KuCoin (U.K.) temporarily blocked from withdrawals - suspended

[tradewindow]

So I’m verified and have had funds here for years!

 However since I’m in the U.K. I’ve seen multiple services fail and get removed from the Apple Store, KuCoin is removed from the Apple Store just FYI. It looks very much like the Gov are forcing these companies to add face recognition and data collection so that they can very soon add this to taxable income.

Of course any intelligent living human knows that governments are a complete scam themselves and regularly involve themselves in shady practices to defraud and damage the general publics financial status. This is just how things work. KuCoin we know is Chinese 🇨🇳 anyway, can anyone say red flag?

So let’s start on the problem, i go to withdraw some money so I can find a credit card through matic - since the Eth fuel ⛽️ costs paralyze the entire point of Bitcoin.

Trying to get any money into my web3 (the most stupid insecure way to own crypto) then onto my credit card which I find is as useless as nothing since it lacks security verification and therefore can’t be used to buy anything.

And … KuCoin without warning ⚠️ or any communication have decided to shadow ban me from withdrawing! Wow 😮 that’s nice and shady … they were “instructed to investigate where I got my XLM, of all coins, from?

I have to prove exactly where that coin came from, it’s not my biggest coin so it is of little interest, however I think they are sending a message that XLM is important!?

Anyway I can’t prove where it originated from but I can prove that it bounced from wallet to wallet. I don’t know if they are still deciding my fate though lack of information, but I’ll try and let you know what they decide will happen to my account!

… it’s been a couple weeks waiting on them to decide and Bitcoin is crashing like hell, and my money that I desperately need is stuck in this dead end market. I trust gold now more than Bitcoin as I realise that Bitcoin is basically china 🇨🇳 and so are all the exchanges.

They can do whatever they want with your Bitcoin money, it is useless now and totally regulated and at the push of a button then can kill your account without warning or repercussion.

So what to do?

The customer service feels very communist and gestapo esk. They really aren’t polite when you tell them you don’t like them. However they are very punctual and have plenty of staff with a 10 min average wait time now.

Still all that’s pointless when our own installed fake government wants to put a stop to crypto investing for the regular Harry!

I’ll just leave my crypto there and hope I don’t need it desperately and wait and see if they’ll ever let me withdraw.

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[BitMaxz]

That is why it is not good to hold assets from exchanges like others said not your keys, not your coins and why would you hold assets for many years, and now after the price skyrockets you're going to withdraw them?

I don't know how you got the XLM why not try to contact them again and tell them that you just received the XLM from random users and provide the address where it came from?

And it's not the Bitcoins fault and it is pretty normal to see this price drop and take note block halving is not done yet so BTC might bounce back what it was yesterday.

[Potato Chips]

Bitcoin and crypto exchanges are two separate things.

You didn't check where you'll be sending your bitcoins and that was the problem. Custodial exchanges are fintech bussiness with KYC/AML polices hence we always bear such risk when using them.

I've no idea whats with all the china statements lmao. sounds like some sort of prejudice if we're talking about being a chinese equates red flag.

They really aren’t polite when you tell them you don’t like them.

For starters, how did you tell them this? at the end of the day, support employees are humans tied with emotions. Further, they are most likely outsourced for cheaps by kucoin.

[sokani]

Seriously, are you here to seek help concerning your XLM trapped on Kucoin or are you here to rant? You labelled Kucoin a scam, you said Bitcoin is China, I'm wondering the correlation between Bitcoin and your trapped XLM.

About the proof of funds, you should show them your statement of account and tax documents and I hope this helps and they don't ask for more proofs. Also, this should serve as a deterrent to you not to trust a custodial service with the save keeping of your funds.

[AB de Royse777]

They can do whatever they want with your Bitcoin money, it is useless now and totally regulated and at the push of a button then can kill your account without warning or repercussion.

As long as you know how to control your coins privacy, no one will know what you have. They can make your life difficult but they can not take your coins unlike gold and bank balance. I hope you are not blaming crypto, the exchange Kucoin in the topic. You are blaming them for your difficulties.

So what to do?

Do the best to resolve it. Next time avoid centralized exchanges.

[Oshosondy]

About the proof of funds, you should show them your statement of account and tax documents and I hope this helps and they don't ask for proofs. Also, this should serve as a deterrent to you not to trust a custodial service with the save keeping of your funds.

I do not think just showing the exchange your statement of account and tax document will work. The exchange did not even said the person is evading tax. Why tax report document?

But the person can tell them the price he bought the coin and if he has the receipt of the transaction and also he will need to tell them the name of the exchange used.

But people can buy directly from someone and this is one of the reasons that those exchanges are stupid at times. Better not to hold on an exchange.

[sokani]

I do not think just showing the exchange your statement of account and tax document will work. The exchange did not even said the person is evading tax. Why tax report document?

But the person can tell them the price he bought the coin and if he has the receipt of the transaction and also he will need to tell them the name of the exchange used.

Yes you're right, tax documents should be off the list. If he used his bank card to buy XLM directly on Kucoin, then he's going to provide his bank statement, however if it was transferred from another exchange or personal wallet to Kucoin, then he will need to provide the transaction hash and wallet address of the sender.

[mindrust]

I say we were in a much better spot 5 years ago when btc was below $20k and exchanges weren't enforcing KYC. Maybe we are richer today but do we have more freedom?

As the BTC price goes higher and higher, the restrictions and regulations are getting tighter and tighter.

Even the only crypto casinos are demanding docs lately fuck this shit. I thought crypto was about free markets. It is getting more and more suffocating.

[Kavelj22]

But people can buy directly from someone and this is one of the reasons that those exchanges are stupid at times. Better not to hold on an exchange.

They are not stupid, but they are opportunists who will try to seize any opportunity to seize users' assets. Kucoin will not hand over XMR to the British authorities under any circumstances, despite all these difficulties that they suddenly began to impose without prior notice. Since the assets are stored with them for years, it is easy to target their owner and besiege him with questions for which he cannot find satisfactory solutions.

Op seems to come here just to blame the exchange knowing that he hasn't a lot of options.
This is a very harsh lesson for you and a reminder to the community of the basic principle in crypto "Not your Keys, Not your coins".