Hong Kong-based Coinsuper allegedly blocks customer withdrawals

Hong Kong-based Coinsuper allegedly blocks customer withdrawals

A cryptocurrency exchange in Hong Kong stopped all withdrawal requests. Coinsuper is the only cryptocurrency company in China licensed by the government and was founded by a former senior executive at UBS Group AG. in November 2017.

The Bloomberg report suggests that the exchange’s clients have been unable to withdraw funds since late November, according to a review of messages on the exchange’s main Telegram chat group.

Five clients reportedly filed complaints with the police after the token withdrawals were apparently stopped, leaving them unable to claim around $ 55,000 in cryptocurrencies and money.

I called the Japanese consulate in Hong Kong about the Coin Super Exchange withdrawal issue, they asked me to report to the Hong Kong Police, but this time I went to the Hong Kong Police Western Police District. I have provided information

The public outcry against Coinsuper, which is backed by Pantera Capital and led by Karen Chen, who previously served as president of UBS China Inc., could force Hong Kong authorities to apply stricter surveillance. As Cointelegraph reported in September 2021, A senior executive at the city’s state Securities and Futures Commission said more action is needed to combat cryptocurrency fraud, suggesting future guidance on digital asset trading in the special administrative region.

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Last month, Coinsuper’s Telegram discussion group admin reportedly stopped responding to inquiries about failed withdrawals, then resurfaced last week, asking customers to provide their email addresses. Some clients said at the time that there was no follow-up even after providing their details.

The exchange processed roughly $ 17.4 million of volume in the past 24 hours, down from a daily peak of $ 1.3 billion at the end of 2019, according to data firm Nomics.

While talking to Bloomberg, unot from the venture capitalists who had backed Coinsuper, said they completely canceled their $ 1 million investment in the exchange. The VC said it had lost communication with the exchange’s management team six to eight months ago, and President and CEO Karen Chen stopped responding on WeChat. Between July and December, several workers reportedly left the company.

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