Bitcoin Forum

I saw this notice in Kucoin yesterday but I decided to wait till today to see if it was a glitch, but since it still persists, I have to bring it to the public so that others will avoid Kucoin for now.
 https://talkimg.com/images/2025/08/30/Un2vJ5.jpeg

The reason for such action was not explained but users were directed to contact customer service which when contacted did not produce any concrete answer other than their normal response below:
https://talkimg.com/images/2025/08/30/Un2s0I.jpeg

 I just pity those that would have some funds there who might need those funds urgently because I suspect this is going to take a long process to resolve.

This is another reminder that using CEX is like handing your money over to someone to keep for you, he can deny you access to your money when you need it the most. Please consider self-custody because it is a right and gives you power over your money

I do not know the reason Kucoin has been so coward. They also comply with regulatory requirements to start taxing their Nigeria users while other exchanges did nothing like that. Also because of regulatory requirements, they stopped P2P while other exchanges did not. In fact, more exchanges added P2P for naira after. This time, it is bank statement of account. It can easily be done and be approved but I am sick of this exchange with all these regulatory compliance that other exchanges are not enforcing. Or maybe it is a general issue and not affecting only Nigerians but I am still sick of it because why only Kucoin.

Seriously, Kucoin is trying to force customers to turn away from using their service. They seem to be the only exchange frustrating our lives despite trying to cope with their lapses. I don't know their connections with government or what they agreed as terms and conditions of operations in Nigeria but it's gradually getting out of hand.

If not top of the list, they're among the exchanges with outrageous fees when it comes to withdrawing your assets and their minimum withdrawal is always high. They implicate the government tax as you stated above, they undergo maintenance almost every week at inconvenient times and now frequently freezing customers assets demanding for sensitive documents after customers are already KYCed.

Apart from having a SegWit deposit address, I see nothing so special about them anymore that would make us glued to them. Their exploitation is getting weird, it's high time we start to boycott them. Let them feel isolated for once and review their ways of operation.

I have personally abandoned using KuCoin for a very long time now. I just no longer find their services convenient for me to use. In terms of P2P, we already have too many options to pick from, and for trading, we also have much better options.

If this issue is affecting few Nigerians after they have uploaded this account statement, what next?
Are they going to ask for it again since they are now open to following regulators?
But on the other hand, I don't see the need for them to request an account statement since they no longer do P2P in the exchange. What's the need for users' account statements?

For a long time I have been hearing that keeping money on CEX is not good and I believed it but this has made me even believe more that it's not even good to use them at all.
I have read through what the customer service said but my question is "How do they expect most people to get those documents they requested?  Let's just be frank, most people assets will be lost because they might not have those documents they request.
While they suspend withdrawals for some Nigerians do they also suspend deposits?

Why would an exchange that do not allow P2P trading in Naira request for a bank statement? Is this not a deliberate attempt to steal the money of people who have funds in their exchange? You recur that Kucoin is the only exchange that charges taxes for Nigerians, taxes we are not even sure they remit to the Nigerian government who have banned those exchange websites in Nigeria. Kucoin is simply full of surprises and I think its high time we started avoiding that exchange.

Their is no need for us to start breaking our  heads over kucoin presents state of services , their are still other exchange that can also render similar services as they do, is just for one to switch to the next one  like bye bit, coin base, binance etc, since they no longer want or value their customers. Because I don't understand why kucoin will be  doing everything possible to frustrate their users (customers) instead of making things easy for them, however the only problem now is for those that had their funds stock in their system I wonder what they might be going through now , I pray God gives them the mind to overcome the challenging time.

You just nailed it, and that's just it. It's business altogether. We need their services as much as they also need our patronage. So I don't see any reason why I would have multiple options of performing the same task they do for me, and I still choose to use their services, pay heavily for their charges and yet, they condition me to my throat and make life miserable. Its just like having fiat in our local bank and then, going there to get your money to handle your financial needs, they tell you no network, bla bla bla..

Stressing over what one shouldn't is just not good and nobody would love it. For me, it's a step on to another reliable and more suitable exchange. It's a goodbye wave from me to them. I just dey happy say I no get tangible something there. I advise others to think twice about that exchange..

