KuCoin’s Response to Locked User Funds Claims

A number of users on Reddit have been complaining about issues with withdrawing their funds from crypto exchange KuCoin. Some users claimed that they have been locked out of their accounts for several months, despite providing all the necessary information requested by KuCoin. Others reported that their accounts were blocked and they received serious allegations of being involved in crimes such as fraud or stealing tokens, without receiving any specific details from the exchange. One user stated that $30,000 worth of their Monero tokens were frozen by the exchange. Another user said their withdrawal capabilities were frozen, even though they had a verified account with years of usage.

These reports on Reddit led to discussions among users and speculation about the causes of the issues. Some suggested that the problem might be related to Know Your Customer checks, while others advised users to withdraw their assets to avoid potential problems. The KuCoin team assured users that they were actively working to resolve the reported problems. Eden Gao, KuCoin’s global PR and branding associate, confirmed that the moderators were communicating with the affected users to address their issues and find solutions.

Gao emphasized that KuCoin does not freeze user accounts or prevent users from disposing of their assets. The exchange has implemented a comprehensive risk control system to enhance user security. KuCoin also cooperates voluntarily with authorities and law enforcement organizations worldwide to ensure best practices. Gao acknowledged that with 31 million users around the world, some disruptions might occur, but assured the community that dedicated support members were available on various public platforms, including X (formerly Twitter), Telegram, and Reddit.

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