Warning: Withdrawal suspended for some Nigerian users in Kucoin

[Marvelockg]

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.

Ever since the period binance delisted Naira from her exchange which inconvenienced a lot of users and kucoin also abi almost joined them in that direction, i just removed any possibility of using them to carry out any transaction be it short term holding of my asset or a long term holding of my asset. most times, the reason why people leave their money in an exchange is just so they can get access to it whenever they have need of it as fast as possible and this is going to be another inconvenience that we are going to encounter which is a function of the weakness that is associated with depending completely on centralized exchange.

The best way to deal with exchanges should be that whenever you are in need of funds that demands you to trade your coin for fiat, you just transfer it to an exchange and carry out your p2p transaction and that is just it. leaving too much funds in an exchange as a lot of risk.

[Tungbulu]

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.

Unfortunately, I happened to have been one of the affected users, but luckily for me, I didn't have funds in there as at the time of this suspension... I pity them more because this will only make them lose more customers. I don't know what their problems are, for exchange wey person just dey even manage self, them come dey even dey give me more reason to dump them. Well their loss, cos the small small weekly choppings we dey give them don go. Them dey mad.

[Pi-network314159]

I no no about ona but me I still dey use my Kucoin even yesterday wey I received BTC inside I still move am to another exchange and e withdrawal successfully. But wetting I dey do be say if I receive BTC I dey sell am buy TRX then send am to another exchange like bitget go change am via Fiat for p2p. I know say p2p no dey work for kucoin since but na only am I dey use receive coin but nevertheless if I notice any changes I mo go hesitate to change receiving address to a non custodial wallet.

[Africolo]

I no no about ona but me I still dey use my Kucoin even yesterday wey I received BTC inside I still move am to another exchange and e withdrawal successfully. But wetting I dey do be say if I receive BTC I dey sell am buy TRX then send am to another exchange like bitget go change am via Fiat for p2p. I know say p2p no dey work for kucoin since but na only am I dey use receive coin but nevertheless if I notice any changes I mo go hesitate to change receiving address to a non custodial wallet.

Same thing here, I've been using Kucoin exchange withdrawals without any challenge, I just withdrew from it this morning. I guessing OP received tainted coins hence the bank KYC requirements. There's more to what the OP is telling us.

[Joeboy]

I sincerely simpatize with all those experiencing the issue..... From what  I observe, this kind issue fit dey happen due to one kind internal problem wey dem dey try cover up.....Honestly ehn all this exchange sef, dem go dey whine person ontop him own sweat, rand hustle.... Dem go lock up person funds without given a proper explanation.

This is why keeping your coins for a long-term on  CEX dey very risky, coz they dey operate like bank, but without the same kind consumer protection....... Exchanges should strictly be used for trading and conversion. For long-term storage, self-custody wallet na still the best option .

[Africolo]

I sincerely simpatize with all those experiencing the issue..... From what  I observe, this kind issue fit dey happen due to one kind internal problem wey dem dey try cover up.....Honestly ehn all this exchange sef, dem go dey whine person ontop him own sweat, rand hustle.... Dem go lock up person funds without given a proper explanation.

This is why keeping your coins for a long-term on  CEX dey very risky, coz they dey operate like bank, but without the same kind consumer protection....... Exchanges should strictly be used for trading and conversion. For long-term storage, self-custody wallet na still the best option .

Nobody is likes to save their coins on exchanges but there are certain situations you can't just escape no matter how you tried, and especially being a Nigerian where you need to perform p2p to change your coins to Naira. Most of those poeple caught in exchange wahala only deposited to trade and caught up in this kind of situation.

We barely check our mails, this is why it's always advisble to regularly check our messages before using exchanges to know if there's some sort of maintenance or withdrawal maintenance so we know when to deposit and when not to.

[EL MOHA]

We barely check our mails, this is why it's always advisble to regularly check our messages before using exchanges to know if there's some sort of maintenance or withdrawal maintenance so we know when to deposit and when not to.

This particular Suspension wasn’t  communicated to any customer through email as they simply did what they actually think is the best way to do it for them. KuCoin exchange actually did use the similar address and tied the transaction as a poison attack and then with this they actually want all the participants to pass through their rigorous KYC process to unfreeze the account.

This KuCoin saga has actually further more hinted at why Self custody is the best, your personal wallet wouldn’t be freezing your with assets and be asking for unnecessary KYC documents.

[Justbillywitt]

God damnit what the fu*k is Kucoin doing? Is this like passing kyc for the second time? Nigerian users passed kyc in their platform when they opened account with Kucoin so what is their problem this time around? Or is this just peculiar to few individuals who didn't passed kyc when they opened their account? What if it is someone who haven't used their platform to do P2P trading before how then do they want such person to get bank statements with Kucoin on it, because I know for sure that Nigerian banks don't support crypto currency transactions at the moment. Omo this people just want chop Nigerians money nothing person wan tell me.