It's high time Nigerians stop using Kucoin and use user friendly exchange. Kucoin is doing too much just because they still have customers in Nigeria. I hope that they are not working hand in hand with the government to do something funny. I am using them but it's over between me and them. Imagine if you can't provide your bank account statement, your funds is gone.

I really didn’t expect a big exchange like KuCoin to come up with this kind of requirement again, especially when users have already passed their KYC process and have been using the exchange for a long time. If this had been their KYC requirement from the beginning, I might have nothing against them, but what they came up with now shows they have hidden plans. In fact, it is not even proper to just wake up one day and suddenly suspend people from withdrawing their funds, asking them to provide documents before they can make a withdrawal. What about customers who may need their funds urgently? If KuCoin had taken a good step of informing all their customers that this would come up in the future, many people would have had enough time to fulfill these requirements and those who felt they couldn’t meet them could have withdrawn and left the exchange.infact they are will be some people who are not in life against and they may have funds with kucoin and may they want to withdraw it know what will be their cases. But I believe that this bad treatment they’re giving to their customers will cause them to lose plenty of users.

I don use Kucoin before, but when dem come make KYC compulsory, I run leave the exchange. Recently, when I hear say dem dey tax Nigerians even when dem no get official license to operate in Nigeria, I come give up on the exchange. So like dis, nothing about Kucoin dey surprise me. Dem supposed dey rub shoulders with Binance but nah because of their poor services naim make many Nigerians go always prefer Bybit and Bitget.

It is not a system glitch it's a security measures to keep your account safe, it's obvious you changed either log in password or transactions pin if I'm not wrong. I use Kucoin and this always comes up every time I make any changes to my security settings.

The notice I see their from the OP no really specify on Nigerian users but seem like a sole account thing. I no know of other persons way Dey use Kucoin Dey experience the same thing with the OP but if na this notice I Dey see like this, it looks unique and tailored to an account.

E Dey like when you change any major settings for an exchange, them go first restrict you access for 24hours to make sure say, na person way get the account really make those changes.


I believe say, this people Dey fear watin sup with Binance from a time and no wan enter the same gbege but, that one no really matter shah, them suppose get more faith in the system than this plenty regulations way government agencies wan shove down their throat just to generate revenue. Na like this them go take loose plenty customers to other competitors.

You asked a good question but you don still answer the question by yourself, you see wetin make things dey really go wrong but no body dey ever take time to question wetin dey happen na the case of this kucoin as an exchange, kucoin don understand say most people no go try go collect bank statement come give them since then don stop p2p for a long time so them don see an advantage to chop people money wey dey their exchange.

The Tax wey them start since them no even talk if Nigerian government dey collect money from them since then stop p2p transaction but them no stop to they collect the charge dey go but no body dey question them, now them don do another one I believe people go understand say them no mean well for the people and na opportunity to cancel them and stop using them for anything transaction.

I don't know if it will only affect Nigerians, but my mind is telling me that it will only affect Nigerians, the reason why I said that is because if we can remember what happened to Nigerians in Binance, this is the same method Binance used to suspend people from using p2p in Nigeria and suspend some people from withdrawing, I don't even understand why the exchanges are doing this with Nigeria, but I won't blame because if we look at what caused this now, it maybe from the Nigerian banks.

As it stands, it is not safe to use exchanges because someone could wake up one day and discover that he is unable to withdraw again. This is not funny at all because they see people who use exchanges as criminals and scammers in Nigeria, they believe everything about crypto is a scam, which is why many of us are still finds it difficult to understand bitcoin.

Kucoin is making a lot of changes for their users in Nigeria. In 2022 i was using Kucoin not until after the p2p saga i stopped using them and I'm glad that I did, because they made many regulations for p2p users over there.

Hearing about this now is heart breaking especially for those who have huge funds in the exchange. I will advise all Nigerians to avoid using Kucoin from nowhence forth, we dont know what will be the next regulation and the consequences it will bring.

