Topic: Do Not Keep your tokens in KuCoin Exchange for a long term (Read 314 times)

We also reviewed this exchange and founded nothing good in it. To be short,
Full article is here
https://shitcoinoffering.com/kucoin-crouching-token-hidden-team/

Kucoin and Hitbtc both don't send delisting emails and just keep delisting coins randomly while hitbtc does allow users to withdraw. The problem here is that the wallets that hold your coins has itself been removed and so is all your coins so you have very little chances. Still you can try again contacting them and forcing them to give you your tokens as they still own the private keys to the wallet. Don't let them off easily.

Never to keep any tokens lying on any exchange. I also withdrew my BOS tokens and other tokens from Kucoin and other exchanges after Cryptopia got hacked and I lost all my tokens as they went bankrupt.

Thank you for your support. The initial responses I got were surprising for me but now I get that every exchange has some supporters here. I realized this from some of their previous posts; they are pro-KuCoin.

I like your views here, it's very well said. Keep in mind, as Dave said, crypto is a very murky area for rules and regulations.

We've been seeing a lot of companies being forced to perform KYC on their customers in recent years, when sometime back, we were used to be able to do things without any KYC. Localbitcoins, Bitpay, exchanges, etc are all examples of services we've seen over the years change due to regulations.

Exchanges right now are not fully regulated, and something as niche as delisting of an asset needs much clearer rules like:

How much notice must be given?
What is needed for a token to be delisted, can any token just get randomly delisted?
How does this need to be communicated to the customers?

I'd agree with the Dave on this - such a dodgy market means things like "90 days to collect your funds" gets by.

Sometimes I wonder about you Pharm. You are comparing KuCoin to a legitimate regulated brokerage.
That's like comparing my Honda Accord to an F1 car.

Standard mantra to CompareFlights.online. Not your keys, not your coins.
Yeah, it sucks and I do feel for you. But trusting any exchange is risky at best. If you look though the threads, just about every exchange has done some crappy things through the years.

-Dave

You did, and that's the messed up part of it.  I totally agree with you that you should have received an e-mail from KuCoin about the delisting and that they should not be relying on customers logging into their accounts frequently enough to catch one of those alerts.  I sometimes don't log into an exchange for months at a time, and even if I did more frequently there's no guarantee I would notice an alert that a coin or token was going to be delisted. 

I'm also not sold on their decision to give holders 90 days to withdraw the token.  I don't like the idea of giving a deadline like that, which is something a legitimate stock brokerage would never do. 

I think KuCoin probably should have decided to sell the token at market value at the end of the deadline (for bitcoin or whatever else) and credited the customer's account instead of just keeping the token for themselves.  That would have been excellent customer service on their part and likely wouldn't have been a huge deal for them to do.

OP, thanks for starting this thread.  It's always good to hear how these exchanges are doing business and about some of the crap they pull to the detriment of their customers.

When the coins are there, it is the exchange's money and they can easily take it away. Exchange's reputation is all based on what they actually do with this money; are they executing due diligence in protecting their clients and the assets under their control?

The title of my post won't change: Do Not Keep your tokens in KuCoin Exchange for a long term!

Your are giving a bigger scope of the same advise by not trusting any Exchange for a long term. You are right.

Thank you for passing by. 

First of all, this is a great reason why you don't keep coins on any exchange for a long period of time. When the coins are there, it's not your money, instead, it is the exchange's money and they can easily take it away from you like here.

I personally think both parties are at fault here. If you keep amounts of money on an exchange, I'd assume you trust the exchange and would often use it and follow up on your accounts.

There are no legal codes that require exchanges to send you notifications, but I would agree and say it would be a good update. As long as they have given you fair notice via a fairly visible option (their site), it's fair. Think about getting evicted as a good comparison here.

They cannot delist without PROPER notification. That is the whole point of my post. They had to send an email.

We are not required to read every single post they made on their website.

New coin is listed? I receive an email.
New competition which will start? I receive an email.
New IEO on their Spotlight page? I receive several emails.
Delisting coins I own? No email !!!

This is done on purpose. It is beneficial for them to inform less people. That's why I posted it in the scam category.

KuCoin failed to exercise due diligence in trying to inform their clients properly about the delist.

