1. Platform Background: High-profile expansion of the "Global Exchange," but low-key regulatory information

CoinW was founded in 2017 and claims to be headquartered in Singapore, with offices in Abu Dhabi, Hong Kong and other places.
The platform claims to have 9 million users worldwide and covers more than 200 countries, but as of October 2025, its regulatory registration number has not been recorded in official databases such as FinCEN, MAS, and FCA .

📊Basic Overview:

2. Disputes over Withdrawal Freeze and Risk Control Mechanisms

Since August 2025, users in many parts of the world (especially in Asia and Africa) have reported that their withdrawals have been rejected or frozen for a long time by the system .
CoinW’s customer service system has repeatedly delayed withdrawals on the grounds of “security review” and “fund source verification.”

📢Typical user feedback:

"My withdrawal was stuck for three days, and the system prompted 'risk control review,' but I was just doing a normal transaction."

“I passed the KYC audit, but was asked to submit bank statements, otherwise my account would be frozen.”

“My withdrawal request on September 28th is still ‘processing’ and customer service is no longer responding.”

📈 Complaint trends (Trustpilot + Reddit + Twitter):

Multiple cases have shown that after user funds were frozen, CoinW did not provide an official complaint mechanism or compliance processing instructions.

3. Regulatory Tracking: Listed on the “High-Risk List”

📌 SFC Alert Summary:

“CoinW does not have a license to provide virtual asset services in Hong Kong. Investors should exercise caution when trading or using its wealth management products.”

In addition, the UAE ADGM has not publicly listed CoinW’s digital asset license number, indicating that it only exists in the local area for “marketing promotion purposes.”

Blockchain Analysis: Signs of Capital Outflow and Unknown Flows

Nansen.ai, an on-chain analysis platform, reported that a large amount of funds migrated from CoinW’s main wallet in mid-September 2025:

• 🔺Approximately $42.8M USDT was transferred out to an unidentified wallet (suspected to be an OTC account);

• 🔺ETH reserves fell 35%;

• 🔺 The platform has not released any updates on the Proof-of-Reserve (PoR) audit;

• 🔺 The wallet address will no longer be publicly updated after 2025/09/30.

This means that the platform’s financial transparency continues to decline, and its “Proof of Reserves” page remains at the end of 2024 version.

5. Typical Risk Pattern: Systemic “Freeze Cycle”

Based on user feedback and on-chain data analysis, CoinW's problems exhibit the characteristics of a "freeze cycle":

1. User submits withdrawal application →

2. The system prompts "Risk Control Review" →

3. Customer service requests additional documents (such as tax bills, proof of funds) →

4. Review Delay/No Response→

5. User assets cannot be withdrawn

This model is highly similar to previously confirmed "pseudo-operational" gray exchanges (such as BitForex and LBank).

VI. Rights Protection and Regulatory Progress

• More than 8,000 users have joined the CoinW rights protection group in communities such as Telegram and Discord;

• Several law firms are collecting evidence in preparation for filing international arbitration complaints;

• Hong Kong and Canadian regulators are working together to track the flow of funds;

• Some regions (such as the European Union) have considered blocking access to this domain.

⚖️Financial lawyer Clara Ng commented:

“CoinW’s problems lie in its lack of transparency and misuse of risk controls. If it cannot provide a valid license and proof of reserves, it will be considered a potential illegal operating entity.”

VII. Investor Advice and Risk Prevention

📋Key recommendations:

1. Immediately stop depositing or reinvesting in CoinW;

2. Save withdrawal records and communication screenshots;

3. Check whether the on-chain transfer records are associated with suspicious wallets;

4. Report to local financial regulators (SFC, OSC, ESMA);

5. Use a regulated exchange (e.g., Coinbase, Kraken, Bitstamp).

8. References

• CoinW official website

• SFC Hong Kong Warning List

• MAS Financial Services Provider Enquiry

• Nansen Blockchain Report

• Trustpilot complaint page

📍 Conclusion: The systemic risks behind CoinW’s risk control freeze

CoinW’s compliance and operational issues are a typical case of the “lack of supervision” in the crypto market.
As regulatory agencies become increasingly strict, platforms that lack transparent reserves, have no registration licenses, and frequently freeze user funds are
Everything could collapse overnight.