Hong Kong-based Coinsuper is reportedly blocking customer withdrawals

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

The Bloomberg report suggests that the exchange’s customers have not been able to withdraw funds since late November, according to a review of the news on the exchange’s main Telegram chat group.

Five customers reportedly filed complaints with the police after what appeared to be a stop to token withdrawals leaving them unable to claim around $ 55,000 in cryptocurrencies and money.

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

Hong Kong-based Coinsuper is reportedly blocking customer withdrawals
Hong Kong-based Coinsuper is reportedly blocking customer withdrawals

The public outcry against Coinsuper, backed by Pantera Capital and led by Karen Chen, who was previously President of UBS China Inc., could force Hong Kong authorities to tighten its surveillance. As Cointelegraph reported in September 2021, A senior official of the city’s state Securities and Future Commission said more action is needed to fight cryptocurrency fraud and suggested future guidelines for trading digital assets in the Special Administrative Region.

Last month, Coinsuper’s Telegram discussion group administrator reportedly stopped responding to requests about failed withdrawals, then reappeared last week asking customers to provide their email addresses. At the time, some customers stated that there was no follow-up even after providing their data.

According to data company Nomics, the exchange processed around $ 17.4 million in volume in the past 24 hours, up from a daily high of $ 1.3 billion in late 2019.

While talking to Bloomberg, etc.not of the venture capitalists who backed Coinsup said they completely canceled their $ 1 million investment in the exchange. The VC said it lost communication with the exchange’s management team six to eight months ago, and President and CEO Karen Chen stopped responding to WeChat. Several workers are said to have left the company between July and December.

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