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Crypto exchange KuCoin has responded to claims on social media platform Reddit of users being unable to withdraw their funds from the exchange.
On Feb. 21, Reddit users started posting claims in the KuCoin subreddit that they could not withdraw their funds from the exchange. One Redditor <a href="https://np.reddit.com/r/kucoin/comments/1aw60x1/kucoin_have_stolen_us4800_from_me/" target="_blank" rel="noopener nofollow">said</a>&nbsp;they have already been locked out of their funds for four months. The user claimed they had already provided all the information that KuCoin asked for but still did not receive any action from the exchange. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-02/fa8f93ac-ec37-434d-bba8-7845fd2d6ffc.jpg" alt="" title="">
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 User claims to have been locked out of their KuCoin account. Source: Reddit
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Another Redditor <a href="https://np.reddit.com/r/kucoin/comments/1awcge8/after_two_months_funds_still_seized/" target="_blank" rel="noopener nofollow">shared</a> that their account has been blocked for two months. The user claims that KuCoin responded to them with some “serious allegations,” saying that it received a report that the account was involved in certain crimes like fraud, stealing of tokens or hacker attacks, with sufficient evidence. However, the Reddit user claims they have not received any details from the exchange. 
In addition, one user <a href="https://np.reddit.com/r/kucoin/comments/1avqil6/kucoin_locking_withdrawal_with_full_kuc/" target="_blank" rel="noopener nofollow">said</a>&nbsp;that $30,000 worth of their Monero (<a href="https://cointelegraph.com/xmr-price-index">XMR</a>) tokens were frozen by the exchange. Meanwhile, another community member <a href="https://np.reddit.com/r/kucoin/comments/1avo3sb/withdrawal_frozen_ticket_id_3615595_not_resolved/" target="_blank" rel="noopener nofollow">reported</a> that their withdrawal capabilities have been frozen despite having a verified account with years of usage. 
The reports on Reddit triggered discussions among users and speculations on the causes of the reports. Some <a href="https://www.reddit.com/r/CryptoCurrency/comments/1awfypc/comment/krhm55c/?utm_source=share&amp;utm_medium=web2x&amp;context=3" target="_blank" rel="noopener nofollow">thought</a> the issue might be related to Know Your Customer checks, while others <a href="https://www.reddit.com/r/CryptoCurrency/comments/1awfypc/get_out_of_kucoin_while_you_still_can/" target="_blank" rel="noopener nofollow">warned</a> users to “get out” to avoid potential problems with their digital assets. 
Related: <a href="https://cointelegraph.com/news/animoca-mocaverse-kucoin-streamline-identity">Animoca’s Mocaverse, KuCoin to streamline cross-platform identity</a>
However, KuCoin assured users that it was already trying to resolve the problems reported on the subreddit. Eden Gao, KuCoin’s global public relations and branding associate, told Cointelegraph that for all four cases posted on Reddit, moderators are already communicating with the users to resolve their issues. Gao explained that the exchange would keep the conversation going and provide solutions to each case. The KuCoin representative added: 
<blockquote data-ct-non-breakable="true">
 “Please note that KuCoin does not freeze user accounts nor prohibit users from disposing of their assets. To enhance user security, KuCoin implements a comprehensive risk control system and voluntarily cooperates with authorities or law enforcement organizations around the world to enhance our practice.”
</blockquote>
The KuCoin representative also mentioned that as the exchange has 31 million users worldwide, some users “might experience some disruptions.” However, Gao assured the community that KuCoin has designated support members across public platforms, such as X, Telegram, Reddit and others. 
Magazine: <a href="https://cointelegraph.com/magazine/another-hong-kong-exchange-scandal-htx-sorry-airdrop-asia-express/">Another $18.9M Hong Kong exchange scandal, HTX ‘sorry’ airdrop: Asia Express</a>

KuCoin responds to claims of user funds being locked

Cointelegraph

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