CoinBene users denounce lack of response to exchange closure

Key facts


  • The company claims that restrictions in China complicate its operations worldwide.

  • “If we can’t offer quality services, we prefer to stop,” they communicated.

Update: this note was modified to add a statement from the exchange to its users for the withdrawal of funds.

As a result of the difficulties that cryptocurrency exchanges are currently experiencing in China, the exchange CoinBene decided to conclude its operations worldwide, including Brazil. Many Latin American users claim to be unable to access their savings.

The news of CoinBene’s absolute closure was officially announced on November 3, although it was already known about its plan to withdraw from other countries such as China and Brazil. The news was reported from a statement that the exchange itself published through various media, such as its Telegram channel

for users around the world.

In that statement, it was reported that the date on which the total closure of the platform would take place is November 31, although since November 15 the website and the application would already be inactive, both in its Brazilian and global version

. This means that users will no longer be able to log in from that date.

Meanwhile, all orders not cancelled until November 5 were cancelled “uniformly” on that date. The letter explains that Brazilian users will have until November 31 to withdraw the funds from their accounts, although many claim that they do not have that option, even with 10 days left until the stipulated date.

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When asked by CryptoNews, the exchange’s support specified that the login is disabled “due to global server maintenance” and that two exceptional withdrawal periods will be opened on November 25 and 30, from 8 a.m. to noon Brasilia time. However, before that, it will be mandatory for interested parties (only Brazilian users, in principle) to fill out this form.

Why is CoinBene closing?

Regarding the reasons for its closure, the company claimed that “due to publicly known reasons, many cryptocurrency exchanges, including CoinBene, are subject to operational restrictions by the Government of China.”

“Considering that the main technical services and product innovations come from our team in China, we are unable to offer high quality services to our Brazilian customers as we always did,” the statement continued, adding, “If we cannot offer quality services, we prefer to stop.”

<a href=”” target =”_blank” rel=”noopener”> CoinBene users denounce lack of response to exchange closure CoinBene users denounce lack of response to exchange closure The statement that CoinBene support sent to its users on Telegram. Source: Telegram.

The fear of users and the silence of CoinBene

A reader of CryptoNews reported that he lost access to his savings (more than 400 dollars in cryptocurrencies and another sum in stablecoins, he detailed) and that there are many other people in the same situation. On the internet he could not find anything other than the closure of the exchange’s operations in China, he says, and he did not receive a response from CoinBene’s support either.

On the exchange’s global Telegram channel, there were communications about it, but they are not at all encouraging for users. In the message sent on November 3, the exchange asked “not to make any more deposits because the platform will close worldwide” and “withdraw all assets as soon as possible”. Failure to withdraw them, it adds, will make it impossible to access the tokens in the account ever again.

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The same is reported in an official statement

from the company on September 26, in which it announced the closure of its operations in China, Taiwan and other regions of Asia. At the end of the statement, it is stated that users “who do not make withdrawals before October 26 will have to bear the loss of their funds”. CoinBene users denounce lack of response to exchange closure CoinBene users denounce lack of response to exchange closure Translation of the original English message about the closure of CoinBene in Asia and the procedure
for refunding its users. Source: CoinBenne /

Meanwhile, in the Telegram CoinBene Latam

(in Portuguese, for users in Brazil) at least a dozen people have asked the other members of the group if they managed to contact the company since October 18, the day the firm reported its closure in the country. However, no one offered a “yes” as an answer and the support team did not react to the questions.

Clarifications were also scarce on social media. CoinBene has 33,000 followers on Twitter, a platform where it also owns

a global account (in English) and a specific one for Latin America(in Portuguese). In neither of them did the exchange inform about a possible closure or what solutions it would offer to its clients. In addition, they have not published anything since October.

Cryptocurrency exchanges and the blocking of funds

The recommendation not to leave savings in custodial wallets (such as exchanges) has a reason. Because, not being the owner of the private keys, the user cannot access his cryptocurrencies whenever he wants if the platform (which does have the keys) so determines.

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Unfortunately, the famous saying ” Not your keys, not your coins ” has been applied repeatedly in the past. As reported by CryptoNews, many Binance users in Colombia and other countries suffered a similar situation very recently, and this still hasn’t been resolved.

Therefore, the most recommended alternative is to resort to other types of wallets (online, mobile or hardware) to store cryptocurrencies and leave in the exchange only what is necessary to operate. That way, you can sleep soundly knowing that, barring a security breach, your own mistake or hacking, your funds will remain safe.