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Author Topic: kucoin withdraw block nightmare. STAY AWAY FROM KUCOIN  (Read 277 times)
Rikafip
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October 12, 2023, 10:44:05 AM
 #21

Question seemed weird and somewhat tricky to me and I asked what does he mean by "insist", what happens if I insist, will I wait for indefinite time? what happens if I don't, do you release the funds to my account? if yes, what happens if I initiate withdrawal again?
True, them choosing word "insist" is kinda weird and does sound somewhat tricky. Or maybe their English just sucks.

By the way, have you tried contacting them through reddit? I see that they have their own subreddit (https://www.reddit.com/r/kucoin/) and that they are active there so maybe you could try to osuh some pressure on them that way and have them check your ticket. Its a long shot as most likely you will get eyt another bullshit answer to be "be patient etc" but its imho worth a try.

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Yogee
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October 12, 2023, 11:12:19 AM
 #22

Regulation finally caught up to them eh? I don't think they're trying to scam you or anything. It's just that the regulators probably gave them strict guidelines to follow on how to report transactions from current and previous users. Maybe a huge penalty or lawsuit is coming their way if they don't comply. I'm guessing those users who are in the same situation as you have high withdrawal amounts too.
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October 12, 2023, 12:40:50 PM
 #23

Unfortunately, I heard many similar stories lately and even from the biggest exchanges like Binance so I am not surprised at all what's happened to you. These are the risks when dealing with centralized exchanges as its very hard to get your money if/when they decide to screw you over.

I know some people that eventually managed to get their withdrawals unblocked and some that are waiting for months (not Kucoin though, other CEX) so better be prepared as this could take some time. I just hope that you didn't have serious amount of money there.
This is worrying. I used Kucoin many time, like million times like OP but not in the recent time. If they are not doing it randomly then I fear they are going to ask for my KYC too. Is there any other platform to sell the Kucoin tokens?

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aioc
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October 12, 2023, 01:37:17 PM
 #24

Regulation finally caught up to them eh? I don't think they're trying to scam you or anything. It's just that the regulators probably gave them strict guidelines to follow on how to report transactions from current and previous users. Maybe a huge penalty or lawsuit is coming their way if they don't comply. I'm guessing those users who are in the same situation as you have high withdrawal amounts too.

I've been using Kucoin since 2019 I have no problem and they don't ask for KYC they only ask if you reach a certain threshold I suddenly get a notification that I cannot trade anymore unless I undergo KYC since I'm not actively trading I open my option not to trade on Kucoin and only use my local exchange but now that I'm receiving a lot of complaints about Kucoin verification and something like this I now have a second thought of using Kucoin.

I also unsubscribe from their newsletter I find it very annoying to receive messages that request me to finish my KYC if OP does not have positive updates many users will eventually leave Kucoin for possible repercussions in the future.

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October 12, 2023, 01:44:17 PM
 #25

I also unsubscribe from their newsletter I find it very annoying to receive messages that request me to finish my KYC if OP does not have positive updates many users will eventually leave Kucoin for possible repercussions in the future.
Many users will surely drop but I don't think the number will scare them at all.

This is what frustrate me, these businesses will play by your rules unless they were able to grow bigger, once they become bigger they will kick you out and apply their own rules. I have not followed their development but I am sure they are big enough to afford to lose a portion of their user-base.

The drop will not make any difference for them.

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EarnOnVictor
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October 12, 2023, 03:54:28 PM
 #26

Before this problematic withdrawal, I withdrawn even higher amount a week before without problems, and in older times, I have withdraws of even more, zero problems.
I never do futures or margin, I don't even understand them properly.
Deposit was from another very well known global exchange, and it was not the first. I just subscribed to some earn product on kucoin with the deposit, when product matured, I wanted to withdraw it back to the other exchange, that is it. I did similar things many times. ı don't even spot trade properly on kucoin, I mostly use earn products when I see opportunity
I do not gamble, this is not gamble money or "mixing service" whatever that is.
"Not Your Key, Not Your Coin" has unfortunately played against you here, no one should trust a centralized system for any reason, and I can't imagine myself leaving 50,000 USDT in a single exchange, I don't think I can ever get that mind. My experience with FX brokers has taught me a big lesson in this regard. I rather distribute them in 5 exchanges if the business dealing must pass through exchanges, or else, I prefer to either have my money in my USD bank account or non-custodial crypto wallets where I know that it's indeed my asset.

As it is now, it's stressful, but you should not panic, I believe you will get your money back as long as it's from a legitimate source, it might only take time. Just continue to mount pressure on them and let them know your plan for a legal pursuit if they did not yield, but let this be the last resort plan.

Give them all the necessary documents and scenes required and let's see how it goes. They are using styles like this to scare people, while the faint in heart or those who got their money through illegitimate sources get scared and disappear. Big accounts are often their targets, regardless, they will cough the money out when you are legit, disturbing and determined.

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October 12, 2023, 08:54:56 PM
 #27

Solved. Updated my first post.
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October 13, 2023, 05:23:59 PM
 #28

Thanks alot for the detailed update regarding your and others experience.

Very worrying normal users have to go through  stuff like this  to withdraw their own money, even most gambling websites dont ask this much when you win money from them.

Crypto is supposed to be for the users privacy but things like this defeat the entire purpose
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