I only used kucoin for like three months before they even stop their naira p2p services, and what makes me delete the app entirely from my device was that I never knew that their minimum deposit for Bitcoin was as high as sixteen dollar worth of btc, so I made a transfer of eight dollars worth of Bitcoin to the exchange, at first I never knew that my money is gone, it was after like two days when I started doing my findings why I haven't seen the money in my kucoin account, that's when I discovered that anything below their minimum deposit is lost forever.
So I was really angry then that if they are not criminals, why would they set minimum deposit so high like that? that was what makes me stop using kucoin entirely even before they stop their p2p services. Why am saying this is that the exchange is just full of shit, so many fishy things that they are constantly doing that are being overlooked by most folks out there, it's only when denied withdrawal like this that people pay more attention to it than paying attention to some red flags that shouldn't have been ignored.

But right now, Binance is not requesting from we Nigerians to provide something like statement of account stating it is because of regulatory compliance.

It is very possible that Kucoin is doing it to follow regulations in Nigeria but it is kind of absurd is what I think when other exchanges, including Binance is not doing anything like that.

Who knows if Kucoin was even so coward in the past to have even secretly given Nigerian government their Nigerian customers personal information.

As the government gets exposed to crypto, it starts making policies that will bring the industry under its control. The problem is that the two exchanges that were registered by the government offer very poor services.

I try as much as possible not to keep huge funds on exchanges because they will always abide by the policies of the government, even if it will lead to displeasing their customers. I just hope that depositors will retrieve their funds.

This is just an advise to take precaution for others who are using exchanges that are yet to follow the regulation thing. It is now getting certain that some other exchanges in Nigeria can spontaneously join this. That binance has not started this yet doesn't mean they won't in nearest future. CEX has no choice than to obey the government that they are operating under or they pack up their business in that country officially. So we can be wiser by not allowing the experience of kucoin to catch us unaware by using wallet that we have our keys to ourselves (non custodial wallet). And then we can start getting use to DEX.

Ever since the period binance delisted Naira from her exchange which inconvenienced a lot of users and kucoin also abi almost joined them in that direction, i just removed any possibility of using them to carry out any transaction be it short term holding of my asset or a long term holding of my asset. most times, the reason why people leave their money in an exchange is just so they can get access to it whenever they have need of it as fast as possible and this is going to be another inconvenience that we are going to encounter which is a function of the weakness that is associated with depending completely on centralized exchange.

The best way to deal with exchanges should be that whenever you are in need of funds that demands you to trade your coin for fiat, you just transfer it to an exchange and carry out your p2p transaction and that is just it. leaving too much funds in an exchange as a lot of risk.

Unfortunately, I happened to have been one of the affected users, but luckily for me, I didn't have funds in there as at the time of this suspension... I pity them more because this will only make them lose more customers. I don't know what their problems are, for exchange wey person just dey even manage self, them come dey even dey give me more reason to dump them. Well their loss, cos the small small weekly choppings we dey give them don go. Them dey mad.

I no no about ona but me I still dey use my Kucoin even yesterday wey I received BTC inside I still move am to another exchange and e withdrawal successfully. But wetting I dey do be say if I receive BTC I dey sell am buy TRX then send am to another exchange like bitget go change am via Fiat for p2p. I know say p2p no dey work for kucoin since but na only am I dey use receive coin but nevertheless if I notice any changes I mo go hesitate to change receiving address to a non custodial wallet.

Same thing here, I've been using Kucoin exchange withdrawals without any challenge, I just withdrew from it this morning. I guessing OP received tainted coins hence the bank KYC requirements. There's more to what the OP is telling us.

https://talkimg.com/images/2025/09/01/UnZCiI.jpeg

I sincerely simpatize with all those experiencing the issue..... From what  I observe, this kind issue fit dey happen due to one kind internal problem wey dem dey try cover up.....Honestly ehn all this exchange sef, dem go dey whine person ontop him own sweat, rand hustle.... Dem go lock up person funds without given a proper explanation.

This is why keeping your coins for a long-term on  CEX dey very risky, coz they dey operate like bank, but without the same kind consumer protection....... Exchanges should strictly be used for trading and conversion. For long-term storage, self-custody wallet na still the best option .

