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Author Topic: [2014-06-04] Red Flags Raised Over Hong Kong Bitcoin Exchange HKCex  (Read 1001 times)
roslinpl
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June 04, 2014, 07:55:25 PM
 #1

A link to an article.

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(...)Claus deposited 1,000 LTC to HKCex on 15th May and was pleasantly surprised when his HKCex account balance showed an extra 88.8 LTC. It turned out that the new exchange was offering a promotional bonus on deposits. Claus hadn’t even noticed the sweetener.

“I thought their prices were inflated due to the abundance of USD deposit methods and low market depth as they were a new exchange,” he said.

Articles announcing HKCex’s $27m worth of investment and chatter on forums like BTC-e allayed some of Claus’ doubts about depositing funds with a new exchange. He had used less well-known platforms without a problem in the past.

“I felt [HKCex] were trustworthy,” he said.

But when Claus flipped his 1,000 LTC for 26 BTC and wanted to withdraw the balance, his pleasant experience soon turned sour. He noticed his withdrawal’s status was changed from ‘processing’ to ‘rejected’. He was then told to send a notarised copy of his passport to HKCex in Hong Kong because his account had been flagged for money laundering. Claus still hasn’t received his funds today.(...)

Damn Smiley Maybe Claus was laundering? Cheesy but read the rest of this article to hear more great stories about HKCex.


Kind regards.
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June 04, 2014, 08:07:32 PM
 #2

A link to an article.

Quote
(...)Claus deposited 1,000 LTC to HKCex on 15th May and was pleasantly surprised when his HKCex account balance showed an extra 88.8 LTC. It turned out that the new exchange was offering a promotional bonus on deposits. Claus hadn’t even noticed the sweetener.

“I thought their prices were inflated due to the abundance of USD deposit methods and low market depth as they were a new exchange,” he said.

Articles announcing HKCex’s $27m worth of investment and chatter on forums like BTC-e allayed some of Claus’ doubts about depositing funds with a new exchange. He had used less well-known platforms without a problem in the past.

“I felt [HKCex] were trustworthy,” he said.

But when Claus flipped his 1,000 LTC for 26 BTC and wanted to withdraw the balance, his pleasant experience soon turned sour. He noticed his withdrawal’s status was changed from ‘processing’ to ‘rejected’. He was then told to send a notarised copy of his passport to HKCex in Hong Kong because his account had been flagged for money laundering. Claus still hasn’t received his funds today.(...)

Damn Smiley Maybe Claus was laundering? Cheesy but read the rest of this article to hear more great stories about HKCex.


Kind regards.

Well he sould have used btc-e

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bryant.coleman
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June 05, 2014, 05:29:03 AM
 #3

Even earlier people were having problem with these little-known exchanges in Hong Kong. Once an exchange (GBL Trading) closed down, and the owners ran away with all their users' coins (Users lost more than $4 million).
epere
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June 05, 2014, 06:01:12 AM
 #4

You can deposit instant but cannot withdraw for any reason be coins or fiat. I tried to withdraw fiat and after 2 days the request was cancelled with reason: invalid payment details.

bryant.coleman
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June 05, 2014, 06:11:08 AM
 #5

You can deposit instant but cannot withdraw for any reason be coins or fiat. I tried to withdraw fiat and after 2 days the request was cancelled with reason: invalid payment details.


Smells of fraud. Why can't they allow the BTC withdrawals? If the limitations are just for the fiat withdrawals, then it is understandable. But at a time when most of the other exchanges are allowing instant BTC withdrawals, this is causing added suspicions.
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June 05, 2014, 06:29:26 AM
 #6

You can deposit instant but cannot withdraw for any reason be coins or fiat. I tried to withdraw fiat and after 2 days the request was cancelled with reason: invalid payment details.


This bait and switch tactic is getting very tiresome. It seems more and more exchanges are letting people deposit their coins without a mention of what they require in order to cash them out. More and more people are getting burned by these requirements. If a site has these requirements that's their prerogative, but they should make it very clear for the depositor what steps will need to be taken in order to have those coins withdrawn.
notthematrix
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June 05, 2014, 07:08:49 AM
 #7

Amateurs real welhty btc owners do this.
Bye bye AML laws , bye bye KYC laws ......
And the story that banks / country's will be able to ban bitcoins by closing al exchanges to fiat well forget about it!
Being a bank is owning A license!
Welcome in the offshore world with it's latest products.
By being a offshore bank good chance btc-e does it like this , you are simply exempt of any AML , KYC and tax laws!
 


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Ron~Popeil
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June 05, 2014, 07:10:39 AM
 #8

You can deposit instant but cannot withdraw for any reason be coins or fiat. I tried to withdraw fiat and after 2 days the request was cancelled with reason: invalid payment details.


This bait and switch tactic is getting very tiresome. It seems more and more exchanges are letting people deposit their coins without a mention of what they require in order to cash them out. More and more people are getting burned by these requirements. If a site has these requirements that's their prerogative, but they should make it very clear for the depositor what steps will need to be taken in order to have those coins withdrawn.

I make it a habit to read up on exchanges here before using them. There are way to many ugly stories about thefts.

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June 05, 2014, 11:12:18 AM
 #9

Mark? Are you there?

Ron~Popeil
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June 05, 2014, 08:01:34 PM
 #10

Mark? Are you there?


The sooner these bad actors collapse and leave the bit coin economy the better.

roslinpl
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June 05, 2014, 11:03:54 PM
 #11


Well he sould have used btc-e


I agree Smiley I dunno why he choose some worth nothing scammy exchange ... but well ... people just sometimes are givin' trust Smiley and then regret it.


HKCex .

HolyKrapCex Smiley   Or HerKarpelessCheatingExchange
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June 07, 2014, 03:10:40 PM
 #12

Well he sould have used btc-e
I agree Smiley I dunno why he choose some worth nothing scammy exchange ... but well ... people just sometimes are givin' trust Smiley and then regret it.

You know, for the most part of 2013, there was a vocal campaign here against BTC-E. A lot of people were saying that the BTC-E owners are anonymous, and they will runoff with all their users' coins, if given a chance. But it seems that the critics have fallen silent, after their trusted exchange (Mt Gox) crashed and its owner ran away with all the coins.  Grin
Ron~Popeil
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June 10, 2014, 02:21:23 AM
 #13

Well he sould have used btc-e
I agree Smiley I dunno why he choose some worth nothing scammy exchange ... but well ... people just sometimes are givin' trust Smiley and then regret it.

You know, for the most part of 2013, there was a vocal campaign here against BTC-E. A lot of people were saying that the BTC-E owners are anonymous, and they will runoff with all their users' coins, if given a chance. But it seems that the critics have fallen silent, after their trusted exchange (Mt Gox) crashed and its owner ran away with all the coins.  Grin

Luckily the old west days with exchanges seem to be ending. If anything good came out of the GOX debacle it is that exchanges started doing external audits and proving that they are solvent. Hopefully more follow suit. 

bryant.coleman
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June 10, 2014, 03:34:57 AM
 #14

Luckily the old west days with exchanges seem to be ending. If anything good came out of the GOX debacle it is that exchanges started doing external audits and proving that they are solvent. Hopefully more follow suit. 

Talking about the external audits, the BTC-E admins had promised a few months ago that they will start publishing financial statements, verified by an external audit, on a regular basis. Any progress on this?
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