KuCoin Responds to User Complaints on Reddit About Locked Funds and Frozen Accounts
Summary:
Crypto exchange KuCoin has responded to numerous complaints made by Reddit users regarding their inability to access and withdraw their funds. The claims, which began to surface on February 21, include account blocking and freeze on withdrawal operations. While some users suggested potential issues with the Know Your Customer verification process, KuCoin assured its user base that it is actively addressing the complaints, stating that it doesn't freeze user accounts or restrict the control of their assets.
Reddit users have recently voiced on the platform that they are unable to access their funds on the cryptocurrency exchange, KuCoin. These complaints began surfacing on Feb. 21 on the KuCoin subreddit, with one user stating that they've been unable to access their funds for four months, despite having supplied all requested information to KuCoin with no resulting action taken. Another user indicated that their account had been blocked for two months, with KuCoin citing "serious allegations" of involvement in illegal activities like fraud, token theft and cyberattacks, based on substantial evidence. However, this user asserted that they hadn't been provided with any specific details from KuCoin. One individual disclosed that $30,000 of their Monero (XMR) tokens had been put on hold by the exchange, while another stated that their withdrawal functions had been frozen in spite of having a verified and longstanding account. These incidents sparked conversations and conjecture among users about the potential causes, including the possibility of issues with the Know Your Customer (KYC) verification process, and some alarmed users urged others to "get out" to prevent potential difficulties with their digital assets. Nevertheless, the KuCoin team reassured its customers that they were actively addressing the issues raised. Eden Gao, representative of KuCoin's global PR and branding, stated to Cointelegraph that moderators were already in dialogue with the affected users to rectify the issues. Gao confirmed that they would persist in this engagement and provide resolutions for each individual case, stating, “KuCoin does not freeze user accounts or restrict users from handling their own assets. KuCoin has a thorough risk control system and willingly cooperates with worldwide law enforcement organizations to improve our practices.” With a global user base of 31 million, Gao conceded that some of them "may encounter some snags", but reassured users that they have specialized support available across public platforms like X (originally Twitter), Telegram, Reddit, and more.
Published At
2/22/2024 4:08:35 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.