Nobody is likes to save their coins on exchanges but there are certain situations you can't just escape no matter how you tried, and especially being a Nigerian where you need to perform p2p to change your coins to Naira. Most of those poeple caught in exchange wahala only deposited to trade and caught up in this kind of situation.

We barely check our mails, this is why it's always advisble to regularly check our messages before using exchanges to know if there's some sort of maintenance or withdrawal maintenance so we know when to deposit and when not to.

This particular Suspension wasn’t  communicated to any customer through email as they simply did what they actually think is the best way to do it for them. KuCoin exchange actually did use the similar address and tied the transaction as a poison attack and then with this they actually want all the participants to pass through their rigorous KYC process to unfreeze the account.

This KuCoin saga has actually further more hinted at why Self custody is the best, your personal wallet wouldn’t be freezing your with assets and be asking for unnecessary KYC documents.

God damnit what the fu*k is Kucoin doing? Is this like passing kyc for the second time? Nigerian users passed kyc in their platform when they opened account with Kucoin so what is their problem this time around? Or is this just peculiar to few individuals who didn't passed kyc when they opened their account? What if it is someone who haven't used their platform to do P2P trading before how then do they want such person to get bank statements with Kucoin on it, because I know for sure that Nigerian banks don't support crypto currency transactions at the moment. Omo this people just want chop Nigerians money nothing person wan tell me.

I brought the topic here because I noticed a lot of the people affected are Nigerians so I was thinking it was one of those policies of theirs that affect us. You know at the moment, their stopped P2P for Nigerians and we are being taxed for every withdrawal for only Kucoin and not any other exchange that I know of. When I saw this notice, I made the post to bring the information to us so that people will be careful. But as it stands, it seems it was not all Nigerians that was affected but the post is not still out of place.

When I heard about this fuck that is happening I was moved to check in to my kucoin exchange and luckily enough I was not affected that means this happened only to certain set of people and for that I can't really tell for sure what the fuck could be the major problem, I felt so bad for as many that was affected especially a friend of mine that has a good figure of Bitcoin in his Bitcoin wallet in kucoin now they are demanding certain credentials before the whole issue will be resolved, it is a devastating moment for each and everyone of them in this mess and I wish they could get solution just as soon as possible.

Kucoin is an exchange that most Nigerians started using after the ban of binance p2p (though kucoin later removed naira p2p from the exchange) but am surprised why the exchange is making some developments without letting their Nigerian users to know. How can they put taxes on withdrawals, if it was in p2p it would have been understandable but placing tax on withdrawals is really crazy of the exchange. Since they don't offer p2p services many Nigerians have even left them as only few people are still using the exchange to receive signature campaign payments and withdraw to other exchanges like BYBIT and BITGET since they offer p2p services for Nigerians.

The worst mistake which people do make is leaving there money on exchange, dem fit do anything wey dem like at any fucking time, and nothing wey you go do, e just be like say na dem get d money, and it doesn’t longer completely belong to you, so if you investing and you planning to hold, then make sure your coin is in a non custodial wallet.

I just say make I withdraw the other day from KuCoin, and I see say KuCoin freeze my account, any other activities they work, but I no fit withdraw my money, d matter really surprise me because I no Dey do any illegal activities, so Wetin come make them suspend my withdrawal na Wetin Dey suprise me be that. I don submit every necessary things wey dem ask, but I never hear anything from them, I just hope they will approve documents wey I submit, and dem go release my money give me.

I saw this thread at the time you created it, knowing i will be making using of Kucoin in a few days and had to wait to feed you my update.

I just withdrew from Kucoin and it went well, it does tell the fault is coming from you, it shouldn't be nothing serious though, just follow up the process.

I as well don't encourage holding in exchanges, i can remember urgently needed to withdraw my USDT, while the exchange was undergoing maintenance for that whole period my need was paused, at desperate times exchanges may fail to be online or worse case scenarios if they get attacked.

Yes that's right, it's outrageous for an exchange to suspend withdrawal on account for no reasons, there must be something wrong or the user had gotten involved in illegal deposit of crypto assets maybe.

