Warning: Withdrawal suspended for some Nigerian users in Kucoin

[adultcrypto]

I saw this notice in Kucoin yesterday but I decided to wait till today to see if it was a glitch, but since it still persists, I have to bring it to the public so that others will avoid Kucoin for now.
 

The reason for such action was not explained but users were directed to contact customer service which when contacted did not produce any concrete answer other than their normal response below:


 I just pity those that would have some funds there who might need those funds urgently because I suspect this is going to take a long process to resolve.

This is another reminder that using CEX is like handing your money over to someone to keep for you, he can deny you access to your money when you need it the most. Please consider self-custody because it is a right and gives you power over your money

[Charles-Tim]

I do not know the reason Kucoin has been so coward. They also comply with regulatory requirements to start taxing their Nigeria users while other exchanges did nothing like that. Also because of regulatory requirements, they stopped P2P while other exchanges did not. In fact, more exchanges added P2P for naira after. This time, it is bank statement of account. It can easily be done and be approved but I am sick of this exchange with all these regulatory compliance that other exchanges are not enforcing. Or maybe it is a general issue and not affecting only Nigerians but I am still sick of it because why only Kucoin.

[knowngunman]

I do not know the reason Kucoin has been so coward. They also comply with regulatory requirements to start taxing their Nigeria users while other exchanges did nothing like that. Also because of regulatory requirements, they stopped P2P while other exchanges did not. In fact, more exchanges added P2P for naira after. This time, it is bank statement of account. It can easily be done and be approved but I am sick of this exchange with all these regulatory compliance that other exchanges are not enforcing. Or maybe it is a general issue and not affecting only Nigerians but I am still sick of it because why only Kucoin.

Seriously, Kucoin is trying to force customers to turn away from using their service. They seem to be the only exchange frustrating our lives despite trying to cope with their lapses. I don't know their connections with government or what they agreed as terms and conditions of operations in Nigeria but it's gradually getting out of hand.

If not top of the list, they're among the exchanges with outrageous fees when it comes to withdrawing your assets and their minimum withdrawal is always high. They implicate the government tax as you stated above, they undergo maintenance almost every week at inconvenient times and now frequently freezing customers assets demanding for sensitive documents after customers are already KYCed.

Apart from having a SegWit deposit address, I see nothing so special about them anymore that would make us glued to them. Their exploitation is getting weird, it's high time we start to boycott them. Let them feel isolated for once and review their ways of operation.

[Orpichukwu]

I do not know the reason Kucoin has been so coward. They also comply with regulatory requirements to start taxing their Nigeria users while other exchanges did nothing like that. Also because of regulatory requirements, they stopped P2P while other exchanges did not. In fact, more exchanges added P2P for naira after. This time, it is bank statement of account. It can easily be done and be approved but I am sick of this exchange with all these regulatory compliance that other exchanges are not enforcing. Or maybe it is a general issue and not affecting only Nigerians but I am still sick of it because why only Kucoin.

I have personally abandoned using KuCoin for a very long time now. I just no longer find their services convenient for me to use. In terms of P2P, we already have too many options to pick from, and for trading, we also have much better options.

If this issue is affecting few Nigerians after they have uploaded this account statement, what next?
Are they going to ask for it again since they are now open to following regulators?
But on the other hand, I don't see the need for them to request an account statement since they no longer do P2P in the exchange. What's the need for users' account statements?

[Bright0515]

For a long time I have been hearing that keeping money on CEX is not good and I believed it but this has made me even believe more that it's not even good to use them at all.
I have read through what the customer service said but my question is "How do they expect most people to get those documents they requested?  Let's just be frank, most people assets will be lost because they might not have those documents they request.
While they suspend withdrawals for some Nigerians do they also suspend deposits?

[adultcrypto]

I do not know the reason Kucoin has been so coward. They also comply with regulatory requirements to start taxing their Nigeria users while other exchanges did nothing like that. Also because of regulatory requirements, they stopped P2P while other exchanges did not. In fact, more exchanges added P2P for naira after. This time, it is bank statement of account. It can easily be done and be approved but I am sick of this exchange with all these regulatory compliance that other exchanges are not enforcing. Or maybe it is a general issue and not affecting only Nigerians but I am still sick of it because why only Kucoin.

Why would an exchange that do not allow P2P trading in Naira request for a bank statement? Is this not a deliberate attempt to steal the money of people who have funds in their exchange? You recur that Kucoin is the only exchange that charges taxes for Nigerians, taxes we are not even sure they remit to the Nigerian government who have banned those exchange websites in Nigeria. Kucoin is simply full of surprises and I think its high time we started avoiding that exchange.

