Crypto Withdrawal Woes: Coinsbit Exchange Faces Rising Scam Allegations

Coinsbit, the European cryptocurrency exchange, has faced criticism within the crypto community due to questionable practices, such as restricting users’ access to their cryptocurrency funds. Greg Osuri, the creator of Akash Network, brought attention back to Coinsbit by discussing his recent interaction with a representative from the exchange. Osuri posted a screenshot of their conversation, revealing that Coinsbit proposed to list AKT tokens in exchange for a fee.

Nevertheless, the Akash Network founder found the request troubling, considering that AKT had successfully secured listings on major exchanges like Coinbase and Kraken without any apparent financial expenses. Coinsbit tried to dissuade Osuri from the notion of obtaining a listing for free, asserting that no trading platform supports a project without requiring a fee.

An upset Osuri said that AKT is available on Coinbase and Kraken for free. Coinsbit should follow suit or stop asking for fees. “Is it a bull market if low-tier exchanges ask for listing fees?” Osuri asked, talking about X.

Coinsbit Under Fire: Crypto Investigator Exposes Alarming Issues

Renowned crypto investigator ZachXBT responded by drawing attention to other alarming Coinsbit-related developments. Several Coinsbit users complained that they couldn’t get their money on the exchange. The investigator shared screenshots of these complaints.

Lamas Finance, a decentralized application (dApp) games platform, shared their experience of Coinsbit declining to list their LMF token even after the payment of the necessary listing fees. Efforts to obtain a refund proved unsuccessful, as Coinsbit reportedly obstructed communication with Lamas Finance through their Telegram handle.

A user communicating with ZachXBT mentioned that administrators in the BitForex Telegram group initially asserted that the issue was due to ongoing maintenance. However, the user revealed that the administrator has since changed their username and become unresponsive, leaving users unable to contact anyone from the exchange.

However, Lamas Finance determined that Coinsbit might not be maintaining the expected standards of integrity and professionalism for a reputable exchange.

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