Allegedly, Coinsuper, headquartered in Hong Kong, prevents customers from withdrawing money

According to reports, a cryptocurrency exchange in Hong Kong has reportedly stopped all withdrawal requests. Coinsuper is the only government-licensed cryptocurrency company in China. It was founded in November 2017 by a former UBS executive.

Bloomberg report suggestion According to a review of messages in the exchange’s main Telegram chat group, customers of the exchange have been unable to withdraw funds since late November.

According to reports, five customers complained to the police after the token withdrawals were apparently stopped, which prevented them from recovering approximately $55,000 in cryptocurrency and money.

The public outcry at Coinsuper, which is backed by Pantera Capital and run by Kailun Chen, the former president of UBS China, may force Hong Kong authorities to implement stricter supervision.As Cointelegraph reported in September 2021, a senior executive of the Hong Kong Securities and Futures Commission stated that the greater Action is needed to combat cryptocurrency fraud, It is recommended that future guidance on digital asset transactions in the Special Administrative Region be given.

Last month, the administrator of Coinsuper’s Telegram discussion group reportedly stopped responding to inquiries about failed withdrawals, and then reappeared last week, asking customers to provide their email addresses. Some customers stated at the time that they did not follow up even if they provided detailed information.

The exchange processed approximately US$17.4 million in trading volume in the past 24 hours-below the daily peak of US$1.3 billion at the end of 2019. according to To the data company Nomics.

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In an interview with Bloomberg, a venture capitalist who supports Coinsuper stated that they have completely cancelled their $1 million investment in the exchange. VC stated that they lost contact with the exchange’s management team six to eight months ago, and Chairman and CEO Kailun Chen stopped responding on WeChat. According to reports, several workers left the company between July and December.