N.exchange holds 6,000 USDT for 4 years after sending them to Binance in 17 min

[Slavinn]

Introduction

I am posting this scam accusation against N.exchange to warn other users. My funds (6,000 USDT) have been frozen since December 16, 2022. I have completed KYC and provided all the information I could, but N.exchange continues to hold my money without a valid legal basis.

Timeline of events

    September – November 2022: I made several exchanges through Exodus to N.exchange (518.55 USDT, 250 USDT, 550 USDT). All transactions went through without any issues.

    December 16, 2022, 4:08 PM: I sent 6,000 USDT to N.exchange deposit address: 0xE291cc3e5b9e0C9b37c9FBDd549aBf3B5c0ad342.

    December 16, 2022, 4:25 PM (17 minutes later): N.exchange transferred 59,000 USDT to Binance. In total that day, they sent 186,000 USDT to Binance across several transactions, which included my funds. The Binance transactions were sent to address: 0x1bb9192107345e2c449b7605f1342f020786afe6.

    2022–2026: After the freeze, I was afraid that my coins might have "dirty" origin, even though all funds came from public exchangers. I found information online that I was not the only one affected by this exchanger. I temporarily did not contact them.

    July 2026: I contacted them. They requested KYC, which I completed, and I provided a wallet video. After this, they started requesting documents to verify the source of funds: exchange IDs, receipts, emails. Everything was stored on my old email, which I lost access to over 4 years. It cannot be recovered. All exchanges I made before the freeze were tied to this email — through it, I could see exchange IDs and confirmations. But without access to the email, I cannot provide anything. I admit that I lost access, but this is not a reason to gift my funds to an exchanger that simply sent them to Binance and could do whatever they wanted with them.

    July 2026: N.exchange confirmed in writing that no external criminal case or law enforcement instruction exists, and that the freeze is based solely on their internal review. When I asked what will happen next with my funds, they gave no answer. They offer no alternative solutions, do not explain the procedure, and simply repeat the same request over and over.

About the company

    N.exchange is registered in London but does not hold an FCA license.

    Their website lists an address in Costa Rica: Plaza Florencia, Local 10, 10203, San José, Costa Rica.

    The company uses different jurisdictions, making it unclear what their real regulatory status is.

    They position themselves as an exchange intermediary, but they act like a strange service that holds funds indefinitely without explanation.

Evidence

    Order ID: ORPY5T

    My deposit TXID: 0x9498df41f271483f00ce50c97420125fc7a36b85cd16080bf008950841683f92

    N.exchange address: 0xE291cc3e5b9e0C9b37c9FBDd549aBf3B5c0ad342

    Binance receiving address: 0x1bb9192107345e2c449b7605f1342f020786afe6

    My Exodus address: 0xadaf7f63be47608723431dda6c718d2b3aca62f1

Actions taken

    I have filed complaints with the FCA (Case Ref: 212422640) and the Financial Ombudsman Service (FOS Case Ref: PNX-6076443-N8K9).

What I want

I demand the immediate return of my 6,000 USDT to my Exodus address: 0xadaf7f63be47608723431dda6c718d2b3aca62f1.

I understand that I am at fault for losing access to my email, and I cannot provide the documents they are requesting. But I cannot think of an alternative solution — they offer no other options, do not explain what will happen to my money next, and give no guarantees. If they cannot complete the review, they should return the funds. If they believe there are grounds to hold them, they should provide an external case number. But endless holding without resolution is just a way to keep my money for themselves.

[Rikafip]

N.Exchange already has a shitty reputation on this forum, as several members before you got screwed in a similar way (Exodus users whose crypto was held up by N.Exchange).

It sucks that you had to pay $6k for a lesson not to use Exodus (at least I hope you did). They rely on a dodgy exchange that regularly freezes users funds for whatever bullshit reason they come up with.

[logfiles]

The service is notorious for holding users funds and if you just do a simple forum search you will see quite a number of accusations about them. Even bestchange to usually takes so long to delist search service eventually gave up and delisted them. This means there reputation is just so bad

My question though is, why did you take so long to have your issue worked out? Now they are going to look for every other issue to hold onto those funds.

[Slavinn]

The service is notorious for holding users funds and if you just do a simple forum search you will see quite a number of accusations about them. Even bestchange to usually takes so long to delist search service eventually gave up and delisted them. This means there reputation is just so bad

My question though is, why did you take so long to have your issue worked out? Now they are going to look for every other issue to hold onto those funds.

    After the freeze, I was genuinely afraid. I didn't know much about blockchain tracing at the time, and when they mentioned AML checks, I panicked. I thought my coins might really be "dirty," even though all my funds came from public exchangers.

    I found information online that others had similar problems with N.exchange. That made me even more hesitant — I thought there was nothing I could do.

    I also lost access to my old email, where all my exchange records were stored. Without that, I felt I had no proof of anything.

Looking back, I should have acted sooner. But I didn't know then what I know now — that N.exchange sends funds to Binance within minutes, that they have no external case, and that they just keep repeating the same requests without any real resolution.

I came forward as soon as I understood the full picture. Better late than never.

[rat03gopoh]

Afaik, they haven't even had a license in the first place. I don't know why Exodus chose to integrate with that fraudulent exchanger. I'm sorry to say, you have little chance of recovery even if you report it to multiple authorities. I think taking 3+ years to speak up is a bad decision.

