CoinBene is Closing. Withdraw funds Immediately. Deadline 15th Nov 2021.

[Bitcoin_Arena]

2 Months after an announcement on their decision to permanently close their services in China (including Mainland China and Hong Kong, Macao and Taiwan). CoinBene has just decided to completely shut down the business with a recent announcement

It was made about 9 days ago. I just noticed it today. Withdraw your money ASAP or else things will become a little more complicated after the deadline.

It goes as follows

In order to respond to regulatory requirements around the world and meet the operational requirements of cryptocurrency laws and regulations in various regions, CoinBene will permanently close the service.

The closing and return process is publicized as follows:

Close currency transaction: stop the spot transaction function of all sites at 18:00 (GMT +8) on November 5, 2021. If there is an order that has not been cancelled, the system will cancel it uniformly.

Website and app closure: the platform will be closed at 18:00 (GMT +8) on November 15, 2021, and everyone can no longer log in to the website and app.

Before November 31, BR site users can withdraw coins by visiting www.coinbene.com/br. After November 31, there will be no customer service personnel to accept the demand for withdrawal. Users need to bear the asset losses caused by not withdrawing cash in time.

Withdrawal closing: CoinBene users are requested to complete asset withdrawal before November 15, 2021. After the platform is closed, users who have not completed asset withdrawal can contact the platform through the customer service email before November 31, 2021, and apply for asset withdrawal after completing identity verification. After November 31, 2021, the platform will complete the cancellation and liquidation. At that time, there will be no customer service personnel to accept the withdrawal request initiated by the user. The user needs to bear the asset loss caused by not withdrawing in time.

Customer service email: support@coinbene.com

 

CoinBene
November 3, 2021

[Potato Chips]

They can't really blame it on the users when they're only giving 12 days to withdraw on time! and I doubt their support can cater most users who reach out to them. If you emailed them few days before 31st, your funds are likely to be lost.

Did any coinbene user received an email about this at least?

[noorman0]

They can't really blame it on the users when they're only giving 12 days to withdraw on time! and I doubt their support can cater most users who reach out to them. If you emailed them few days before 31st, your funds are likely to be lost.

Did any coinbene user received an email about this at least?

I'm their user (though never trade). There is no notification about this in my email. I registered on March 7, '21 and just got an IP login notification email and account settings.

This exchange is notorious for lack of support. They won't bother giving you any notice of any policy changes not even an email about promotions or events from this exchange. Their telegram and twitter groups were also neglected. None of the user's questions were answered. Currently all deposits and some withdrawals are being suspended for no reason.

[stompix]

In order to respond to regulatory requirements around the world and meet the operational requirements of cryptocurrency laws and regulations in various regions, CoinBene will permanently close the service.

So in order to meet the requirement and regulations, they have chosen to....shut down!

You have to love those press releases, sometimes they get tricked into trying to make it sound as pompous as possible and the result is just ridiculous. We have worked so much, we are meeting all requirements, we will work with authorities, we will comply with regulations so we will perform as closely possible to the highest standards in the industry by shutting down and running like rabbits.

Weel, they dumped a few million of their token on some naive users, a lot of unclaimed balances and so they made more than they could ever hope from trading fees, closing shop and the next project is in the making.

[dkbit98]

I never used Coinbene exchange but funny thing is they are claiming to be operating from Singapore, place often used for many companies that are actually from China.
Interesting thing is that first office for Coinbene exchange was set up in HongKong back in 2017 (year when exchange was founded) and Singapore office in December of 2019 (archive)
Even worse is the fact that they didn't post anything about this on their social media and twitter account that is inactive since October.

[LeGaulois]

In order to respond to regulatory requirements around the world and meet the operational requirements of cryptocurrency laws and regulations in various regions, CoinBene will permanently close the service.

So in order to meet the requirement and regulations, they have chosen to....shut down!

Trying to look at both sides of things:

From a business point of view, it may be just a matter of realizing that they can't cope with the regulations they have to comply with.
It takes resources, skilled staff, money, and a lot of other stuff. Not every company can adapt to its market. Maybe the motivation is not there too and they decided to give up. Or the company is not profitable as they excepted and they give us another reason

From a user point of view, the time given for cashout is very short to give everyone time. But even that may not have been their decision. In any case, they could have been kind enough to send an email to warn

[stompix]

Trying to look at both sides of things:

From a business point of view, it may be just a matter of realizing that they can't cope with the regulations they have to comply with.
It takes resources, skilled staff, money, and a lot of other stuff. Not every company can adapt to its market. Maybe the motivation is not there too and they decided to give up.

I know its one tough job to run a company like this, especially with this avalanche of new regulations, new laws in every jurisdiction, pressure to implement AML and KYC, probably pressure also to disclose a lot of information about your users and all this on pretty tight margins cause if you jump the fee 1% you lose 10% of your users.
Some fail, some succeed but the thing is that they could have been honest about it and simply said the truth:
"Due to continuous changes in regulations we were unable to", ....and this is why we're closing down.

From a user point of view, the time given for cashout is very short to give everyone time. But even that may not have been their decision.

Hmm, I doubt there could have been any kind of legal requirement or ultimatum from any authority where they are licensed to operate to completely shut down the website and terminate access in one month, this is most likely their final shave on some user's funds. Let's compare this to what Huobi is doing, they issued a warning about terminating all accounts from Singapore, and poeple from that country have till March 2022 to withdraw their funds from the platform.