KuCoin responds to requests that user funds are locked

Crypto exchange KuCoin has responded to questions on social media platform Reddit about users not being able to withdraw their funds from the exchange.

On February 21, Reddit users started posting claims in the KuCoin subreddit that they could not withdraw their money from the exchange. According to one Redditor, they were locked out of their money for four months. As the user has already provided all the information KuCoin requested but they still haven't received any action from the exchange.

Another Redditor said their account was banned for two months. The user stated that KuCoin responded to some “serious allegations”, with sufficient evidence that he had received reports that his account was involved in some crimes such as fraud, stealing tokens or hacker attacks. However, the Reddit user says they have not received any information from the exchange.

Additionally, one user claimed that their $30,000 worth of Monero (XMR) tokens were banned from the exchange. Meanwhile, another community member said they had a verified account that had been in use for years but were blocked from withdrawing.

The reports on Reddit have sparked discussions among users and speculations on the causes of the reports. Some speculate that the issue may be related to detection of customer checks, while others have warned users to “opt out” to avoid potential problems with their digital assets.

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However, KuCoin has assured users that it is already trying to resolve the issues reported on the subreddit. Eden Gao, KuCoin's Global PR and Brand Associate, told Cointelegraph that moderators for all four issues posted on Reddit are contacting users to resolve their issues. Gao said the exchange will continue the discussion and resolve each issue. A KuCoin representative added:

“Please note that KuCoin does not restrict user accounts or prevent users from removing their assets. To improve user security, KuCoin voluntarily cooperates with authorities or law enforcement organizations around the world to improve our practices by implementing a comprehensive risk monitoring system.”

A representative of KuCoin also said that the exchange has 31 million users worldwide, so some users “may experience some disruption”. However, Gao confirmed to the community that KuCoin has appointed support members on public forums such as X, Telegram, Reddit and others.

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