Huobi.com Suspending Withdrawal: Funds Held Hostage due to Monero Transaction

[R4ISE]

HUOBI:

Hello, the platform will strictly investigate suspicious transactions, make every effort to implement risk control and security measures, resolutely crack down on and ban illegal and criminal activities such as money laundering, maintain the security of all platform users, and consistently provide users with safe and reliable digital asset trading and asset management services. We deeply apologize for any inconvenience caused to you. Please also provide communication records, legal currency payment records, transfer records, and information verification with the other party. Thank you for your understanding and support.

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[rat03gopoh]

I am just wondering - the money in this account, what is going to happen with this money? Are they keeping it? Do they give it away?
I mean think about it, they got a HUGE userbase. If they do this a thousand times with amounts around 1k$ where people say after a certain time fuck it.
That's a million dollars they pocked.

Does someone have background information what they do with those funds?

Your money is pooled in their centralized wallet along with other users' money, so they can do whatever is part of the exchange's operations and basically without having to do any freezes. What they freeze is nothing more than the digits of the balance that is reflected in your account.

[R4ISE]

Yeah I mean I understand how an exchange works. But one day. There will be an audit, an accounting or whatever and they need to let their pants down.

How they are answering then uncomfortable questions? I mean basically if they keep funds like this they would need to pass those funds to the GOV.
Or am I seeing something wrong?

[Huobbentmeover]

Any update on this ? They literally just did the same thing to me. Been fighting for my funds for a week now. Only used huobi for a total of like 6 transactions. Deposited btc 3 times to convert to USDT then withdraw. Sent $7K in xmr to do the same and immediate freeze. This is crazy. Honestly i am using them from a restricted country and i apologized to them for that. I even KYC. They have my info, but are demanding basically all over my financial information like they did with R4ISE.
Do you guys think its okay for them to keep my money because i used them from a restricted country? I encountered a similar issue with bybit but they immediately gave me back my funds and just closed my account after. What huobi is doing is just outright shady and it does seem theyre just honeypotting peoples xmr funds. Why would they allow xmr deposits if they dont like the coin??? Basically were criminals for using xmr until proven otherwise?? wtf??? this is extremely difficult because of moneros privacy by nature code. Theyre asking for all these crazy detailed financial records that can link the monero transactions which is impossible

[logfiles]

Any update on this ? They literally just did the same thing to me. Been fighting for my funds for a week now. Only used huobi for a total of like 6 transactions. Deposited btc 3 times to convert to USDT then withdraw. Sent $7K in xmr to do the same and immediate freeze. This is crazy. Honestly i am using them from a restricted country and i apologized to them for that. I even KYC. They have my info, but are demanding basically all over my financial information like they did with R4ISE.

Why send your XMR to such exchanges, yet there are better alternatives suggested even on the Monero official site?

1. bisq.network
2. LocalMonero.co
3. hodlhodl.com
4. unstoppableswap.net

More exchanges can be got here: https://www.getmonero.org/community/merchants/ or here https://kycnot.me/

Do you guys think its okay for them to keep my money because i used them from a restricted country?

Of course, it's not. They are supposed to give you back your funds and close your account.

Why would they allow xmr deposits if they dont like the coin???

It's what i have been asking myself too. What's the point of keeping the coin in an exchange if they are not comfortable with it's deposits?