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Author Topic: Kucoin suspended my account without any warning  (Read 212 times)
pronoob (OP)
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July 28, 2020, 11:50:26 AM
Last edit: July 29, 2020, 06:41:04 AM by pronoob
 #1

Update: Right now, everything is back to normal.
I wasn't able to withraw and trade, i have learned that they suspended my account after opening two tickets and few hour later they requested me to fill a KYC form and state my source of income.
Their KYC request is not a problem for me but now my assets locked at there and they didn't even notified me about suspension so until i realize there is something wrong i have deposited more assets (actually most of my assets) now all my assets locked and i can't even trade.
I answered their question and filled KYC form, i hope they remove suspension soon.
I said that i won't be using their exchange so if they just allow me withraw my assets and later they can close my account but they didn't accepted it. It is like a joke. They suspend my account without any notification and it takes almost a day for me to find out my account suspended weirdly.
This lead me to think about what can i do if an exchange suspends my account and does not give my assets back. Nothing Cheesy, at most i can sue them in my home country and get their website blocked which won't help me anyway.
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July 28, 2020, 12:33:01 PM
Merited by stomachgrowls (1)
 #2

This might have something to do with KYT[1][2]. What was the source of your deposited funds? Have you used any mixers, took payments from people you don't really know?

If so:

If unusually large or unusual patterns of trades or any inexplicable or suspicious circumstances are observed, KuCoin may, in its discretion, place an administrative hold on or freeze your KuCoin Account

[1] https://bravenewcoin.com/insights/kucoin-partners-with-chainalysis
[2] https://www.chainalysis.com/chainalysis-kyt/

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stomachgrowls
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July 28, 2020, 12:40:18 PM
 #3

This might have something to do with KYT[1][2]. What was the source the your deposited funds? Have you used any mixers, took payments from people you don't really know?

[1] https://bravenewcoin.com/insights/kucoin-partners-with-chainalysis
[2] https://www.chainalysis.com/chainalysis-kyt/

Most likely.

There would be no other way but to comply with the KYC that had been asked.This is part of the risk when you do put up such coins specially if its already on big numbers or amounts.

We know that these platforms did really have partnerships with these blockchain analysis companies which would really be a pain in the ass when your coins

do came from specific sources.

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pronoob (OP)
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July 28, 2020, 01:08:07 PM
 #4

This might have something to do with KYT[1][2]. What was the source of your deposited funds? Have you used any mixers, took payments from people you don't really know?

If so:

If unusually large or unusual patterns of trades or any inexplicable or suspicious circumstances are observed, KuCoin may, in its discretion, place an administrative hold on or freeze your KuCoin Account

[1] https://bravenewcoin.com/insights/kucoin-partners-with-chainalysis
[2] https://www.chainalysis.com/chainalysis-kyt/

All my deposits comes from other exchanges binance and two biggest Turkish crypto exchange. And worth of my funds was lower than 2000$ at the time of suspension later i deposited more because i wasn't aware of suspension.
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July 28, 2020, 01:13:37 PM
 #5

Their KYC request is not a problem....

Every site has their own set of rules, I'm a user of Kucoin as well, I started with my account unverified but later I was able to verify it to avoid problem like this. Since you said KYC is not a problem, why not comply with it and if they will still not release your funds, then you can make a scam accusation against the site.

pronoob (OP)
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July 28, 2020, 01:31:54 PM
 #6

Their KYC request is not a problem....

Every site has their own set of rules, I'm a user of Kucoin as well, I started with my account unverified but later I was able to verify it to avoid problem like this. Since you said KYC is not a problem, why not comply with it and if they will still not release your funds, then you can make a scam accusation against the site.

So it is okey for you, an exchange to suspend a users account without even notifying him. I don't know, it is not for me. I am not doing scam accusation. I am just showing the value given to users like me by Kucoin exchange. I can't imagine such situation happening me if i was someone who doing high volume in their exchange.
I have used really soo many exchange since years and at same time always using more than five exchanges and first time such situation happening. This is seriously frustrating for me.
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July 28, 2020, 02:49:48 PM
 #7

So it is okey for you, an exchange to suspend a users account without even notifying him.

