Risky for US citizen keep coins on KuCoin?
I can’t trade because in US. But with withdrawal fees of many of my tokens so high, I’ve just been keeping my coins there. Maybe at some point some of these coins will be cheaper to withdraw (or who know, support for US comes back).
Is this reasonable?
I’ve received some spam email that looked legit and mentioned KuCoin shutting down (or maybe only for US) that coins will be lost and to withdraw. I’ve assumed it is fishing and not real
Different coins charge different fees to withdraw or transfer.
Cheapest and fastest to transfer is Stellar (XLM). You will pay pennies to move your funds.
Litecoin (LTC) is also very cheap transfer fees but it’s very very slow.
Convert to XLM then transfer and cash out.
I took all my stuff off in February. But I moved everything to cold storage.
You are 100% talking a risk being a US user.
I would hope kucoin would give notice if they ever stopped allowing US users to withdraw.
I’ve heard nothing about US users ever being allowed back on Kucoin. In fact, MEXC is supposed to start kyc in June.
If it was me I’d take them off kucoin soon but that’s up to you.
IMO you should withdraw immediately or you’ll run into problems
The moderator gave us notice in this forum on another thread they are giving us until October, but you should get them off, they asked us to remove them quite a while back. If you have to reverify it can take quite a while, it has to be done by individuals and it took me a couple of weeks. I don’t think your funds are at risk from them as long you comply, I know a few people with quite a bit on their platform that had no issues withdrawing their funds. You are more at risk or scrutiny from our own government , if you are using a vpn and have not complied, it would be best to do it as soon as possible.
YES!
Get your coins out of KuCoin. They will delist them, give you minimal notice and then sell your assets off. There is a reason they are moving out of US based markets. They can’t meet tightening regulatory requirement needed to move to a safer market.
Very risky. Check out r/blofin or r/bingx
I’m assuming you’re referring to ERC20 tokens (Ethereum). I had this problem with USDT. I ended up sending it to my Coinbase wallet via the binance smart chain instead where the fee was way less. So my two cents would be to look into sending them on a cheaper chain to a wallet somewhere. If they shutdown KuCoin and you’ve left them there you become just another creditor in a long line of creditors where you’ll be lucky to recover half of what is there now.
kucoin has one of the lowest CEX fees. but if you’re thinking about holding your assets, your funds are so safe. Just don’t forget to subscribe on their news channel to stay updated though