They had to send an email. You don't agree? They always send email when new tokens are added or when they have some competition going around. Why they didn't send an email announcing this delist?

I disagree with you, I'm not required to read every single post on their news page to keep my assets protected. They have to work on my interest as a client an inform me properly by sending an email.

Okay first of all I dont think that your post should be posted here on scam accusations. Second, the announcement was posted December 21st, 2018, (you can check here: https://news.kucoin.com/en/st-kucoin-delisting-of-some-projects-2/). And I know they always post announcements on every social media pages they have and Im sure you have at least one thats following them.

I dont really think that its the exchanges fault that you missed the deadline. I mean they have given all the users the time actually. Thats 90 days, 3 months, a quarter of a year you know. You gotta be more serious about this crypto investment dude, if you have funds on an exchange better get a hold of it. Be more attentive about them since you invested on them. Such accusations just does not add up to me. Just because you have missed it doesnt mean they have the fault on it.

Thank you for the advise.

Okay my bad. I thought you said email was sent. Well I think I receive delisting emails from exchanges. I am with a lot of them but not sure which one's give away.

If they have not sent any email then of-course there is a lack here from them. Try to talk to them and point it out that in your case it was not easy to visit their site every now and then to check updates and you completely missed it. Give them the link of this topic too. May be it will help.

Good luck.

Not every client logs into their account on KuCoin on a daily basis. Most will likely go to the website once in a while, unless there is an email sent out about a recent change.

I think I made it clear that no email was sent!

There was no individual email stating that there was a delisting that was about to take place. It was just an announcement on their news section of their website.

Not sure about legal standard. They announced it on their website, they sent email to you and the time period was 90 days. What else you think they should do to find you?

If you have serious money in any exchange you at-least needs to follow up with your account very often.

Unfortunately they are correct. You can not really blame them.

I understand your frustration. It is hard to lose hard earned money but I do not see much wrong from Kucoin's side. If there are anyone to blame then it's you bud.

Try your best if you can convince them. If not then take this as a lesson. Never leave your asset in an exchange unless you are trading regularly. Your keys, your coins.

By the way, I do not think it is a scam accusation topic. It better needs to move to any discussion board.

Edited

Trading with cryptocurrency, or any currency is risky at best. The stock market is much the same. However, each respectable exchange has a Terms of Use section, where the client needs to follow all the rules. These same reputable exchanges should be looking out for the client and the clients’ assets. Sadly, not all are responsible in the clients’ behalf.

I held an account with some of my WePower tokens (WPR) on KuCoin exchange. On December 12th, 2018 they made an announcement on their website that they were going to delist the WPR tokens, along with a list of others. The announcement stated that any client who held those tokens must withdraw in the 90 period that was given. This announcement was just on KuCoin’s news page. The exchange required that they send an email to each client informing them of this change being made and the deadline.

Not every client logs into their account on KuCoin on a daily basis. Most will likely go to the website once in a while, unless there is an email sent out about a recent change. Is this a legal standard for a company to follow? How many clients did not log in to see this information posted?

In most situations with this type of misunderstanding, a phone call and conversation with Customer Service would be adequate and the client should rightfully be able to remedy the situation. One client, myself, made the chat to KuCoin Customer Service and let them know that I had not been sent an email pertaining to this delisting, so obviously I had missed the deadline. I further asked about my tokens and how I could withdraw them since I had received no email stating this change. I was informed, quite blatantly, that I had missed the deadline that had been posted, I had been given 90 days, like everyone else. Therefore, they had given me ample time to withdraw my tokens, that was all they had to do.

So yes, notification was given, only to those who had a distrust in the exchange and logged into the announcement page much more often. Does this mean that I, along with how many other clients have lost our WPR tokens, our money, due to the lack of care and concern for their client? The lack of concern being that there was no individual email or letter stating that there was a delisting that was about to take place.

The lesson was learned, I, and many others have lost the funds, tokens that I had been holding in our accounts. Those same accounts that we trusted a company to take care of for the client. Needless to state, I immediately logged into KuCoin and removed every last token and any other cryptocurrency other than kucoin share that I had in there.

A message to Kucoin Exchange, if you want clients to remain, stick with them, protect them and their assets, as if they were your own. That does not mean you can delist without PROPER notification and then take control of all the money without returning it.