Indian Bitcoin Exchange "Coinsecure" Attempts To Suppress Legal Rights Of It's Customers!
Coinsecure is in the process of compensating customers after a theft forced it to shutdown trading activities indefinitely. It used to be one of the biggest exchanges in India for trading BTC. However, the current statement on its website doesn't speak well to its legitimacy as a customer-first exchange anymore.
Mohammed Danish, an advocate specialising in cryptocurrency related matters in India tweeted the following:
Coinsecure attempts to suppress legal right of its customers. Calls it's legally recoverable debt as 'ex-gratia' (moral obligation). Offers to compensate subject to signing of agreement. Exercises coercion & undue influence for obtaining customers' consent. Tries to befool them badly!
When it was at it's peak it had excellent rates as well as quick withdrawals. Overtime it deteriorated and eventually the Bitcoin theft from its wallet forced it to suspend trading from a while now. A few users of Steemit from India also lost their funds.
I was a regular user at Coinsecure until early this year when I moved to a different one owing to better service and customer support. Luckily I had moved my funds as well from here which otherwise would've been lost in the incident.
This is one of the primary reasons why I feel the cryptocurrency exchanges in India needs regulation. It's surprising that most exchanges have been functioning without any major issue or scammy behaviour considering this is no regulation whatsoever for them to adhere to.
Exchanges like Coinsecure in the absence of any regulation can engage in malpractice and that can set a bad precedent for the whole industry in India.
Cryptocurrency exchanges are suspeptible to hacks. Some of the biggest exchanges have been hacked in recent times and in light of these developments I can only imagine how secure some of these Indian exchanges!
That's not to say they are not secure but no one has any idea of how good they are with their security and ergo it's best to keep minimal amounts of crypto tokens on any exchange as a general rule of thumb.
If you are a customer of Coinsecure and have lost your funds in the hack, please tell me your experience of claiming refunds in the comments below. It's important to share such vital information because as a customer we cannot be forced accept losses due to incompetence of a cryptocurrency exchange.
Please exercise caution and restraint when holding your tokens on any crypto exchange on the internet!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From International Steem Meetup #1—Malaysia
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #31
This is shitty move by an exchange. They are clearly backing their customers into a corner and it is a little disturbing to see them doing it so openly.
Glad to see that their act is being brought to in the light at least here on steemit
me encanta tu publicacion @firepower
The company dint bare those losses?
Congratulations @firepower! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Do not miss the last post from @steemitboard!
Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes
very intersting post
I'm glad that the bad moves of this company come to light thanks to sharing important information and growth