KuCoin responds to claims of user funds being locked

Ezra Reguerra10 hours agoKuCoin responds to claims of user funds being lockedA KuCoin representative told Cointelegraph that it is already communicating with users to resolve the cases reported on Reddit.2850 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCrypto exchange KuCoin has responded to claims on social media platform Reddit of users being unable to withdraw their funds from the exchange.

On Feb. 21, Reddit users started posting claims in the KuCoin subreddit that they could not withdraw their funds from the exchange. One Redditor said they have already been locked out of their funds for four months. The user claimed they had already provided all the information that KuCoin asked for but still did not receive any action from the exchange.User claims to have been locked out of their KuCoin account. Source: Reddit

Another Redditor shared that their account has been blocked for two months. The user claims that KuCoin responded to them with some “serious allegations,” saying that it received a report that the account was involved in certain crimes like fraud, stealing of tokens or hacker attacks, with sufficient evidence. However, the Reddit user claims they have not received any details from the exchange.

In addition, one user said that $30,000 worth of their Monero (XMR) tokens were frozen by the exchange. Meanwhile, another community member reported that their withdrawal capabilities have been frozen despite having a verified account with years of usage.

The reports on Reddit triggered discussions among users and speculations on the causes of the reports. Some thought the issue might be related to Know Your Customer checks, while others warned users to “get out” to avoid potential problems with their digital assets.

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However, KuCoin assured users that it was already trying to resolve the problems reported on the subreddit. Eden Gao, KuCoin’s global public relations and branding associate, told Cointelegraph that for all four cases posted on Reddit, moderators are already communicating with the users to resolve their issues. Gao explained that the exchange would keep the conversation going and provide solutions to each case. The KuCoin representative added:“Please note that KuCoin does not freeze user accounts nor prohibit users from disposing of their assets. To enhance user security, KuCoin implements a comprehensive risk control system and voluntarily cooperates with authorities or law enforcement organizations around the world to enhance our practice.”

The KuCoin representative also mentioned that as the exchange has 31 million users worldwide, some users “might experience some disruptions.” However, Gao assured the community that KuCoin has designated support members across public platforms, such as X, Telegram, Reddit and others.

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