My assets have been seized by n.exchange, specifically 86,073 USDC and more than 240,600 XRP, when I was swapping through Exodus, as I couldn't access my regular exchnage at those times.
The USDC transaction was conducted on March 10, 2025, and the XRP transactions was conducted on March 14, 2025.
n.exchange staff put me through a KYC process, which I quickly passed, as I had all the necessary documentation handy, as I am already verified on other legitimate crypto exchanges. They claimed they decided to proceed with an "enhanced due diligence" process to combat "crime" and "money laundering." This is a bizarre situation because n.exchange provides crypto-trading services, WITHOUT KYC, by their own words. Even more bizarre, is that they suggested that I give them 5% of the transaction value if I wanted to avoid KYC, in their initial email to me. I wonder how them taking 5% of my assets somehow makes "global" KYC and AML "requirements" go away... Selling indulgences must be a good business.
Even so, I complied with their bizarre requests, as I have nothing to hide on my end; I necessarily have to declare my crypto proceeds to my tax authority, as I am a home builder and real estate developer, and there is no hiding source of funds when it comes to land development. After all, property can't walk away, and everything property-related is plainly visible.
There is nothing in my wallet addresses or activities that remotely suggests criminality or money laundering. Everything I have ever done was through wire transfers by way of financial institutions. That is apparent through even merely a cursory look at my case. But, that doesn't seem to matter to n.exchange. If they were actually concerned with being responsible for abiding by "global" KYC or AML standards (as they describe it) they could wipe their hands clean of any suspicious transactions BY REFUSING them in the first place, in the same way every bank or global financial institution does. But that is not what they do...
I provided n.exchange with the exchange ledgers/statements, my complete bank statements, and all the wire instructions showing how I on-boarded into crypto. In return, they merely reply with rote vagueness about having "patience". The damage they are causing is high, and not something that deserves patience.
For all n.exchange's talk about their "transparency", they cannot provide me with their own inventory of my seized assets, so that I can compare to my own ledger. Neither can they provide me with the wallet addresses of where my two assets are being held. All they provide are robotic responses about waiting.
There is obviously a problem with Exodus Movement
here, too. Nowhere on Exodus's "terms of service" does it state that their 3rd party API "partners" can indefinitely seize assets without cause. I had previously conducted many swaps on Exodus without any problems, and this in hindsight gave me a false sense of security. I am currently dealing with investor relation at Exodus and their legal representative. It baffles me that Exodus is knowingly sending their users into this type of predicament, especially now that they are publicly listed on the NYSE.
