and trading venues,” he stated.

Back in March 29, the Moscow offices of Beribit and the cryptocurrency exchange ABCEX were raided. Law enforcement seized equipment.

According to Transparency International Russia, several cryptocurrency platforms from Moscow City provide anonymous transfer services abroad, including to the United Kingdom.