Introduction: A “Top 3” Ghost Exchange
In the previous 29 editions, we investigated a series of exchanges ranging from HashKey to KCEX. For the 30th edition, we are taking a closer look at one of the most heavily packaged “ghost exchanges” — Deepcoin.
Its résumé looks spectacular in the “data” section:
“Ranked third globally among derivatives exchanges by CoinGecko,” “serving more than 10 million users across 30+ countries,” “registered in Singapore and founded in 2018,” “official partner of the Argentina national football team,” “COBO custody + bank-grade security,” “510+ cryptocurrencies and 125x leverage” — sounds like the standard profile of a top-tier derivatives exchange, right？
But on the other side of the story, the Seychelles Financial Services Authority (FSA) issued an official warning on September 4, 2026, stating that Deepcoin had never obtained any operating authorization under the Virtual Asset Service Providers Act, 2024, and that the FSA had “never received an application from Deepcoin.”
WikiBit gives Deepcoin a score of only 6.62/10, flagging its Canadian FINTRAC regulatory status (MSB No. M20138844) as abnormal, with the regulators published status listed as revoked. FX110 directly describes it as an “unregulated cryptocurrency investment platform” and advises users to stay away. Trustpilot gives it a rating of 3.2, with 64% of reviews rated one star. Some users bluntly describe it as “Pure Scam” and complain that they cannot withdraw their funds.
An exchange that claims to be the worlds third-largest derivatives platform apparently has not even submitted a VASP application in Seychelles, its offshore registration jurisdiction.
Let that sink in.
1. Regulatory Compliance: The Seychelles FSAs Official Rebuttal Is More Damning Than Any Negative Review
Seychelles FSA: Official Warning Issued on September 4, 2026
The Seychelles FSAs official notice states clearly:
“The FSA wishes to alert the public to the platform ‘DEEPCOIN,’ accessible through the website deepcoin.com, purportedly operated by DC Group Ltd. (formerly known as DEEPCOIN Global Limited). The FSA wishes to inform the public that the company has never been and is not authorised to operate under the Virtual Asset Service Providers Act, 2024, despite claims made on the platform and by third parties. According to records held by the IBC Registry, DEEPCOIN was incorporated on 1 July 2025. As of today, the FSA has not received any application from DEEPCOIN under the Virtual Asset Service Providers Act, 2024.”
In plain English:
Deepcoins Seychelles-registered company is called DC Group Ltd. — an ordinary International Business Company (IBC), not a licensed cryptocurrency exchange.
Deepcoin has never obtained VASP authorization. The FSA explicitly denied its claimed “Seychelles regulatory” status.
Deepcoin has not even submitted an application. This is not a case of “the application is still under review”; it is a case of “no application was ever submitted.”
The company was incorporated on July 1, 2025. That is only a little over a year ago, which is a full seven years later than the “founded in 2018” claim displayed on its website.
What kind of jurisdiction is Seychelles？
It is widely known as one of the more permissive offshore incorporation jurisdictions. If even the Seychelles FSA publicly says, “You are not licensed, and you never applied,” that puts Deepcoin in a particularly exposed position from a regulatory perspective.
WikiBit gives Deepcoin only 6.62/10, while flagging its Canadian FINTRAC registration (MSB No. M20138844) as having an abnormal regulatory status, with the regulators published status listed as revoked.
Restricted Countries: The Awkward Side of Being a “Global” Exchange
Deepcoin claims to serve 30+ countries, but its restricted jurisdictions include the United States, Canada, mainland China, Hong Kong, Iran, North Korea, Cuba, and Syria, among others.
Some of the worlds largest cryptocurrency markets are therefore off-limits.
Risk Rating: Extremely High
The Seychelles FSA‘s official statement that it “has never received an application”, combined with WikiBit’s flag concerning its Canadian regulatory status and the inclusion of the U.S., Canada, mainland China, and Hong Kong among its restricted jurisdictions, paints a regulatory picture of an exchange that claims regulatory legitimacy in multiple places but repeatedly fails to demonstrate corresponding licenses or authorizations.
This is not simply a case of “regulatory uncertainty.” The Seychelles regulator has explicitly stated that Deepcoin is not authorized under its VASP framework.
2. Account Security and Withdrawals: “Want to Withdraw？ Pay Up.” — A Classic Pig-Butchering Scam Script
From a technical perspective, the platform supports 2FA (two-factor authentication) and claims that most of its assets are held in cold-wallet custody. There has been no major publicly reported incident involving a large-scale hack or loss of the platforms entire asset pool. From a pure technical-security perspective, its foundation is therefore not necessarily the worst.
However, a large number of user complaints focus on withdrawal barriers allegedly imposed by the platform itself, with publicly available complaints showing several recurring patterns:
Case 1: Arbitrary Risk-Control Freezes and High Trading-Volume Requirements for Unlocking Accounts
Multiple derivatives traders have reported that after making profits and attempting to withdraw their funds, their accounts were suddenly frozen by the platforms risk-control system.
Customer service allegedly failed to provide clear evidence of any violation and instead required users to complete trading volume equivalent to twice the withdrawal amount before their accounts could be unlocked.
Some users reportedly completed the required trading volume, only to face additional conditions imposed by the platform. Their funds remained inaccessible and were effectively locked on the platform for extended periods.
Case 2: Strange Fees and Demands for High “Service Fees”
One user reportedly had approximately $2 million in assets in their account and requested to close the account and withdraw the funds. The platform allegedly demanded 10% of the profits as a so-called service fee.
Other users have reported being asked to pay fees under names such as a “blockchain tax” — a type of charge that does not actually exist as a standard blockchain requirement. According to these complaints, failure to pay the fee resulted in the withdrawal request being rejected or left unresolved.
