The cryptocurrency exchange KuCoin has reacted to complaints made by users on the social media site Reddit regarding their inability to remove their money from the exchange.In the KuCoin subreddit, Reddit users began claiming on February 21 that they were unable to withdraw their money from the exchange.A Redditor said that they have been unable to access their money for the past four months.The user stated that despite having given KuCoin all the information requested, they had still heard nothing from the exchange.
They have had their account restricted for the past two months, according to another Redditor.The user alleges that in response, KuCoin made some “serious allegations,” stating that it had received a complaint with adequate proof linking the account to specific crimes like fraud, token theft, or hacking attacks.The Reddit user asserts, nevertheless, that they have not heard anything further from the exchange.
Furthermore, a user reported that the exchange had frozen $30,000 worth of their Monero tokens.Another community member, however, claimed that even though they had a verified account and had used it for years, their ability to make withdrawals had been blocked.Users speculated about the claims’ sources and held debates in response to the reports on Reddit.Others advised users to “get out” in order to prevent any issues with their digital assets, while some speculated that the problem might be due to Know Your Customer inspections.
Users were reassured by KuCoin that the company was actively working to address the issues raised on the subreddit, nevertheless.Moderators are already interacting with users in all four of the Reddit incidents to address their concerns, according to Eden Gao, KuCoin’s global public relations and branding associate, who spoke with Cointelegraph.The exchange, according to Gao, would continue the discussion and offer answers for each situation.The representative for KuCoin continued.
“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.”
Along with that, the KuCoin representative stated that some customers of the exchange “might experience some disruptions,” given its 31 million global users.However, Gao gave the community the reassurance that KuCoin has selected supporters on several open platforms, including Reddit, X, Telegram, and others.