User funds are locked and cannot be withdrawn
Recently, the MAX exchange owned by MaiCoin has caused dissatisfaction and extensive discussion among many users on the Internet due to its risk control policy. Many users reported that MAX Exchange's long risk control review time and poor customer service attitude resulted in funds being locked up, seriously affecting the trading experience.
A netizen binary9507 shared his experience on the PTT forum. He deposited NT$20,000 (600 USDT) on August 21 and was preparing to transfer the funds to the overseas exchange Binance, but was informed by Max that risk control was required. Review, requiring personal information and proof of income.
After many communications with customer service, we found that the review time was continuously extended, from the original 5 to 7 days to 7 to 14 days. Even after the user provided the required documents, the review time was delayed again by 7 to 10 days. This situation has caused dissatisfaction and doubts among users, who believe that MAX's risk control review not only delays time, but also fails to clearly inform all required documents at the beginning.
Netizens even pointed out that the long review time caused him to lose interest on the stablecoin USDT that he had deposited and locked in the past three weeks. He was unable to transfer funds immediately, and may also suffer losses from exchange liquidations, etc., which made him quite helpless.
As global regulation of the cryptocurrency market tightens, Taiwan's Financial Supervisory Commission has also strengthened its supervision of virtual currency exchanges, requiring exchanges to strengthen anti-money laundering measures and review of capital flows. In order to comply with regulatory requirements, many Taiwan exchanges have upgraded their risk control policies and strengthened the review and risk control of user funds.
Max Exchange’s risk control policy: Service quality has been criticized
In the forum discussion, many users expressed dissatisfaction with the service quality of MAX Exchange in the comments section.
Some users pointed out that MAX Exchange has a large number of risk control reviewers, but the processing speed is extremely slow, making users' funds seem to be "deposited."
Some users said that MAX’s customer service attitude is poor, and they constantly use risk control policies and terms and conditions when responding to questions, which makes people feel that they lack empathy and due service attitude. These circumstances have led many users to decide to give up using MAX and instead choose other exchanges such as BitoPro and XREX.
Recommended by j5a5m0e4s: It’s true that the customer service is terrible. Asking questions takes a long time and the education and training is very poor.
Recommended by wahaha99: Last time I said that the login session time of the web was too short, the customer service said to use the app and said "What's the point?"
However, some netizens believe that this whole thing "seems like the account that uses MAX as a channel for depositing money into Binance is subject to risk control." Some netizens are also helping to make up for it, believing that strict risk control can effectively ensure the safety of users' funds.
→ xluds24805: The last ace that was barely reviewed has exploded
In addition, DarkerDuck, the moderator of PTT's digital currency DigiCurrency forum, also left a message saying that such problems occur today, in large part because cryptocurrencies are supervised by the Financial Supervisory Commission, and it is not necessarily the fault of the exchange.
Among the candidates who may become the competent authorities, namely the Ministry of Digital Development and the Financial Supervisory Commission, the Financial Supervisory Commission is already a relatively conservative ministry and has always held the attitude of "preventing fraud is more important than promoting profit." DarkerDuck was even more suspicious and pointed out, "Without the requirements from above, why would the exchange be looking for something to do?"
→ DarkerDuck: This is how I opposed the FSC’s regulation of cryptocurrencies from the very beginning.
→ DarkerDuck: The Ministry of Economic Affairs or even the Ministry of Digital Affairs can handle it
→ DarkerDuck: The concept of the Financial Supervisory Commission is that everything is chartered, and prevention of fraud is more important than profit.
→ DarkerDuck: But all the things I objected to here turned out to be painful in the end.
→ DarkerDuck: If there are no demands from above, why would the exchange be looking for something to do?
→ DarkerDuck: At first, you could just walk into a convenience store and buy coins without KYC.
→ DarkerDuck: Until the government kicked the ball in the currency circle to the Financial Supervisory Commission, it was boiling frogs in warm water.
→ DarkerDuck: There are still a lot of people who foolishly believe that regulation will bring the currency circle to the moon
→ DarkerDuck: Now even P2P transactions such as C2C are banned
→ DarkerDuck: The foundation of the existence of the blockchain must be uprooted, how pitiful it is.
Many users said that other Taiwanese exchanges such as BitoPro and XREX have not experienced similar risk control problems. Currently, the deposit and withdrawal processes are relatively smooth, and the review time is reasonable. It has not caused users' funds to be locked for a long time, which has become a problem for many User alternatives.
What does MAX official say?
Faced with MAX's service problems, MAX Exchange also quickly issued an official statement on Facebook, saying that due to the recent rampant fraud, the company and relevant units are committed to curbing the activities of fraud groups. In order to ensure the security of user accounts and funds on the entire platform, they have strengthened Risk control mechanism.
The team is also deeply sorry for the impact of the review time, and has deployed additional manpower to strengthen review capacity as much as possible, and also strives to achieve a balance between combating fraud crimes and general user experience.
In addition, the team also emphasized that due to the long review time, many false rumors about MaiCoin Group have been circulated on the Internet recently (such as: the platform is a fraud platform, the platform misappropriates assets, prepares to run away and cooperate with lending companies, etc.).
In this regard, the team clarified that these rumors are baseless and purely false news. The company has taken necessary measures and collected relevant evidence. If necessary, further legal action will be taken for spreading false rumors and counterfeiting to safeguard the rights of users and partners to know the true information.
Finally, he also called on netizens to treat it rationally and not to believe unconfirmed news.
Image source: Web3+
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reproduced with permission from: Web3+
