Following our announcement on focusing on our Enterprise Platform and retiring legacy itBit Services, please refer to the frequently asked questions below for more information on what this means and how you might be impacted as a customer:
- Why is Paxos closing my account?
Paxos is streamlining its Exchange platform and will focus service on core enterprise clients.
- Will my account be disabled?
Paxos will send two sets of email notifications to affected itBit users whose accounts will be disabled:
- Starting 8/23/2023 - Email notifications will be sent to affected itBit users who hold zero balances
- Starting 8/30/2023 - Email notifications will be sent to affected itBit users who hold non-zero balances.
On the dates listed above, please check the inbox of the email associated with your itBit Exchange account. Also check your Spam folder to see if the notification was filtered.
Paxos will only disable the accounts of itBit users that receive emails. If you do not receive an email on the dates listed above, your account will not be disabled and no action is required.
What is going to happen to my funds?
Your funds remain safely in your account and are reflected on your account balance. Your account is protected by our Terms and Conditions.
We ask that you withdraw your funds prior to account closure. Following account closure, you will need to contact our Support Team to withdraw any remaining balances.
- What is the timeline for account closure?
If your Paxos account currently holds no funds and you receive an email on or after 8/23/2023 informing you of account closure, your account will be automatically disabled on or before 9/5/2023.
If you maintain a balance in your Paxos account and you receive an email on or after 8/30/2023 informing you of account closure, we ask that you withdraw all balances at your earliest convenience. Beginning 10/30/2023, your account will be disabled, and there will be longer processing times to withdraw your funds.
- What will happen to my fiat balances?
You will be able to wire any fiat balance to the bank account linked to your itBit profile before account closure. Please see our Withdrawals Help Center page for more information.
After your account is disabled, there will be longer processing times to withdraw your balances, and you will need to contact us here for further assistance.
If I do not have access to another exchange, how should I withdraw funds to a wallet?
You can wire fiat balances to the bank account linked to your itBit profile or you can withdraw digital assets to an external digital asset wallet. Please find additional instructions in our Help Center or contact us here for further assistance.
- How can I redeem Paxos-issued stablecoin after my account is disabled?
Paxos will always support the redemption of Paxos-issued stablecoins. To redeem your Paxos-issued stablecoin after your account has been closed, please contact us here for further assistance.
- I missed the deadline to withdraw funds. How do I access my account to withdraw by balance?
You may contact us here for further assistance. Please note, there will be additional processing times and longer wait periods to process your request following the account closure deadline.
- Will Paxos support my account in the future?
If you receive an email from Paxos notifying you of upcoming account closures, your account will not be supported after the account closure dates. However, please note that stablecoin redemption is not affected by this change and Paxos token-holders will still have access to redeem Paxos-issued stablecoins.