KYC/AML Requests N.exchange Holding User Funds for 4 Years Without Legal Basis

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Report: Unresolved Holding of 6,000 USDT by N.exchange
This report summarizes a dispute from Slavinn (OP) regarding 6,000 USDT deposited into N.exchange, which has remained frozen since December 16, 2022. Despite the passage of nearly four years, the funds have not been returned, nor has a legal basis for their retention been provided.

Source: https://bitcointalk.org/index.php?topic=5588808.0

Case Timeline * December 16, 2022: A deposit of 6,000 USDT was made to the N.exchange address 0xE291cc3e5b9e0C9b37c9FBDd549aBf3B5c0ad342.

• Processing: Records indicate that within 17 minutes of the deposit, the funds were consolidated and transferred by N.exchange to a Binance-linked address (0x1bb9192107345e2c449b7605f1342f020786afe6).
• Verification Status: The user has complied with KYC requirements and provided a wallet video. However, the exchange continues to demand historical documentation (exchange IDs, email receipts) related to accounts the user can no longer access due to the loss of an old email address.
• Current Standing: As of July 2026, N.exchange has confirmed in writing that there is no external criminal case or law enforcement instruction governing the freeze. The hold is maintained solely under the platform's internal review policies.
  Regulatory Concerns N.exchange presents a complex corporate structure, claiming registration in London while listing an address in Costa Rica. They currently operate without an FCA license, raising questions about their oversight and the accountability of their internal compliance procedures.
  Formal Action The affected party has escalated this matter to the following bodies:
• FCA: Case Ref: 212422640

 

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Quick update since the scam thread:

Source: https://bitcointalk.org/index.php?topic=5588808.msg66976942#msg66976942

• Filed complaints with the Texas AG (Case: TCP-054753) and the Nebraska AG (via email) against Exodus Movement Inc., because the company is US-based—potentially prompting an official investigation and added pressure.
• Filed a complaint with DACO (Puerto Rico Consumer Affairs) regarding the exchanger, since the site lists a Costa Rica address that may be inaccurate and DACO can investigate.
• Confirmed with FCA and FOS that N.exchange is not regulated in the UK, meaning the UK route isn’t available as it was before.
• Filed a complaint with the UK Insolvency Service (Case: BQ-2026-153758) against the directors of NATIONAL EXCHANGE LIMITED for being dissolved while still owing clients (including the user).

Why user wait: the user was scared at the time an early email from N.exchange made it seem like a criminal case was already in progress, and crypto being unregulated in their country increased the fear. Now the user says they understand better.