Kucoin users, are your withdrawals okay?

[BitMaxz]

It's a win-win for the exchange though. Risk their users' coins to make themselves profit, and if it all goes to shit then just declare bankruptcy and use your users' deposits to pay off your shareholders.

That's the same as other companies with inside jobs where someone(a partner/friend) hijacks their server and stole almost all Bitcoin but that truth it's an inside job.
After that, they declare bankruptcy to make benefits of insurance. So it's a win-win for them to use bankruptcy insurance to pay affected users but limited insurance coverage.

This is always happening on exchanges in every bear market and not a good idea if we stay hold coins on any centralized exchange.

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[bbc.reporter]

Sam Bankman-Fried is one of the guys who would know if one exchange is insolvent or not. Imagine saving the butts of Voyager and BlockFi just to make amends with all of the crypto community. It will not be a good one if he lets it die. The insolvent exchanges probably asked for help from the FTX founder and told them that it would be hard for them and ask for help.

I'm going to be sad if that's KuCoin; I have known them for a while, but that's probably how it works, and they probably have reached max optimal loaning or something like that and made it insolvent.

I very much agree. Kucoin has become my favorite exchange after Bittrex before Bittrex became scammers similar to HitBTC. However, better to be safe and withdraw all your coins from centralized exchanges. I do not care if your exchange is the biggest and most trusted exchange similar to Binance, FTX, Coinbase or Kraken.

[noorman0]

It's too bad so many of those exchanges offer services that encourage people to keep their coins with them for extended periods of time, like staking, lending, and such.  I'm sure there's money to be made that way, but it's risky as all hell.

To be honest, I don't think that people who are willing to hodl on exchanges need no encouragement and they would do it anyway, regardless of the APY exchanges offer which is usually not that great ( afaik 1-2). People just don't like responsibility of being your own bank.

Since the first I was not interested in any APY on any exchange because it is an absolute offer I have to hold assets, so don't worry. Kucoin was my first global exchange and since binance KYCed I have returned to Kucoin to trade more especially on bear-sideway markets and have hardly had any withdrawal issues from the start. All my long term portfolios are BTC only and stored in non custodial wallets (bitcoiners principle).

As far as my assessment goes, Kucoin is quite reputable in the trading business. Somehow after using it for so many years I'm pretty sure that they won't suddenly activate the "freeze payment" button for all users without notifying us beforehand, this is the way their competitors did. Unless they are involved in other behind-the-scenes business like fund and loan management like the platform which recently collapsed, they should be more transparent about it.

[crwth]

~snip
I very much agree. Kucoin has become my favorite exchange after Bittrex before Bittrex became scammers similar to HitBTC. However, better to be safe and withdraw all your coins from centralized exchanges. I do not care if your exchange is the biggest and most trusted exchange similar to Binance, FTX, Coinbase or Kraken.

That would depend on why you are on the exchange in the first place. If you are interested in profiting with trading, being there with the trusted exchanges is the best way because they have the most volume with trading and if you have a trading bot that could trade in all of them, even better 

[PX-Z]

Been using kucoin lately but they never give any notification via push or email related to this. Maybe because i only deposit as maximum of $100 once or twice a week.

Kucoin is my only hope for a reputed exchange that dont ask kyc if this going to happen i have no choice but to give my shit to them although any suggested non-kyc exchanges are welcome to me too.

[The Sceptical Chymist]

Been using kucoin lately but they never give any notification via push or email related to this. Maybe because i only deposit as maximum of $100 once or twice a week.

Kucoin is my only hope for a reputed exchange that dont ask kyc if this going to happen i have no choice but to give my shit to them although any suggested non-kyc exchanges are welcome to me too.

Yeah, now that I think about it I can't remember the last time I got an e-mail from Kucoin--and I seem to get them from all sorts of other exchanges and crypto-related things.  They must have a handle on the rumor mill surrounding them, and you'd think they'd want to address their customers' concerns, but I haven't heard anything from them.

I did a test withdrawal of a small amount of shitcoins from Kucoin earlier today, and it went through just fine.  I'm not sure if there's an actual problem or if people are paying way too much attention to unsubstantiated Twitter posts.

BTW, you might consider some of the instant exchanges like Changelly, ChangeNow, Flyp.me, and others.  They don't require KYC, but you're limited to trading bitcoin and altcoins with no fiat involved. 

[PX-Z]

BTW, you might consider some of the instant exchanges like Changelly, ChangeNow, Flyp.me, and others.  They don't require KYC, but you're limited to trading bitcoin and altcoins with no fiat involved. 

Aren't these exchanges have totally bad reputation on this forum. Also as far as i know changelly and changenow ask kyc i just dont know how much the minimum for them to ask kyc or when they detected suspicious activity which they usually did based on some threads here.

[o_e_l_e_o]

Somehow after using it for so many years I'm pretty sure that they won't suddenly activate the "freeze payment" button for all users without notifying us beforehand, this is the way their competitors did.

And users of Celsius were sure they were just fine, until they froze everyone's accounts. And users of Voyager were sure they were just fine, until they suspended all withdrawals. And users of Bitstamp were sure they were just fine, until they sprang enhanced KYC on everyone and did not allow any withdrawals unless you completed it.

And so the users of the next exchange or platform to go down the tubes will be sure they are just fine, until the moment that they aren't.

Kucoin is my only hope for a reputed exchange that dont ask kyc if this going to happen i have no choice but to give my shit to them although any suggested non-kyc exchanges are welcome to me too.

Given that KuCoin ask KYC from some of their users, means you should be prepared for them to ask KYC from you at any time. The only way to be safe from KYC is to use exchanges which never ask KYC from anyone under any circumstances. See: https://kycnot.me/

I did a test withdrawal of a small amount of shitcoins from Kucoin earlier today, and it went through just fine.

Even if you were to withdraw all your coins, it doesn't really prove anything. The assets of one single user would not be enough to expose a fractional reserve system or trigger a bank run. If would make your coins exponentially safer though, having them all in your own wallet.

I'm not sure if there's an actual problem or if people are paying way too much attention to unsubstantiated Twitter posts.

Could be either. As I said above, I think KuCoin are probably fine, but with the rate that other centralized platforms are declaring insolvency at the moment, is it really worth the risk to have your coins anywhere except your own wallet?

[bbc.reporter]

BTW, you might consider some of the instant exchanges like Changelly, ChangeNow, Flyp.me, and others.  They don't require KYC, but you're limited to trading bitcoin and altcoins with no fiat involved.  

Aren't these exchanges have totally bad reputation on this forum. Also as far as i know changelly and changenow ask kyc i just dont know how much the minimum for them to ask kyc or when they detected suspicious activity which they usually did based on some threads here.

Much of those complaints might only be because of security checks by the exchange and those complaints might be very much similar to many of the accusations in the forum on gambling sites. I also reckon that many people in the forum appear to complain and accuse a service of scamming very quickly if a withdrawal is delayed a few hours or if the exchange uses their right to ask for KYC. They should be more patient.