Investors are turning online to complain about crypto exchange Biconomy holding back their funds

It advertised itself as “the safest platform to exchange cryptocurrencies and build a digital portfolio”. In a market rife with scams, carpet pulls, and spectacular collapses, it was this bold statement from Biconomy that lured investors hoping to repeat the success stories of the crypto-rich and quickly become millionaires and billionaires.

But now some investors who have used the platform are reporting troubling experiences with the exchange online. Their complaints come amid a wave of crashes in the crypto space that have damaged investor confidence and destroyed the savings of many.

Biconomy, a Canada-based cryptocurrency exchange, has grown in popularity with impressive numbers in just over three years since its inception on October 11, 2017: more than $12 billion traded quarterly, over 350,000 registered users and availability in more than 100 countries . But now a spate of complaints and negative reviews from multiple users paints a troubling picture that has become all too familiar in the crypto space, as bears stomp around everywhere and watchdogs worldwide engage in endless debates over crypto policy but little else about regulation.

On July 12, Biconomy launched the $BONE Listing Celebration to commemorate the listing of Shiba Inu governance token BONE on its exchange. After the listing, Biconomy traded 77.76% of the total BONE volume and became the top exchange for BONE daily trading volume in the world. In just 24 hours, the BONE platform traded around $6,103,440, or about $6.1 million.

Twitter user @Maximous Darwin was among those who took notice and bought the governance token on the platform. He is a member of the Shiba Army, the staunch followers known for their vocal support on social media for the dog-themed meme token and their never-ending optimism that one day its price will soar and make them all rich. Maximous Darwin’s real name is Ricardo; his surname will not be published at his request. Ricardo, who comes from Portugal, told International business hours that his passion and belief in Shiba Inu and his ecosystem had prompted him to buy more BONE. And he chose Biconomy because of its recent listing and the “good volume” the platform was garnering for BONE.


Photo: YouTube Screenshot/Biconomy Global Official YouTube Account

MaximousDarwin created an account on the platform on July 12th and thereafter transferred all his BONE tokens from his Metamask wallet and from his MEXC account.

“Everything went well for a few days,” he told IBT. “The platform seemed reputable; it had good volume and I was able to make some good trades, I even ‘won’ around 300 BONE on one trade.”

On July 20th he faced his first problem. Biconomy, he said, “had problems with BONE,” and trading wasn’t possible at the time. He said there was no notice or indication on the site that withdrawals were frozen.

At first, MaximousDarwin thought it was a temporary glitch, something all too common on cryptocurrency exchanges. But he said he researched a little more about the platform and saw some worrying signs. After some online research, he suspects other customers may have had the same issues and “rushed” to withdraw their funds from Biconomy.

That’s when things got out of hand. “I couldn’t withdraw because I kept getting an error message saying the amount was too high,” he said. “So I tried it with smaller and smaller amounts. And I submitted everything successfully, divided into 10 requests of 700 BONE each.”

The platform accepted seven of his 10 withdrawal requests, but the multiple requests meant he had to pay higher costs overall to withdraw his BONE. He only received 680.5 BONE for each of his withdrawal requests since the cost of each transaction on the platform was 19.5 BONE. Maximous claimed that Biconomy “enforced a lower amount” for withdrawals because it charges a higher fee for smaller amounts. And the money was returned late.

Three of his withdrawal requests were cancelled. Concerned about his money, he said he tried withdrawal requests for different amounts and even sold part of his BONE for USDT to test if Biconomy would allow USDT withdrawals, all to no avail. Investors are turning online to complain about crypto exchange Biconomy holding back their funds

Fry Electronics Team

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