Latest News

Coinsuper, a Hong Kong-based cryptocurrency exchange, has put its customers’ cash on hold

Several users of the Hong Kong-based cryptocurrency exchange Coinsuper have apparently complained about not being able to withdraw cash. At least seven of them have reported the incident to the authorities. According to Bloomberg, the issue first surfaced in late November. Five users of the trading site told the media that they were unable to withdraw a total of $55,000. (an amount consisting of both digital assets and cash).

Customers of cryptocurrency exchanges have reported their problems to local authorities in the hopes of finding a solution.

Coinsuper executives could not give a comment on the matter. Furthermore, over a month ago, the administrator of the crypto exchange’s Telegram channel ceased responding to questions concerning failed transactions. Last week, though, the administrator requested that concerned clients supply their e-mail addresses. Nonetheless, other customers stated that there was no follow-up to this action. According to a Hong Kong police spokesperson, the authorities are looking into another similar instance.

The trading application on Coinsuper is still operational.

In the last 24 hours, it has handled nearly $18.5 million in volume. Hong Kong, China’s special administrative region, has a “opt-in” regulatory structure for digital asset trading platforms, which means they can request to be overseen.

This methodology, according to Joshua Chu, a consultant with ONC Lawyers, is ineffective, and the city may change its policy shortly. Local authorities planned to implement a rule allowing only millionaires to trade cryptocurrency in the megacity earlier this year.

Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.