[adultcrypto]

I no no about ona but me I still dey use my Kucoin even yesterday wey I received BTC inside I still move am to another exchange and e withdrawal successfully. But wetting I dey do be say if I receive BTC I dey sell am buy TRX then send am to another exchange like bitget go change am via Fiat for p2p. I know say p2p no dey work for kucoin since but na only am I dey use receive coin but nevertheless if I notice any changes I mo go hesitate to change receiving address to a non custodial wallet.

Same thing here, I've been using Kucoin exchange withdrawals without any challenge, I just withdrew from it this morning. I guessing OP received tainted coins hence the bank KYC requirements. There's more to what the OP is telling us.

I brought the topic here because I noticed a lot of the people affected are Nigerians so I was thinking it was one of those policies of theirs that affect us. You know at the moment, their stopped P2P for Nigerians and we are being taxed for every withdrawal for only Kucoin and not any other exchange that I know of. When I saw this notice, I made the post to bring the information to us so that people will be careful. But as it stands, it seems it was not all Nigerians that was affected but the post is not still out of place.

[Tmoonz]

God damnit what the fu*k is Kucoin doing? Is this like passing kyc for the second time? Nigerian users passed kyc in their platform when they opened account with Kucoin so what is their problem this time around? Or is this just peculiar to few individuals who didn't passed kyc when they opened their account? What if it is someone who haven't used their platform to do P2P trading before how then do they want such person to get bank statements with Kucoin on it, because I know for sure that Nigerian banks don't support crypto currency transactions at the moment. Omo this people just want chop Nigerians money nothing person wan tell me.

When I heard about this fuck that is happening I was moved to check in to my kucoin exchange and luckily enough I was not affected that means this happened only to certain set of people and for that I can't really tell for sure what the fuck could be the major problem, I felt so bad for as many that was affected especially a friend of mine that has a good figure of Bitcoin in his Bitcoin wallet in kucoin now they are demanding certain credentials before the whole issue will be resolved, it is a devastating moment for each and everyone of them in this mess and I wish they could get solution just as soon as possible.

[Btcdeybodi]

I no no about ona but me I still dey use my Kucoin even yesterday wey I received BTC inside I still move am to another exchange and e withdrawal successfully. But wetting I dey do be say if I receive BTC I dey sell am buy TRX then send am to another exchange like bitget go change am via Fiat for p2p. I know say p2p no dey work for kucoin since but na only am I dey use receive coin but nevertheless if I notice any changes I mo go hesitate to change receiving address to a non custodial wallet.

Same thing here, I've been using Kucoin exchange withdrawals without any challenge, I just withdrew from it this morning. I guessing OP received tainted coins hence the bank KYC requirements. There's more to what the OP is telling us.

I brought the topic here because I noticed a lot of the people affected are Nigerians so I was thinking it was one of those policies of theirs that affect us. You know at the moment, their stopped P2P for Nigerians and we are being taxed for every withdrawal for only Kucoin and not any other exchange that I know of. When I saw this notice, I made the post to bring the information to us so that people will be careful. But as it stands, it seems it was not all Nigerians that was affected but the post is not still out of place.

Kucoin is an exchange that most Nigerians started using after the ban of binance p2p (though kucoin later removed naira p2p from the exchange) but am surprised why the exchange is making some developments without letting their Nigerian users to know. How can they put taxes on withdrawals, if it was in p2p it would have been understandable but placing tax on withdrawals is really crazy of the exchange. Since they don't offer p2p services many Nigerians have even left them as only few people are still using the exchange to receive signature campaign payments and withdraw to other exchanges like BYBIT and BITGET since they offer p2p services for Nigerians.

[Stable090]

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.

The worst mistake which people do make is leaving there money on exchange, dem fit do anything wey dem like at any fucking time, and nothing wey you go do, e just be like say na dem get d money, and it doesn’t longer completely belong to you, so if you investing and you planning to hold, then make sure your coin is in a non custodial wallet.

I just say make I withdraw the other day from KuCoin, and I see say KuCoin freeze my account, any other activities they work, but I no fit withdraw my money, d matter really surprise me because I no Dey do any illegal activities, so Wetin come make them suspend my withdrawal na Wetin Dey suprise me be that. I don submit every necessary things wey dem ask, but I never hear anything from them, I just hope they will approve documents wey I submit, and dem go release my money give me.

[Obim34]

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

I saw this thread at the time you created it, knowing i will be making using of Kucoin in a few days and had to wait to feed you my update.