If a user changes account password, or withdrawal pin, exchange do not need you to undergo KYC verification, they'll restrict your withdrawal for 24/48 hours and everything come back to normal.

This other restrictions to do perform another KYC criteria is rare.

Africolo is near accurate in his observations that nothing have changed but a security measure that is peculiar to onlybtour account and not with the entire Nigerians Kucoin accounts, mine account is ok you may have violated their AML rules.

What this means is that you have recieved funds from a questionable address, like address that habe been exposed to mixers or you recieved fund from mixer directly into your kucoin wallet that made them to freeze your account anf take further security measures.

This one just be like when binance disable some account from deposit but leave their withdrawal open reason why binance do that thing then no tell us till date the only thing be say some people they affected why others still they use the exchange, nah one thing about centralized exchange if dem just suspect anything dem fit take action as dem want and still no tell the person reason why dem behave like that.

I don't know if this was directed to some users or all on that day or if it continues to this day. However, I used Kucoin two days and can tell you that it went smoothly. Still, I support and advocate that CEX is not a safe place to keep your crypto because once it is there, it is no longer yours. They can do whatever they want with it. And when they do and you complain, they'll give you a generic response like the one I'm the OP.

All this wahala Una dey face nah una dey even bring am to Una sefs, exchange way done publicly announce their suspension of their operations for Nigerians inside Nigeria due to wetin happen between them and our government. How Una think say them go take our country users seriously when them know say them no dey answerable to our government anymore. Make Una do well to avoid using these exchanges like binance, Kucoin and OKX, no matter how Una think say them get best service and security, that one no mean again because them go fit do and undo for accounts of people from Nigeria and nothing go happen.

I tell you mate, why person go dey use exchange where already announced and taken off their naira p2p, its already risky to do so, i have not Used Kucoin again ever since that fed issues and their closer, just have to test it again to see if their actually suspended all Nigerians accounts on the exchange.

But still its just about his account getting into some issue's with the exchange and not the whole Nigerian users.

Na this same thing I tell people wey dey complain about this thing to me privately. No be today, this particular exchange done show sign say they no want Nigerians because they imposed strict regulations for there exchange. But e tire me to see say many Nigerians still they use that exchange when they no get anything special about them. Kucoin may be one of tier 1 crypto exchanges after Binance, yet they make the environment uncomfortable for their users especially the Nigerian users.

All these centralized exchanges get some kind dubious ways wey dem dey take dey operate because i see no reason why an exchange cannot give its users information of a sudden change in their platforms, and this is how so many people had lost their coins to exchanges. Even the minimum deposits set by exchanges is another dubious thing because if a user sends an amount that is not up to the minimum deposit, what they should do is to program their system such that the coin can reverse back instead of getting lost in the exchange just because it didn't reach the minimum deposit that is being stipulated by the exchange. So many irregularities have been recorded with exchanges so it's just better to use a wallet that only you can have custody of your coins.

It is true what you have said about exchange not sending mail to their users about changes on their platform which is not good but believe me, if you have taken time to read their terms and conditions of service, you will find out that it is also amongst what you agreed upon before signing up that they owe you no obligation to do so as it is at their own discretion to change whatever policy they deemed fit to change if and when necessary to do so. So they owe you no explanation and it is your responsibility to continuously read the terms and conditions of service while using their platform. Although it is very bad of them to not constantly update their user base but some exchange do update their users for quick actions as the case may be.

Unless the exchange doesn't mean well for their users, if there is any policy change, they should send mail to their customers or even notifications each time there is a login in the exchange so they will be aware of those changes. It's just that some people don't take these notification signs very seriously.

And for the minimum deposit policy, before you generate a deposit address in an exchange, there is always a warning sign of the minimum deposit, which, as a customer that agrees to obey their terms and conditions, you should obey, but mistakes do occur.

Let's also assume such a kind of mistake happens and you send below the minimum to some exchange. If you contact them, they can help you credit it to your balance manually, but the majority won't do that, either because of the high fee rate for moving the fund out, and for sending it back to the wallet that credited it, that can't be possible unless they will also have to deduct the sending fee from the original amount sent since they won't be willing to cover the fee themselves and take such a loss.