KuCoin Addresses Allegations Regarding Locked User Funds

Crypto News– KuCoin, the cryptocurrency exchange, has addressed concerns raised on social media platform Reddit regarding users encountering difficulties in withdrawing their funds from the platform.

KuCoin Addresses Allegations Regarding Locked User Funds

Starting on Feb. 21, several Reddit users began posting claims in the KuCoin subreddit, expressing their inability to withdraw funds from the exchange. One user stated they had been unable to access their funds for a duration of four months, despite providing all requested information to KuCoin. Additionally, another user reported that $30,000 worth of their Monero (XMR) tokens had been frozen by the exchange. Meanwhile, another community member mentioned that their withdrawal capabilities had been restricted, despite having a verified account with years of usage.

These reports on Reddit sparked discussions and speculations among users regarding the underlying causes. Some speculated that the issue might be linked to Know Your Customer (KYC) checks, while others cautioned users to “get out” to avoid potential complications with their digital assets. However, KuCoin reassured users that it was actively working to resolve the reported issues. Eden Gao, KuCoin’s global public relations and branding associate, informed Cointelegraph that moderators were already engaging with the users to address their concerns. Gao elaborated that the exchange was committed to maintaining ongoing communication and providing solutions for each case.

Furthermore, the KuCoin representative emphasized that the exchange does not freeze user accounts or restrict users from disposing of their assets. KuCoin implements a robust risk control system to enhance user security and collaborates with authorities or law enforcement agencies globally to bolster its operational practices.