Company’s comment on the user data verification incident

The user has already successfully passed the check and thanked us

Kick Ecosystem OFFICIAL
4 min readJun 7, 2021


Dear KickEX and Kick Ecosystem users!

Today we met with an incident that aroused the Arab community and as a result of which one of the influencers, known as Cryptomed, made a statement that the KickEX exchange is unreliable and has problems with withdrawal. We tell you what happened.

One of the users when withdrawing a large amount, following the regulations of the exchange and the regulation of the European Union, which the KickEX exchange follows, was sent for additional verification. Additional verification includes a request for confirmation of the address, sometimes-a bank statement, which can usually be obtained directly in the bank’s application. Less often — the source of funds: in fact, usually just a screenshot of where the funds were started.

Why do we need this? We don’t need it. But this is necessary so that we can report to the regulator that this conclusion was made by a real user. Such checks and documents are mandatory for everyone who deals with finance, which is familiar and common.

For example, they are required in all payment systems to increase limits or when opening bank accounts. There is no rocket science, nothing complicated or even impossible in this, and after providing such documents, verification is carried out in a matter of minutes. In addition, such users who have requested any of these documents pass such a check only once, and after that their account is added to the white list and other checks will not be required. We have not yet had a case where someone did not pass such a test. But if such a case occurs, the user will certainly receive a refund to the account from which they came.

By the way, on many other exchanges, users who trade in high volumes are forced to pass a similar check immediately, and in some-to fill out a questionnaire with data on all relatives, pass a video interview and provide a list of all places of work for the last ten years. In comparison with such checks, the requested standard documents can be obtained by any trader, even without leaving home.

However, in this case, the user thought that his account was blocked and he would not be able to withdraw funds, so he asked questions in the chat. Other users decided that something had gone wrong and started spreading unfounded and unverified rumors. This is not the case: the user has already successfully passed the check and thanked us for a long time:

But, on our side, there is a problem that we will soon solve: for the time of verification, the user’s account is blocked so that he can not perform any financial actions. This is wrong, and it scares the users. Soon, we will solve this by leaving access to the account, but blocking the possibility of trading and other actions with funds, and we will also show the account verification status. Thus, we believe that such misunderstandings will not arise in the future.

We want to tell you why we conduct such checks. For example, recently one of the users provided files with a virus embedded in them, the purpose of which was to gain access to the exchange. Therefore, in case of suspicion, our security service checks some users and their actions, and sometimes it takes extra time. And if the user tries to speed up the verification process, if he puts pressure on the support, then, on the contrary, it causes additional attention and a more detailed and close study of this case.

This situation demonstrates to you that we care about your safety, and such checks are carried out for a reason. This is a necessity to keep your funds safe, and this case is a clear demonstration of the level of security of our exchange, and all such checks are carried out in your own interests.

We, as an exchange, have no benefit or interest in delaying someone’s funds. Moreover, we spend our own time and resources on such checks, which are very expensive. In addition, the system of automatic checks has already been improved, and the limits for additional checks will be significantly raised for all countries except for high-risk ones (Afghanistan, Albania, Bahamas, Barbados, Botswana, Cambodia Iraq, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Pakistan, Panama, Trinidad and Tobago, Uganda, Vanuatu, Yemen, Zimbabwe), and such checks will occur many orders of magnitude less frequently. For high-risk countries, the limit on withdrawals without additional checks is up to $30k, unfortunately, they are not higher yet (without changing the jurisdiction, which is expected shortly).

Founder & CEO, Anti Danilevski

Stay tuned for updates, exciting news ahead.

KickEX exchange



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