Bkex Locked Users off Their Money For 9 days and Counting..

[rby]

The good thing is that they put the notice about no withdrawals on the home page, but the lack of suspension of deposits is very confusing.
I sent a message to the support team, and let's see what their response is. If the site is under police investigations, this does not mean that the platform is frozen, otherwise it means that the platform has been sized, and therefore all depositors' funds are frozen.
If users cannot withdraw it is an exit scam, they may not have enough liquidity and therefore everything may suddenly disappear.

it is more likely to an exit scam than police investigations

The platform is not winding up, they are just under investigation by the governmental authority. If they refuse deposit, it will create more panic. Allowing people to deposit will show the exchange is still active.
Taking about seizing of the website which is possible, because if the investigators cannot get what they are looking for, they could accuse the exchange for conspiracy or any other reasons to seize the website.
This is a major disadvantage of keeping funds in exchange. Whatever the authority asks for it, they won't even consent you and give them all the necessary information needed. Who can confirm the status of the exchange as of today?

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[robelneo]

The good thing is that they put the notice about no withdrawals on the home page, but the lack of suspension of deposits is very confusing.
I sent a message to the support team, and let's see what their response is. If the site is under police investigations, this does not mean that the platform is frozen, otherwise it means that the platform has been sized, and therefore all depositors' funds are frozen.
If users cannot withdraw it is an exit scam, they may not have enough liquidity and therefore everything may suddenly disappear.

it is more likely to an exit scam than police investigations

The platform is not winding up, they are just under investigation by the governmental authority. If they refuse deposit, it will create more panic. Allowing people to deposit will show the exchange is still active.

Bro, I don't think I will be comfortable depositing in an exchange that disables their withdrawals and I guess many will agree if an exchange is facing an issue like this I prefer that the issue be first resolved and they are back in full operation, between withdrawals and deposits I prefer the withdrawals to be the one active.

This is a major disadvantage of keeping funds in exchange. Whatever the authority asks for it, they won't even consent you and give them all the necessary information needed. Who can confirm the status of the exchange as of today?

I totally agree you just don't know what's going to happen to your funds right now the top exchange Binance is having an issue with US authorities, and what more on other exchanges.

It's been 12 days now I based the number of days on OP's posts this is depressing for those who have funds here, like other members' opinions I prefer that they disable accounts that are involved in money laundering, and not all accounts because it creates negative news.

[rby]

The platform is not winding up, they are just under investigation by the governmental authority. If they refuse deposit, it will create more panic. Allowing people to deposit will show the exchange is still active.

Bro, I don't think I will be comfortable depositing in an exchange that disables their withdrawals and I guess many will agree if an exchange is facing an issue like this I prefer that the issue be first resolved and they are back in full operation, between withdrawals and deposits I prefer the withdrawals to be the one active.

Well, you are talking from the customer aspect and not from the exchange owners aspect. If deposit has issues and withdrawal is seamless, within 24hrs you will not find any fund in your exchange anymore. Everyone will rush to withdrawal all their funds. That is the reason why in both exchanges and gambling sites, it's always the withdrawal end that is having issues.
Meanwhile, if deposit is working,  people can continue trading, staking and converting coins pending when the withdrawal issue is solved. This depends on your level of confidence in the said exchange.

... like other members' opinions I prefer that they disable accounts that are involved in money laundering, and not all accounts because it creates negative news.

That is the right thing to do, and in the case you can't fish out the particular accounts involved, you can place withdrawal restriction in certain country or area of principal suspicion.

[yhiaali3]

No update on the Bkex exchange's official twitter account about reopening withdrawals yet, though they carry on with their business as usual and follow their activity on twitter as if there is no problem.

How will users trust exchanges that suddenly stop withdrawals for any reason, money laundering or otherwise? Most likely there will be panic among users and fear of losing their money forever.

No one knows what the police are doing and what accounts will be frozen. This is one of the biggest drawbacks of centralized exchanges.

[avp2306]

No update on the Bkex exchange's official twitter account about reopening withdrawals yet, though they carry on with their business as usual and follow their activity on twitter as if there is no problem.

How will users trust exchanges that suddenly stop withdrawals for any reason, money laundering or otherwise? Most likely there will be panic among users and fear of losing their money forever.

No one knows what the police are doing and what accounts will be frozen. This is one of the biggest drawbacks of centralized exchanges.

This is not good on their side for having an issue like this since they need to do some explanation or even clarification on why such thing still happening. Maybe this is a sign that they do their exit scheme so people have balance on that exchange should be more watchful on what will happen next or if there's an update will release. To many exchange have big controversy these days and I guess this remind us again that we should never trust them.