Founded in 2017, Hong Kong-based Bitcoin exchange Coinsuper has stopped customers from withdrawing cryptocurrencies. According to the development, fiat and crypto withdrawals cannot be made on the stock market, and 7 customers of the stock exchange reported the incident to the police. He suspects that Coinsuper is plotting an escape.
Users who could not take action reported the incident to the police
Bloomberg Crypto says that Coinsuper exchange has stopped withdrawals from hundreds of customers since November. The rumors were confirmed from the company’s official chat in the Telegram group. According to the notice, customers of the Bitcoin (BTC) exchange will not be able to make withdrawals in fiat or cryptocurrencies. Thereupon, 7 users who traded on the stock market reported the incident to the police. Users share their grievances with the press.
Exchange victims shared with Bloomberg News that they were unable to move $55,000 and their crypto funds. Local police reported that they are investigating the case of a customer who purchased cryptocurrencies through “an investment company” and has not been able to get his money back since December. Apart from that, no further comment was received from the police regarding the incident, and the Coinsuper exchange did not make any statement.
Why did the Bitcoin exchange stop the funds?
This is thought to be due to the upcoming policy change regarding crypto exchanges planned by Hong Kong regulators. In November of 2021, Hong Kong’s regulatory framework stated that it would recommend that all crypto trading companies must obtain licenses to operate; The same approach is followed by Singapore.
Coinsuper was founded by Zhang Zhenxin in 2017, but the Chinese boss died two years later. After UBS China’s Karen Chen joined the company in 2018, an undisclosed amount of exchange users’ funds were raised in 2020. In the latest annual report, Chen is listed as the company’s largest shareholder. Coinsuper’s social media accounts have been inactive since December 1, 2021.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.