I just withdrew from Kucoin and it went well, it does tell the fault is coming from you, it shouldn't be nothing serious though, just follow up the process.

I as well don't encourage holding in exchanges, i can remember urgently needed to withdraw my USDT, while the exchange was undergoing maintenance for that whole period my need was paused, at desperate times exchanges may fail to be online or worse case scenarios if they get attacked.

[Odogwu-Blockchain]

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.
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 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.

Yes that's right, it's outrageous for an exchange to suspend withdrawal on account for no reasons, there must be something wrong or the user had gotten involved in illegal deposit of crypto assets maybe.

If a user changes account password, or withdrawal pin, exchange do not need you to undergo KYC verification, they'll restrict your withdrawal for 24/48 hours and everything come back to normal.

This other restrictions to do perform another KYC criteria is rare.

[Wiwo]

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.

Africolo is near accurate in his observations that nothing have changed but a security measure that is peculiar to onlybtour account and not with the entire Nigerians Kucoin accounts, mine account is ok you may have violated their AML rules.

What this means is that you have recieved funds from a questionable address, like address that habe been exposed to mixers or you recieved fund from mixer directly into your kucoin wallet that made them to freeze your account anf take further security measures.

[Nwada001]

Same thing here, I've been using Kucoin exchange withdrawals without any challenge, I just withdrew from it this morning. I guessing OP received tainted coins hence the bank KYC requirements. There's more to what the OP is telling us.

This one just be like when binance disable some account from deposit but leave their withdrawal open reason why binance do that thing then no tell us till date the only thing be say some people they affected why others still they use the exchange, nah one thing about centralized exchange if dem just suspect anything dem fit take action as dem want and still no tell the person reason why dem behave like that.

[Davidvictorson]

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

I don't know if this was directed to some users or all on that day or if it continues to this day. However, I used Kucoin two days and can tell you that it went smoothly. Still, I support and advocate that CEX is not a safe place to keep your crypto because once it is there, it is no longer yours. They can do whatever they want with it. And when they do and you complain, they'll give you a generic response like the one I'm the OP.

[Lida93]

....

This one just be like when binance disable some account from deposit but leave their withdrawal open reason why binance do that thing then no tell us till date the only thing be say some people they affected why others still they use the exchange, nah one thing about centralized exchange if dem just suspect anything dem fit take action as dem want and still no tell the person reason why dem behave like that.

All this wahala Una dey face nah una dey even bring am to Una sefs, exchange way done publicly announce their suspension of their operations for Nigerians inside Nigeria due to wetin happen between them and our government. How Una think say them go take our country users seriously when them know say them no dey answerable to our government anymore. Make Una do well to avoid using these exchanges like binance, Kucoin and OKX, no matter how Una think say them get best service and security, that one no mean again because them go fit do and undo for accounts of people from Nigeria and nothing go happen.

[Wiwo]

....

This one just be like when binance disable some account from deposit but leave their withdrawal open reason why binance do that thing then no tell us till date the only thing be say some people they affected why others still they use the exchange, nah one thing about centralized exchange if dem just suspect anything dem fit take action as dem want and still no tell the person reason why dem behave like that.

All this wahala Una dey face nah una dey even bring am to Una sefs, exchange way done publicly announce their suspension of their operations for Nigerians inside Nigeria due to wetin happen between them and our government. How Una think say them go take our country users seriously when them know say them no dey answerable to our government anymore. Make Una do well to avoid using these exchanges like binance, Kucoin and OKX, no matter how Una think say them get best service and security, that one no mean again because them go fit do and undo for accounts of people from Nigeria and nothing go happen.

I tell you mate, why person go dey use exchange where already announced and taken off their naira p2p, its already risky to do so, i have not Used Kucoin again ever since that fed issues and their closer, just have to test it again to see if their actually suspended all Nigerians accounts on the exchange.

But still its just about his account getting into some issue's with the exchange and not the whole Nigerian users.

[Agbamoni]

All this wahala Una dey face nah una dey even bring am to Una sefs, exchange way done publicly announce their suspension of their operations for Nigerians inside Nigeria due to wetin happen between them and our government. How Una think say them go take our country users seriously when them know say them no dey answerable to our government anymore. Make Una do well to avoid using these exchanges like binance, Kucoin and OKX, no matter how Una think say them get best service and security, that one no mean again because them go fit do and undo for accounts of people from Nigeria and nothing go happen.

Na this same thing I tell people wey dey complain about this thing to me privately. No be today, this particular exchange done show sign say they no want Nigerians because they imposed strict regulations for there exchange. But e tire me to see say many Nigerians still they use that exchange when they no get anything special about them. Kucoin may be one of tier 1 crypto exchanges after Binance, yet they make the environment uncomfortable for their users especially the Nigerian users.