Yesterday, I transferred 5000€ from a legit German bank account to OCX and swapped for USDT. Immediately the USDT got frozen, now titled as „protected“ and I’m unable to withdraw them to any other address for a „protection“ period of 5 days.
Swapping USDT back to EUR or USDC is possible, while the first costs about 4€ fee and brings me nowhere and the second costs about 18$ fee. Transfer back to my bank account would likely last longer than the „protection“ period. Spot trading on OCX only offers trading to EUR and USDC.
This is a weak excuse of an exchange. I’m dealing with quite a number of exchanges regularly and none of them has such regulations. There was no warning upfront, no hint, no whatever. Clearly it’s about suppressing USDT and it’s not about protecting anything. Support gives no detailed answer and just repeats the „for your safety“ bs, without any reasoning ofc.
Once the „protection“ period is over, I’ll transfer the USDT to another exchange and close my account. It’s their business what pairs to support but there should have been a clear warning upfront. And if anyone feels to be a smartass now like „You should have known“: No, I don’t, because in crypto you can’t keep track of every detail while having a full time job. Bye bye OCX!
submitted by /u/Zeytgeist
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