[Yablee0]

I do not know the reason Kucoin has been so coward. They also comply with regulatory requirements to start taxing their Nigeria users while other exchanges did nothing like that. Also because of regulatory requirements, they stopped P2P while other exchanges did not. In fact, more exchanges added P2P for naira after. This time, it is bank statement of account. It can easily be done and be approved but I am sick of this exchange with all these regulatory compliance that other exchanges are not enforcing. Or maybe it is a general issue and not affecting only Nigerians but I am still sick of it because why only Kucoin.

Seriously, Kucoin is trying to force customers to turn away from using their service. They seem to be the only exchange frustrating our lives despite trying to cope with their lapses. I don't know their connections with government or what they agreed as terms and conditions of operations in Nigeria but it's gradually getting out of hand.

If not top of the list, they're among the exchanges with outrageous fees when it comes to withdrawing your assets and their minimum withdrawal is always high. They implicate the government tax as you stated above, they undergo maintenance almost every week at inconvenient times and now frequently freezing customers assets demanding for sensitive documents after customers are already KYCed.

Apart from having a SegWit deposit address, I see nothing so special about them anymore that would make us glued to them. Their exploitation is getting weird, it's high time we start to boycott them. Let them feel isolated for once and review their ways of operation.

Their is no need for us to start breaking our  heads over kucoin presents state of services , their are still other exchange that can also render similar services as they do, is just for one to switch to the next one  like bye bit, coin base, binance etc, since they no longer want or value their customers. Because I don't understand why kucoin will be  doing everything possible to frustrate their users (customers) instead of making things easy for them, however the only problem now is for those that had their funds stock in their system I wonder what they might be going through now , I pray God gives them the mind to overcome the challenging time.

[Bigjoe33]

I do not know the reason Kucoin has been so coward. They also comply with regulatory requirements to start taxing their Nigeria users while other exchanges did nothing like that. Also because of regulatory requirements, they stopped P2P while other exchanges did not. In fact, more exchanges added P2P for naira after. This time, it is bank statement of account. It can easily be done and be approved but I am sick of this exchange with all these regulatory compliance that other exchanges are not enforcing. Or maybe it is a general issue and not affecting only Nigerians but I am still sick of it because why only Kucoin.

Seriously, Kucoin is trying to force customers to turn away from using their service. They seem to be the only exchange frustrating our lives despite trying to cope with their lapses. I don't know their connections with government or what they agreed as terms and conditions of operations in Nigeria but it's gradually getting out of hand.

If not top of the list, they're among the exchanges with outrageous fees when it comes to withdrawing your assets and their minimum withdrawal is always high. They implicate the government tax as you stated above, they undergo maintenance almost every week at inconvenient times and now frequently freezing customers assets demanding for sensitive documents after customers are already KYCed.

Apart from having a SegWit deposit address, I see nothing so special about them anymore that would make us glued to them. Their exploitation is getting weird, it's high time we start to boycott them. Let them feel isolated for once and review their ways of operation.

Their is no need for us to start breaking our  heads over kucoin presents state of services , their are still other exchange that can also render similar services as they do, is just for one to switch to the next one  like bye bit, coin base, binance etc, since they no longer want or value their customers. Because I don't understand why kucoin will be  doing everything possible to frustrate their users (customers) instead of making things easy for them, however the only problem now is for those that had their funds stock in their system I wonder what they might be going through now , I pray God gives them the mind to overcome the challenging time.

You just nailed it, and that's just it. It's business altogether. We need their services as much as they also need our patronage. So I don't see any reason why I would have multiple options of performing the same task they do for me, and I still choose to use their services, pay heavily for their charges and yet, they condition me to my throat and make life miserable. Its just like having fiat in our local bank and then, going there to get your money to handle your financial needs, they tell you no network, bla bla bla..

Stressing over what one shouldn't is just not good and nobody would love it. For me, it's a step on to another reliable and more suitable exchange. It's a goodbye wave from me to them. I just dey happy say I no get tangible something there. I advise others to think twice about that exchange..

[Frankolala]

It's high time Nigerians stop using Kucoin and use user friendly exchange. Kucoin is doing too much just because they still have customers in Nigeria. I hope that they are not working hand in hand with the government to do something funny. I am using them but it's over between me and them. Imagine if you can't provide your bank account statement, your funds is gone.