Well, when you register on that website you agree to their tos, so if that's what said there, nothing you can do. It might be unethical, it might be wrong, but sometimes we choose to do it. I think other exchanges will also do this, can't say much about CEX as KYC is becoming a standard here and there.

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pronoob (OP)
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July 28, 2020, 02:58:25 PM
 #8

So it is okey for you, an exchange to suspend a users account without even notifying him.

Well, when you register on that website you agree to their tos, so if that's what said there, nothing you can do. It might be unethical, it might be wrong, but sometimes we choose to do it. I think other exchanges will also do this, can't say much about CEX as KYC is becoming a standard here and there.

KYC is not a problem for me, i have filled KYC asap after their request.
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July 28, 2020, 03:43:15 PM
 #9

At least I already clarify certain things to avoid entering assumptions or predictions (post # 4) that are made from the outset, but it leaves two Turkish exchanges open without specifying names.

In any case, wait for support to respond, not only this any support, very rarely get the timely response in less than 1 hour, in normal times for this type of case it usually takes between 3-6 and up to 24 hours. (According to their op they already did it)

BUT reading your OP carefully, you say "that you were not notified of any prior notice or suspension with your deposits." What your mean by that is that you expect to be notified before you make the withdrawal, why does it happen right then?

The answer or responses can be several, one of which is where your funds come from (eg post # 1) but with your answer, you show that there is trust and that this is not the problem, in fact what could be the most serious problem, It includes money laundering, etc., among the possible causes, but you have already overcome that obstacle (according to your post # 4).

Quote
But it contradicts itself because in the OP you say that they have already notified you that your deposits are blocked, that is, they also responded to you.

The second cause, which sometimes results in being the first, is the withdrawal amount. It is stipulated in the "Exchange - User" agreement, that for certain amounts the company has the right to freeze its funds to carry out verifications, among them the KYC.

Quote
This that could be your salvation is definitely not, because I perform KYC and the answer they give you is that your assets are suspended.

Actually it is a very cumbersome thing to read to him, since although everything is understood, it is confusing and it is necessary to read very well to extract the true idea from his words. Because I say this, because after all, you finally give up and want to sue but it doesn't matter if you proceed or not.

If you think you are right and there is injustice, do not give up.

_____-

However I must be objective and tell you that there is an agreement between the parties; "Exchange - User" that agreement is the click that is made at the time the contractual clauses are read and that it is the success or differences that may exist between the parties will govern.

Right when you accept that agreement, it is your "digital signature." There are things like what is happening to him:
Check KYC.
Freeze assets.
Lock Assets.
Ban accounts.
Minimum withdrawal amount without KYC.
Fee, etc.

There are many considerations, for example it is not the same to say, "frozen assets" is supposed to be temporary, to "blocked assets".

By the way I am not on anyone's side, I just try to analyze things with the little information that has been provided, by the way all with no support but to believe in your word of "Trust"

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July 28, 2020, 10:40:08 PM
 #10

So it is okey for you, an exchange to suspend a users account without even notifying him.

Well, when you register on that website you agree to their tos, so if that's what said there, nothing you can do. It might be unethical, it might be wrong, but sometimes we choose to do it. I think other exchanges will also do this, can't say much about CEX as KYC is becoming a standard here and there.

KYC is not a problem for me, i have filled KYC asap after their request.

did they unlock your account after pass KYC?
I remember because of the temporary ban my country, they informed me about suspending account and give me the possibility to withdraw my funds. Right after enabling my country, they inform me that is everything fine, and unlocked my account (and all ACC's locked by the same reason). Also, I must say, they were very cooperative and I got all the answers regularly on time.

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July 28, 2020, 11:49:52 PM
 #11


did they unlock your account after pass KYC?


