Mercatox, a crypto-exchange is blocking my withdrawal. How can i address this problem?

Mercatox

I have been successfully trading at Mercatox since January, 2024 and requested a partial withdrawal of my assets on March 11, 2024, which it refused to honor.

Mercatox is claiming that I was suspected of profiting from illegal operations through third-party data without providing any evidence. Furthermore, Mercatox demanded that I should put up additional 8% of my asset for a ‘security audit fund’ for verification within 7 working days. If the payment is not made, Mercatox asserts its authority to transfer the assets to either the National Tax Department or to a charity. But, none of Mercatox's responses were outlined in the Terms of Use (ToU). Even if the payment is made, the exchange reserves the right to review trades at its sole discretion.

So, in summary,

• Blocked withdrawal: Mercatox restricts your access to your funds.
• Unclear accusations: Mercatox alleges suspicious activity without evidence.
• Excessive security audit fee: You're required to pay an 8% fee for questionable verification.
• Unreasonable threats: Mercatox threatens to seize your funds if the fee is unpaid.
• No way to appeal decision: No apparent mechanism exists to challenge Mercatox's decision

Should i go by litigation or by arbitration? Any lawyers or crypto servicers who are good at restoring my frozen asset at the exchange?

Begging for a piece of advice on how to respond to Mercatox's robbery? It is a life-or-death situation to me.

Any input/advice will be greatly appreciated!!!

PenguinEggs

Sorry for your trouble. Do you have any update on your situation?

I assume you have come across these guys https://form.actionrefund.com/

They seem to deal with Mercatox cases

I took only have a relatively small amount of Phemix which I trade against having taken everything else off exchanges a good while ago at this stage

Mercatox are blocking all withdrawals from you account? So you can't swap to a third coin and transfer off the exchange from there. Is that correct?

Mercatox

Btw, I'm also preparing a suit but am having a difficulty of finding out its legal entity, which the fraudulent exchange doesn't disclose. So, i'm stuck at the moment. Any advice on how to find one?

Mercatox2

I also got scammed by Mercatox. They would not allow me to withdraw my fund except asking for three difference fee. I am in the process of suing them. If anyone interested, let me know.