This page documents offshore cryptocurrency exchanges that lack proper regulatory oversight, operational transparency, and user protections. These exchanges have been flagged by blockchain investigators and user complaints for serious red flags including withdrawal issues, hidden fees, account freezing, and inadequate regulatory compliance.
Warning issued by: ZachXBT (March 2025) and community reports
Exchanges to Avoid
KCEX
Jurisdiction: Seychelles
Key Issues: Withdrawal freezes, "risk control" used to deny bonuses and confiscate funds, only MSB registration
Toobit
Jurisdiction: Cayman Islands
Key Issues: Banned US users July 2024, withdrawal delays of 5-12 weeks, operating like a "bucket shop"
Bitunix
Jurisdiction: St. Vincent and the Grenadines
Key Issues: Multiple scam domains, profit confiscation, suspicious Trustpilot reviews
WEEX
Jurisdiction: St. Vincent and the Grenadines / Singapore (claimed)
Key Issues: Georgia cease-and-desist order, opaque management (CEO only known as "Peter")
Jucoin (Ju)
Jurisdiction: St. Vincent and the Grenadines
Key Issues: JU token crashed 74.96%, multiple ownership changes/rebrands, withdrawal blocking with "gas fee" scams