Cryptocurrency exchange in “Hong Kong” freezes its clients’ funds…details here

Cryptocurrency exchange in “Hong Kong” freezes its clients’ funds…details here

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Answer Cryptocurrency exchange in “Hong Kong” freezes its clients’ funds…details here

Dozens of customers of Hong Kong-based cryptocurrency exchange Coinsuper have reportedly complained about their inability to withdraw their funds from the platform.

At least seven of them called the police regarding this case.

The “Coinsuper” platform freezes the balances of its customers:

According to Bloomberg’s coverage on January 7, the problem has its roots in late November.

Five clients of the trading platform explained to the media that they were unable to withdraw a total of $55,000 (a total amount of cryptocurrency and cash).

They are looking for a solution to their problem, and have even submitted reports to the local authorities.

So far, Coinsuper executives have not responded to this.

Read:Corona virus will contribute to changing the economic system and a golden opportunity for Bitcoin

Additionally, Telegram chat admins stopped responding to inquiries about failed transactions over a month ago.

Last week, the Customer Service Officer asked affected customers to provide their email addresses.

However, some users have revealed that there is no follow up for this procedure.

A Hong Kong police spokesman said officials were investigating another similar case.

Cryptocurrency environment in Hong Kong:

The special administrative region of China, “Hong Kong,” uses a so-called “opt-in” regulatory system for cryptocurrency trading venues, which means it can apply for regulatory oversight in designated states.

According to Joshua Chu, a consultant at ONC:

This model is not particularly effective, and the city may soon change its policy.

Last year, local lawmakers intended to implement a rule that would only allow millionaires to trade cryptocurrency in major cities.

Previous problems with the “Coinsuper” platform:

Coinsuper was founded in 2017 and is run by Karen Chen, a former CEO of UBS Group AG.

The platform has a controversial history.

At one point, a partner in a mutual fund who did not identify himself revealed that his company had written off its entire $1 million investment in Coinsuper.

Read:OpenSea trading volume drops 99% from all-time high

After nearly half a year, Chen has stopped responding to WeChat messages.

In addition, several employees left Coinsuper between July and December of last year, and the platform’s administrative matters are still unclear.

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