Traders Changelly accused of fraud and calling for a boycott

Traders Changelly accused of fraud and calling for a boycott

Changelly, one of the leading cryptocurrency platforms in the world, is under attack by a few users who claim that the exchange not only commits fraud with the funds of the users and steal millions of dollars.

All the controversy started with the new KYC procedure from Changelly. Most of the users claim that they did not know or were not notified of the new policy. A huge number of transactions performed by users without KYC is not performed, as the platform considers the transaction suspicious.

Changelly currently holds these transactions in its platform, and users are mainly concerned that the pending transaction does not allow you to return the funds to their accounts. This occurs even if send all documents needed to pass KYC.

Cryptocurrency exchange does not contact with users regarding this issue several days in a row. The automatic newsletter continues to receive e-mail. Users nastrojena attitude to the situation, and start to think that the exchange went to the fraud with their money.

Most problems arose with Monero [XRM] and users require Changelly to delist coins, and not constantly block the transaction. In addition, the platform notifies users about the need to use KYC before the transaction is executed, although the assurances Changelly all need to get a special warning.

Most cryptocurrency enthusiasts supported the idea of boycotting the exchange, and even called the exchange an enemy of decentralization and anticryptogamic.

Changelly made a statement on the issue on Reddit:

“We know that KYC is contrary to the original idea of anonymity in cryptocurrency world. Frankly, we are not satisfied with the result. In any case, since we are in EU, we have to perform this procedure. We truly understand your frustration and believe that our actions will help save your savings. Once you go through the procedure, we will immediately return your coins without hesitation. At the moment we didn’t received from you any information. Moreover, we don’t even know your name. As we learn in the safety of your savings?

A Reddit user Childishforlife would answer:

“That’s crazy! KYC rules apply only to withdrawals, but not deposits. If it is “illegal” money as you can make them on your exchange? It is a crime”

Moneroexchange13 says:

“Cancel my transaction and return the funds. I don’t want to have business with you!!!!!”


“This is the main problem where you need to focus and solve it. Decentralized exchanges sound like the best option. But since your safety is in your hands, if you want to preserve freedom, then you shouldn’t have to Changelly or any other exchange all your savings for life “.

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