After years of positive experience with Kucoin, suddenly out of nowhere my withdrawal function is disabled on my account. After asking support about it, I only get the response:

“According to our policy, it is necessary for you to provide us with the following information to verify your identity  for preventing potential risks.” In short I have to provide:
\-1 KYC verification
\-2 Enhanced Customer Due Diligence Questionnaire
The most intrusive forms I’ve seen anywhere!
I then asked what the reason for this is, and I got the same copy paste response from the first mail.
I then explained that I don’t want to do that. And that according to their own policy here []( I have the right to 1 BTC worth of withdrawal every 24 hours without being verified.

Blockchain is about privacy. You used to support this. I don’t want to provide my ID because it goes against fundamental human privacy rights and also against the rules of your own system so I never agreed to this. If this is a new rule fine, but at least let me withdraw my funds and I won’t use your exchange anymore.
You risk getting a very bad name for yourself in this industry.

I offered to send screenshots from my wallet if they are afraid of phising but I still get the same response. It’s driving me mad. Please don’t hold my funds hostage under threat of KYC.
I don’t even know the reason why I would be suddenly flagged and you won’t tell me. It’s my crypto so don’t steal my funds.
Thank you.

A warning to everyone using this exchange that they can block your funds just like that.

➔ Visit Kucoin now and start trading

1 Comment

  1. Intergalacticus on 29. March 2023 at 3:35

    Kucoin effectively stole my funds. No solution offered, withdrawals are still disabled and my ticket was closed. No transparency about what the issue is and they just keep copy pasting responses that I should fill in those intrusive forms and nothing else. As a cherry on top I get asked if I want to fill in a satisfaction survey after they stole about 2700 USD from me. Well done Kucoin, well done.