[SOKO-DEKE]

For a long time I have been hearing that keeping money on CEX is not good and I believed it but this has made me even believe more that it's not even good to use them at all.
I have read through what the customer service said but my question is "How do they expect most people to get those documents they requested?  Let's just be frank, most people assets will be lost because they might not have those documents they request.
While they suspend withdrawals for some Nigerians do they also suspend deposits?

I really didn’t expect a big exchange like KuCoin to come up with this kind of requirement again, especially when users have already passed their KYC process and have been using the exchange for a long time. If this had been their KYC requirement from the beginning, I might have nothing against them, but what they came up with now shows they have hidden plans. In fact, it is not even proper to just wake up one day and suddenly suspend people from withdrawing their funds, asking them to provide documents before they can make a withdrawal. What about customers who may need their funds urgently? If KuCoin had taken a good step of informing all their customers that this would come up in the future, many people would have had enough time to fulfill these requirements and those who felt they couldn’t meet them could have withdrawn and left the exchange.infact they are will be some people who are not in life against and they may have funds with kucoin and may they want to withdraw it know what will be their cases. But I believe that this bad treatment they’re giving to their customers will cause them to lose plenty of users.

[sokani]

I don use Kucoin before, but when dem come make KYC compulsory, I run leave the exchange. Recently, when I hear say dem dey tax Nigerians even when dem no get official license to operate in Nigeria, I come give up on the exchange. So like dis, nothing about Kucoin dey surprise me. Dem supposed dey rub shoulders with Binance but nah because of their poor services naim make many Nigerians go always prefer Bybit and Bitget.

[Africolo]

I saw this notice in Kucoin yesterday but I decided to wait till today to see if it was a glitch, but since it still persists, I have to bring it to the public so that others will avoid Kucoin for now.
<cut>
 I just pity those that would have some funds there who might need those funds urgently because I suspect this is going to take a long process to resolve.

This is another reminder that using CEX is like handing your money over to someone to keep for you, he can deny you access to your money when you need it the most. Please consider self-custody because it is a right and gives you power over your money

It is not a system glitch it's a security measures to keep your account safe, it's obvious you changed either log in password or transactions pin if I'm not wrong. I use Kucoin and this always comes up every time I make any changes to my security settings.

[Smartvirus]

The notice I see their from the OP no really specify on Nigerian users but seem like a sole account thing. I no know of other persons way Dey use Kucoin Dey experience the same thing with the OP but if na this notice I Dey see like this, it looks unique and tailored to an account.

E Dey like when you change any major settings for an exchange, them go first restrict you access for 24hours to make sure say, na person way get the account really make those changes.

I do not know the reason Kucoin has been so coward. They also comply with regulatory requirements to start taxing their Nigeria users while other exchanges did nothing like that. Also because of regulatory requirements, they stopped P2P while other exchanges did not. In fact, more exchanges added P2P for naira after. This time, it is bank statement of account. It can easily be done and be approved but I am sick of this exchange with all these regulatory compliance that other exchanges are not enforcing. Or maybe it is a general issue and not affecting only Nigerians but I am still sick of it because why only Kucoin.

I believe say, this people Dey fear watin sup with Binance from a time and no wan enter the same gbege but, that one no really matter shah, them suppose get more faith in the system than this plenty regulations way government agencies wan shove down their throat just to generate revenue. Na like this them go take loose plenty customers to other competitors.

[GiftedMAN]

Why would an exchange that do not allow P2P trading in Naira request for a bank statement? Is this not a deliberate attempt to steal the money of people who have funds in their exchange? You recur that Kucoin is the only exchange that charges taxes for Nigerians, taxes we are not even sure they remit to the Nigerian government who have banned those exchange websites in Nigeria. Kucoin is simply full of surprises and I think its high time we started avoiding that exchange.

You asked a good question but you don still answer the question by yourself, you see wetin make things dey really go wrong but no body dey ever take time to question wetin dey happen na the case of this kucoin as an exchange, kucoin don understand say most people no go try go collect bank statement come give them since then don stop p2p for a long time so them don see an advantage to chop people money wey dey their exchange.

The Tax wey them start since them no even talk if Nigerian government dey collect money from them since then stop p2p transaction but them no stop to they collect the charge dey go but no body dey question them, now them don do another one I believe people go understand say them no mean well for the people and na opportunity to cancel them and stop using them for anything transaction.

[HajiBagi]

I do not know the reason Kucoin has been so coward. They also comply with regulatory requirements to start taxing their Nigeria users while other exchanges did nothing like that. Also because of regulatory requirements, they stopped P2P while other exchanges did not. In fact, more exchanges added P2P for naira after. This time, it is bank statement of account. It can easily be done and be approved but I am sick of this exchange with all these regulatory compliance that other exchanges are not enforcing. Or maybe it is a general issue and not affecting only Nigerians but I am still sick of it because why only Kucoin.

