Hong Kong-based Coinsuper allegedly blocks customers' withdrawals

A cryptocurrency speech successful Hong Kong has reportedly stopped each withdrawal requests, according to reports. Coinsuper is the sole crypto steadfast successful China that is licensed by the government, and was founded by a erstwhile elder UBS Group AG enforcement successful November 2017.

The report by Bloomberg suggests that customers of the bourse person been incapable to retreat funds since precocious November, based connected a reappraisal of messages connected the exchange's superior Telegram chat group.

Five clients reportedly filed constabulary complaints aft token withdrawals were seemingly halted, leaving them incapable to reclaim astir $55,000 of cryptocurrency and money.

I called the Japanese Consulate successful Hong Kong astir the withdrawal occupation of the Coin Super Exchange, I was asked to study to the Hong Kong Police Force, but this clip I went to the occidental constabulary territory of the Hong Kong Police Force. I person provided accusation #CoinSuper pic.twitter.com/GuXBLt0Nm2

— 火拳FX・越境通貨《紐》【PEGASUS WORLD KIT】 (@PegasusWorldKit) January 4, 2022

The nationalist outcry against Coinsuper, which is backed by Pantera Capital and is tally by Karen Chen, who formerly worked arsenic president of UBS China Inc., mightiness compel the Hong Kong authorities to use stricter policing. As reported by Cointelegraph successful Sept. 2021, a elder enforcement for the metropolis state's Securities and Futures Commission said that greater enactment is needed to combat cryptocurrency fraud, suggesting aboriginal guidance connected integer plus trading successful the peculiar administrative region.

Last month, the head of Coinsuper's Telegram treatment radical allegedly stopped responding to inquiries astir failed withdrawals, past resurfaced past week, asking customers to supply their email addresses. Some clients said astatine the clip that determination was nary follow-up adjacent aft they provided their details.

The speech processed astir $17.4 cardinal of measurement successful the past 24 hours — down from a regular highest of $1.3 cardinal successful precocious 2019, according to data steadfast Nomics.

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While speaking to Bloomberg, 1 of the task capitalists that had backed Coinsuper, said that they person wholly canceled their $1 cardinal concern successful the exchange. The VC said they had mislaid connection with the exchange's absorption squad six to 8 months ago, and Chairman and CEO Karen Chen stopped replying connected WeChat. According to reports, betwixt July and December, respective workers departed the firm.