Hong Kong crypto exchange Coinsuper freezes customers’ funds.

Several customers of the Hong Kong-based cryptocurrency exchange Coinsuper reportedly complained they could not withdraw funds from the platform. At least seven of them have contacted the police regarding the issue. According to the Bloomberg report, the problem has occurred in late November. Five of the trading venue’s customers explained to the media that they could not withdraw a total of $55,000 (an amount consisting of both digital assets and cash). 

 

Customers of Coinsuper file complaints with local authorities. 

Crypto exchange customers have filed reports to the local authorities looking for a solution to their problem. Executives of Coinsuper could not be found to comment on the matter. In addition, the administrator of the crypto exchange’s Telegram chat has stopped responding to queries about failed transactions over a month ago. However, last week, the admin asked affected clients to provide their e-mail addresses. Still, some of the customers revealed there was no follow-up to this action. A Hong Kong police spokesperson said the officials are investigating another similar case. 

 

Coinsuper’s trading application remains functional. 

As of now, Coinsuper’s trading application remains functional. It even handled approximately $18.5 million of volume in the past 24 hours. The special administrative region of China – Hong Kong – uses a so-called “opt-in” regulatory regime for digital asset trading venues, meaning they can apply to get supervised. According to Joshua Chu – a consultant at ONC Lawyers – this model is not particularly effective, and the city might change its policy soon. Earlier last year, the local lawmakers intended to apply a rule that would allow only millionaires to trade with cryptocurrencies in the megapolis.