YEREVAN (CoinChapter.com) — Controversies surrounding the KuCoin Exchange seem to be unending. On several occasions since its launch in September 2017, customers have accused the crypto platform of questionable practices. While these complaints vary in nature, they generally revolve around issues of missing funds, unresponsive customer service, and perceived scams.
In a recent Reddit post, one user alleged that he lost $60 when trying to deposit in the exchange. According to the post, “corrupt app” KuCoin did not credit his account and refused to return his funds.
“They emailed me back saying that my funds are gone cause the minim deposit amount was miraculously increased from 60$ to 200$ and i wont receive any money. What a fcking Joke can someone please help me or give me some advise on what I should do?”
the user asked.
They made the post in the “CryptoCurrency” group, which has 7 million members. It received mixed reactions from the community. Many offered advice on the steps that could be taken to retrieve the funds. Some asked the user to contact the bank to dispute the transactions.
However, others were not convinced of the accusations.
“All they are doing by having a high minimum is making sure that if you fuck up your transaction, there is enough there to cover the fees to get it back to you. So no, KuCoin isn’t a scam,but using wire transfer for tiny transactions is just mental,”
one user wrote in the crypto exchange’s defense.
This is not the first accusation against KuCoin Exchange
There have been several instances where customers of KuCoin Exchange have expressed dissatisfaction with its services.
In 2023 alone, multiple complaints have emerged about the KuCoin platform arbitrarily canceling trades and disabling accounts without any clear reason. Moreover, several of these complaints often highlight a lack of adequate response from the customer service team.
Some users have outright labeled KuCoin as a scam, expressing extreme dissatisfaction with their experiences on the exchange and advising others not to waste their time and money with it
Others have also experienced problems with withdrawals on the KuCoin exchange.
“The biggest trick in the book: when you send him money, you’re happy, but when you want to withdraw, you can’t. He’ll take your money away. A word of advice: stay away for Christ’s sake!”
he wrote.
On TrustPilot, for example, 77% of the reviews about the exchange are 1 star. In contrast, just 12% of users have given a 5-star review.
These reviews and complaints highlight a range of issues with KuCoin Exchange. The fact that the exchange has suffered hacks in the past also harms its reputation as a safe platform to trade and hold cryptocurrencies.