I don't know if it will only affect Nigerians, but my mind is telling me that it will only affect Nigerians, the reason why I said that is because if we can remember what happened to Nigerians in Binance, this is the same method Binance used to suspend people from using p2p in Nigeria and suspend some people from withdrawing, I don't even understand why the exchanges are doing this with Nigeria, but I won't blame because if we look at what caused this now, it maybe from the Nigerian banks.

As it stands, it is not safe to use exchanges because someone could wake up one day and discover that he is unable to withdraw again. This is not funny at all because they see people who use exchanges as criminals and scammers in Nigeria, they believe everything about crypto is a scam, which is why many of us are still finds it difficult to understand bitcoin.

[Agbamoni]

Kucoin is making a lot of changes for their users in Nigeria. In 2022 i was using Kucoin not until after the p2p saga i stopped using them and I'm glad that I did, because they made many regulations for p2p users over there.

Hearing about this now is heart breaking especially for those who have huge funds in the exchange. I will advise all Nigerians to avoid using Kucoin from nowhence forth, we dont know what will be the next regulation and the consequences it will bring.

[Barikui1]

I do not know the reason Kucoin has been so coward. They also comply with regulatory requirements to start taxing their Nigeria users while other exchanges did nothing like that. Also because of regulatory requirements, they stopped P2P while other exchanges did not. In fact, more exchanges added P2P for naira after. This time, it is bank statement of account. It can easily be done and be approved but I am sick of this exchange with all these regulatory compliance that other exchanges are not enforcing. Or maybe it is a general issue and not affecting only Nigerians but I am still sick of it because why only Kucoin.

I only used kucoin for like three months before they even stop their naira p2p services, and what makes me delete the app entirely from my device was that I never knew that their minimum deposit for Bitcoin was as high as sixteen dollar worth of btc, so I made a transfer of eight dollars worth of Bitcoin to the exchange, at first I never knew that my money is gone, it was after like two days when I started doing my findings why I haven't seen the money in my kucoin account, that's when I discovered that anything below their minimum deposit is lost forever.
So I was really angry then that if they are not criminals, why would they set minimum deposit so high like that? that was what makes me stop using kucoin entirely even before they stop their p2p services. Why am saying this is that the exchange is just full of shit, so many fishy things that they are constantly doing that are being overlooked by most folks out there, it's only when denied withdrawal like this that people pay more attention to it than paying attention to some red flags that shouldn't have been ignored.

[Charles-Tim]

I don't know if it will only affect Nigerians, but my mind is telling me that it will only affect Nigerians, the reason why I said that is because if we can remember what happened to Nigerians in Binance, this is the same method Binance used to suspend people from using p2p in Nigeria and suspend some people from withdrawing, I don't even understand why the exchanges are doing this with Nigeria, but I won't blame because if we look at what caused this now, it maybe from the Nigerian banks.

But right now, Binance is not requesting from we Nigerians to provide something like statement of account stating it is because of regulatory compliance.

It is very possible that Kucoin is doing it to follow regulations in Nigeria but it is kind of absurd is what I think when other exchanges, including Binance is not doing anything like that.

Who knows if Kucoin was even so coward in the past to have even secretly given Nigerian government their Nigerian customers personal information.

[Fiatless]

Kucoin is making a lot of changes for their users in Nigeria. In 2022 i was using Kucoin not until after the p2p saga i stopped using them and I'm glad that I did, because they made many regulations for p2p users over there.

Hearing about this now is heart breaking especially for those who have huge funds in the exchange. I will advise all Nigerians to avoid using Kucoin from nowhence forth, we dont know what will be the next regulation and the consequences it will bring.

As the government gets exposed to crypto, it starts making policies that will bring the industry under its control. The problem is that the two exchanges that were registered by the government offer very poor services.

I try as much as possible not to keep huge funds on exchanges because they will always abide by the policies of the government, even if it will lead to displeasing their customers. I just hope that depositors will retrieve their funds.

[Gozie51]

This is just an advise to take precaution for others who are using exchanges that are yet to follow the regulation thing. It is now getting certain that some other exchanges in Nigeria can spontaneously join this. That binance has not started this yet doesn't mean they won't in nearest future. CEX has no choice than to obey the government that they are operating under or they pack up their business in that country officially. So we can be wiser by not allowing the experience of kucoin to catch us unaware by using wallet that we have our keys to ourselves (non custodial wallet). And then we can start getting use to DEX.