We mentioned many times already that Kaspa community is one of the strongest ones in crypto right now, alongside XRP and ADA probably.
And Kaspa community raised concerns about stuff on centralized exchanges, and ‘Kaspa Report’ X page addresses these.
What you'll learn 👉
Widespread Exchange Issues Reported by Kaspa Community
Over the past month, numerous Kaspa community members have reached out to report unresolved issues across multiple trading platforms. Some problems with TradeOgre reportedly date back years, showing a pattern of persistent challenges for KAS holders.
MEXC and other exchanges have repeatedly halted Kaspa withdrawals for extended periods, citing wallet maintenance as the reason. These platforms consistently fail to meet industry standards for acceptable downtime. Community members have noted that MEXC particularly tends to suspend KAS withdrawals whenever the price increases, potentially forcing users to sell their KAS at lower prices.
We're also aware that @MEXC_Official and other exchanges continue to arbitrarily halt Kaspa withdrawals for extended periods of time, citing wallet maintenance. These exchanges fail to meet industry standards for downtime.https://t.co/5JFdBd7Sdt
— Kaspa Report (@KaspaReport) March 20, 2025
Transparency and Reserve Concerns
Bybit has also raised red flags within the Kaspa community by failing to include Kaspa in its proof of reserve audit reports. This is especially concerning given the large withdrawals observed from the exchange’s wallet #2.
According to Kaspa Report, Bybit appears to store Kaspa in multiple deposit wallets for varying periods, but not all of these wallet addresses are publicly known. This lack of transparency makes independent verification of their reserves impossible.
The community has also been unable to reconcile Bybit’s reported Kaspa trading volumes with the large purchases and withdrawals from wallet #2, leading to speculation about possible dark pool transactions between wallet #2 and Bybit.
Given these concerns, Kaspa Report cannot recommend any trading platforms as completely safe, emphasizing that all platforms carry inherent risks. They advise those interested in accumulating Kaspa to opt for native Kaspa and to withdraw their assets from exchanges as soon as possible, storing them securely in self-custody wallets.
With that said, we cannot recommend any safe trading platforms because all platforms have risks. Those wanting to accumulate Kaspa should opt for native Kaspa, and should withdrawal their Kaspa from the exchange as soon as possible to store it securely in their own self-custody.
— Kaspa Report (@KaspaReport) March 20, 2025
These issues fundamentally stem from centralized control of markets. Centralized control over assets, transactions, prices, and order flows ultimately leads to the abuse of such power. These failings highlight precisely why the world needs Kaspa’s decentralized approach.
Kaspa aims to eliminate the need for trusted intermediaries by utilizing high block creation rates, block parallelism, zero-knowledge rollups, MEV reverse auctions, oracle solutions, and other advanced technologies. These innovations are designed to solve problems that have plagued markets since their inception.
Read also: Why Kaspa Miner Capitulation May Signal a Bottom for KAS Price
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