I think it takes time before the KuCoin decides whether he passed the KYC or not but usually, it takes 24hrs to approved.




2 hours ago KuCoin updated their KYC verification guide and I think if he fails on KYC verification better repeat the procedure to submit a KYC verification again by following the new guide below.

- https://kucoin.zendesk.com/hc/en-us/articles/360015102254-About-KYC-Verification

Read the "part 3" for common KYC issues.

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pronoob (OP)
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July 29, 2020, 04:05:22 AM
 #12


did they unlock your account after pass KYC?


I think it takes time before the KuCoin decides whether he passed the KYC or not but usually, it takes 24hrs to approved.




2 hours ago KuCoin updated their KYC verification guide and I think if he fails on KYC verification better repeat the procedure to submit a KYC verification again by following the new guide below.

- https://kucoin.zendesk.com/hc/en-us/articles/360015102254-About-KYC-Verification

Read the "part 3" for common KYC issues.

I already did id comfirmation. This KYC is different, it is a form about my source of income etc.
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July 30, 2020, 11:08:11 AM
 #13

All my deposits comes from other exchanges binance and two biggest Turkish crypto exchange. And worth of my funds was lower than 2000$ at the time of suspension later i deposited more because i wasn't aware of suspension.

no idea what might have triggered it? have you deposited lots of funds in the past? what about trading activity---what tier are you?

i hate to hear this about kucoin. just about every other exchange is doing these KYC questionnaires by now, but this is the first i've heard of it with them. i regularly trade there (unverified, USA) and haven't had any issues myself.

2 hours ago KuCoin updated their KYC verification guide and I think if he fails on KYC verification better repeat the procedure to submit a KYC verification again by following the new guide below.

- https://kucoin.zendesk.com/hc/en-us/articles/360015102254-About-KYC-Verification

the only thing i've noticed that changed recently is that they now allow 3 accounts per 1 verified user. used to be no multi-accounting allowed.

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July 30, 2020, 11:37:52 AM
 #14

Their KYC request is not a problem....

Every site has their own set of rules, I'm a user of Kucoin as well, I started with my account unverified but later I was able to verify it to avoid problem like this. Since you said KYC is not a problem, why not comply with it and if they will still not release your funds, then you can make a scam accusation against the site.

So it is okey for you, an exchange to suspend a users account without even notifying him. I don't know, it is not for me. I am not doing scam accusation. I am just showing the value given to users like me by Kucoin exchange. I can't imagine such situation happening me if i was someone who doing high volume in their exchange.
For me, I would be okay with that as I would ask the support anyway, and as long as they reply and give me the right answer and the solution to remove the suspension then I would just comply as long as it's doable and based on their TOS.


I have used really soo many exchange since years and at same time always using more than five exchanges and first time such situation happening. This is seriously frustrating for me.

I understand the frustration, but like I said, if you can comply with what they demand, then just follow it and it will solve your problem, and once you get your money, you are free to looking for a new exchange.

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July 30, 2020, 11:18:28 PM
 #15

It's very unprofessional to not inform your user about the account suspension, hitbtc should at least inform op the moment they logged in, and I find keeping the deposits open while everything else halted sneaky, not informing the user is a cherry on top.

I do wonder if this is the norm in kucoin tho, since there should be more threads like this if it is.

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July 31, 2020, 04:26:48 AM
 #16

Update: Right now, everything is back to normal.

That's good news! All's well that ends well. But not really if the cost was divulging a lot of personal information.

A couple of points to ponder though:

1. Users should not trust exchanges even if they are offering certain limits to non-verified accounts. Sooner or later, out of the blue, they will still ask you for KYC. KuCoin offers 2BTC withdrawal limit per 24 hours to non-KYC clients if I'm not mistaken. Keep funds away from exchanges as much as possible.

2. Locking of accounts might only mean freezing trading or withdrawals but not deposits. Illogical as it may seem, that is what exchanges are doing. So you better watch out. Everything may seem normal until you start making withdrawals.   

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