Post
Topic
Board Scam Accusations
Re: [WARNING!] kucoin claiming kyc now mandatory demanding ID documents to withdraw
by
M-BTC
on 01/09/2020, 14:33:16 UTC
Point being here is, that it's not related to the currency.

What they are doing is simple blackmail for personal data. This is especially blatant as they do not provide a way to delete accounts.
So once they have your data, they store it permanently. No way around it.

I made ONE deposit valued about 5k. After realizing I would no be able to sell it due to liquidity I wanted to withdraw to Bittrex.
That's when they froze my account without either notifying me or giving me a reason.

After completing KYC they simply stopped responding to my emails entirely.

This is not about AML, this seems to rather be a KYC scam where they lock in people they suspect of being based in a country they don't service so they can keep the funds.

In my case, it's especially absurd.
I have an official and public position within the project the funds were frozen from.
Making freezing my funds because of AML completely absurd.

1.) It was my first ever deposit. I didn't even trade anything, just tried to withdraw.
2.) The funds can be traced directly from the Team wallet where they were minted to me, and then to the exchange. No fishy business.
3.) The amount itself, as I'm based in Europe, legally would not even require KYC.
4.) But even after I did go through full KYC they are not releasing my funds.

Depositing and withdrawing funds without making trades is a huge AML red flag. Exchanges are basically huge mixers. If you deposit funds into an exchange and withdraw those funds there is no way to trace where the funds are going.

What makes you think that you're not required to provide KYC because you're from Europe? Have you not heard of AMLD5? Here is the entire policy available in every European language: https://eur-lex.europa.eu/eli/dir/2018/843/oj