The party you need to put pressure on is Exodus. I'm not sure they don't know the real team information for that exchanger, as they've been partners for quite some time, and some of the victims of the suspension cases are Exodus users.

[Nathrixxx]

I am posting this scam accusation against N.exchange to warn other users. My funds (6,000 USDT) have been frozen since December 16, 2022. I have completed KYC and provided all the information I could, but N.exchange continues to hold my money without a valid legal basis.

A lesson to be learned is that don't use a platform that is not well reputed or recognized by many crypto community users, some platforms do have more reasons to why they are denying us withdrawal of our assets because we violated their rules of which we may not be aware of some of them, that you passed the KYC and stage does not mean everything is still in place to make you enjoy every offer of their services, but I hope that there should be clear reason to why such is being denied by their team and be well communicated as expected.

[Coyster]

The party you need to put pressure on is Exodus. I'm not sure they don't know the real team information for that exchanger, as they've been partners for quite some time, and some of the victims of the suspension cases are Exodus users.

I strongly believe that Exodus are in on the scam perpetrated by N. Exchange, so putting pressure on them would prolly yield nothing. They know this exchange is a selective scammer, they are well aware of the many scam accusations against them, but what do they do? They still hire their services.

That action is as shady as it gets and everyone should steer clear of Exodus wallet, in part because of this, but also because it is a closed source wallet too.

[Trêvoid]

For better visibility, I also shared scam accusation here.

https://kycnone.com/threads/n-exchange-holding-user-funds-for-4-years-without-legal-basis.44/

Sorry to hear you lost your funds. They’re asking for extensive KYC AML reviews, but there’s no clear timeline or when funds will be released. Also, BestChange delisted it in December 2024 because of multiple unresolved issues.

[Zwei]

After the freeze, I was genuinely afraid. I didn't know much about blockchain tracing at the time, and when they mentioned AML checks, I panicked. I thought my coins might really be "dirty," even though all my funds came from public exchangers.

why would you think your coins are are "dirty" when you got them from public exchangers?

I also lost access to my old email, where all my exchange records were stored. Without that, I felt I had no proof of anything.

did you not try to get those exchange records from the exchange directly if you were using a CEX?

your chances of getting your coins back from those scammers are slim to none. you waiting for so long to contact them also doesn't help.

The party you need to put pressure on is Exodus. I'm not sure they don't know the real team information for that exchanger, as they've been partners for quite some time, and some of the victims of the suspension cases are Exodus users.

Exodus is a dead end, they will claim no responsibility pointing to their terms.

I strongly believe that Exodus are in on the scam perpetrated by N. Exchange, so putting pressure on them would prolly yield nothing. They know this exchange is a selective scammer, they are well aware of the many scam accusations against them, but what do they do? They still hire their services.

as long as they get their commission kickbacks, Exodus doesn't care. and n.exchange is not the only selective scam exchange they work with:


https://www.exodus.com/legal/exodus-tos-20260216-v37.pdf (page 5)

[logfiles]

    After the freeze, I was genuinely afraid. I didn't know much about blockchain tracing at the time, and when they mentioned AML checks, I panicked. I thought my coins might really be "dirty," even though all my funds came from public exchangers.

    I found information online that others had similar problems with N.exchange. That made me even more hesitant — I thought there was nothing I could do.

    I also lost access to my old email, where all my exchange records were stored. Without that, I felt I had no proof of anything.

Looking back, I should have acted sooner. But I didn't know then what I know now — that N.exchange sends funds to Binance within minutes, that they have no external case, and that they just keep repeating the same requests without any real resolution.

I came forward as soon as I understood the full picture. Better late than never.

Well, right now, it is a hard hill to climb vs back them, but it's not like you have any much choice left except make noise through different platform especially for Exodus wallet so they could try to get you helped

N.exchange on the other side does not have much good reputation left for them to defend so getting back those funds will be at their mercy.

[Slavinn]

I want to give a quick update on what I've done since posting this thread:

New actions taken:

    Filed complaints with Texas Attorney General (Case: TCP-054753) and Nebraska Attorney General (submitted via email) — against Exodus Movement Inc., because the company is based in the US. This could lead to an official investigation and additional pressure on Exodus as a public company.

    Filed a complaint with DACO (Puerto Rico Consumer Affairs) — the exchanger's website lists an address in Costa Rica, but this may not be accurate. DACO can investigate the company's activities.

    Received confirmation from FCA and FOS that N.exchange is NOT regulated in the UK. I filed in the UK because I found a complaint from another person who received help there several years ago. But now the company is no longer regulated.

    Filed a complaint with the UK Insolvency Service (Case: BQ-2026-153758) against the directors of NATIONAL EXCHANGE LIMITED, because the company was previously registered in the UK but was dissolved while still owing money to clients, including me.

To answer the question:

Why did I wait? — At the time, I was genuinely scared. The first email from N.exchange made it sound like a criminal case had already been opened. I was also afraid because crypto is not regulated in my country. I was genuinely frightened. Now I know better.

I will continue to look for new pressure points on Exodus to help me recover my funds. I will update this thread as new developments come in. If anyone has ideas on where else to write to the exchanger or Exodus — let me know.