Taiwan's cryptocurrency community was suddenly abuzz today (11th) with discussions about "withdrawal blockages", with community and LINE group posts claiming that multiple local exchanges have temporarily suspended withdrawal functions, causing user anxiety. So far, no official clarification has been issued by platforms, but bank risk controls and increased compliance costs are compressing the space for people to use cryptocurrencies, pushing market sentiment to a high-pressure state and even promoting boycotts of Taiwan's KYC exchanges, creating a vicious cycle.
Bank Risk Control Compresses NT Dollar Channels
According to BlockTempo readers' reports over the past three months, banks are listing crypto-related remittances and withdrawals as high-risk activities, with investors frequently reporting rejected transfers and even accounts being flagged. The Financial Supervisory Commission has already banned credit card crypto purchases, and underground OTC trading risks legal issues, causing NT dollar deposit and withdrawal channels to shrink; withdrawals often face "review delays". Some users now transfer funds via foreign currency to Kraken, Coinbase, and then use stablecoins or tax-free overseas USD income to return to Taiwan, but exchange rates, handling fees, and overseas regulations remain barriers.
Rumors, Gray Areas, and the Truth?
Although multiple sources told BlockTempo that withdrawal delays are occurring at compliant Taiwanese exchanges recently, there's no evidence of a comprehensive withdrawal freeze. Readers report that customer service mostly cites bank review or blockchain congestion. Whether this is related to the recent reduction of VASP exchanges to eight or further financial flow control by the Financial Supervisory Commission remains unclear.
However, the lack of transparency and regulatory vacuum allows rumors to grow. Without official information, users naturally worry about worst-case scenarios, potentially turning to illegal or gray area withdrawal channels, further creating a negative cycle.
Experts Call for Users and Regulatory Bodies
Experts warn that amid cash flow concerns, investors and users must be cautious of potential bad actors exploiting withdrawal rumors to promote illegal deposit/withdrawal channels, such as unregistered OTC traders, which could involve legal issues related to money laundering prevention. Principally, users in Taiwan should prioritize exchanges with Financial Supervisory Commission money laundering prevention statements and regular reserve proof disclosures, like MaiCoin MAX or BitoPro, and continue monitoring announcements.
In reality, withdrawal controls are not new for compliant Taiwanese exchanges. To prevent users from entering illegal gray areas, the Financial Supervisory Commission and relevant authorities should timely investigate public sentiment and understand the actual usage of virtual currencies in Taiwan, avoiding a scenario where "everyone is operating illegally" and OTC trading becomes widespread and difficult to regulate.
To end "withdrawal panic", the key lies in regulation, information transparency, and increased exchange and public communication. If the Financial Supervisory Commission can quickly understand the actual situation and provide clear bank collaboration guidelines, while exchanges simultaneously enhance cybersecurity and reserve disclosure, user and market trust can stabilize. Otherwise, if users start promoting gray platforms, regulation might become meaningless.