Case 3: New-User Bonus Trap — Attractive Rewards That Are Difficult to Cash Out
The platform frequently promotes new-user bonuses of up to thousands of USDT. However, these bonuses can only be used for trading and cannot themselves be withdrawn.
To withdraw profits generated from the bonus, users reportedly have to complete extremely high trading volumes, effectively encouraging them to trade frequently with high leverage. Given normal market volatility, users can easily lose their principal while attempting to meet the requirements.
On-Chain Wallet Tracking: Limited Transparency
Deepcoin publicly promotes its cooperation with Cobo for asset custody, but it does not publicly provide a fixed list of its exchange hot- and cold-wallet addresses.
This means ordinary users cannot independently verify the platform‘s wallet balances on-chain. If a large-scale withdrawal rush were to occur, outsiders would have no immediate way to determine the platform’s actual on-chain reserves or track the movement of its funds. The flow of assets therefore remains relatively opaque.
On third-party platforms such as WikiBit and Trustpilot, multiple user reviews point to a similar pattern:
“They do not allow withdrawals and still require you to make additional deposits.”
“Withdrawal is not allowed. They also require a corresponding deposit. They even dare users to sue them. Please report this and investigate.”
“SCAM!!! I cannot withdraw my funds. I have already lost money.”
“SCAM. They require multiple fees before you can withdraw. I have never successfully withdrawn my funds.”
“Unipay fee, tax fee, unlocking fee (supposedly refunded to the trading account)... Does this exchange even exist？”
“Unipay fee + tax fee + unlocking fee” — a three-layer fee structure that resembles the patterns previously seen with KCEX and BVOX.
Every time you try to withdraw, another fee allegedly appears.
Pay the first fee, and there is a second.
Pay the second, and there is a third.
On the FX110 complaint platform, a user filed a complaint on January 19, 2026, titled “Deepcoin 深币提不了现” (“Unable to Withdraw from Deepcoin”), categorized under “Deposit/Withdrawal Issues” and “False Advertising.”
The official response from the FX110 Rights Protection Center was particularly direct:
“Hello, Deepcoin is an unregulated cryptocurrency investment platform. Please stay away!”
Risk Rating: Extremely High Risk
3. Proof of Reserves Transparency: PoR Disclosures Exist, but Continuity and Completeness Are Insufficient
Deepcoin periodically publishes Proof of Reserves (PoR) reports and claims to maintain 1:1 reserves. However, the disclosure mechanism has several limitations:
Intermittent disclosures: There is no clearly established monthly or quarterly reporting schedule, nor consistent follow-up by independent third-party auditors.
Snapshot-based reports: The platform publishes reserve snapshots but does not disclose a complete breakdown of its liabilities, making it impossible for ordinary users to independently verify whether total platform assets fully cover all user liabilities.
No real-time verifiable reserve system: After a snapshot is published, ordinary users have no way to determine whether platform assets have subsequently been transferred or otherwise moved.
No user asset insurance fund: If the platform encounters an operational crisis, there does not appear to be an additional dedicated pool of funds available to compensate users for potential losses.
Put simply:
“I have proven that I had money at some point, but I cannot guarantee that I still have the money today.”
Cobo Custody: Security or Marketing？
Deepcoin claims to use Cobo for asset custody.
Cobo is indeed an institutional-grade digital-asset custody service provider. But custody is not the same thing as proof of reserves.
Cobo provides wallet and asset-custody infrastructure; it does not constitute a financial audit of Deepcoin.
For an exchange that the Seychelles FSA has officially stated is not authorized under its VASP framework, the existence of “Cobo custody” by itself does not establish the platform‘s financial solvency or guarantee the safety of users’ funds.
Risk Rating: High Risk
4. Asset Strength: Huge Promotional Claims, but Limited Independently Verifiable Evidence
Official Claims
Ranked third globally in derivatives by CoinGecko (2023)
More than 10 million users (according to official promotional materials)
Approximately RMB 86.4 billion in 24-hour derivatives trading volume on CoinMarketCap
510+ cryptocurrencies and 125x leverage
Official partnership with the Argentina national football team (March 2026)
In its public promotional materials, Deepcoin has also previously claimed that its assets under management reached approximately $7 billion, while promoting a Web3 industry fund and a long list of high-profile institutional partners.
However:
There is no publicly available audited financial report independently verifying the platforms own capital or revenue scale.
There are no publicly disclosed financial statements for the operating entities. The group‘s related entities are reportedly spread across multiple jurisdictions, including Singapore, Seychelles, and El Salvador. The complicated corporate structure makes it difficult for ordinary users to determine the group’s actual capital strength and ultimate ownership structure.
The platform itself does not appear to rely on conventional bank custody accounts for its assets. Its assets are primarily crypto assets held on-chain, meaning their market value can fluctuate sharply with cryptocurrency prices. Its ability to withstand a bank-run-style withdrawal rush therefore depends heavily on the platforms actual on-chain reserves.
Overall, Deepcoins promotional claims about its scale are strong, while independently verifiable evidence remains relatively limited.
Argentina National Football Team Partnership ≠ Safety Endorsement
A sports sponsorship is a marketing activity. It does not establish that an exchange is compliant, financially sound, or secure.
FTX also sponsored professional sports teams and major sporting events. Its sponsorship deals, however, did not prevent the exchange from ultimately collapsing.
Risk Rating: Medium-High Risk
5. Internal Operations and Team: Ego Huang — A Founder with a Very Limited Public Track Record
Founder and CEO: Ego Huang
The most publicly visible figure associated with Deepcoin is Ego Huang, its founder and CEO. Public information shows that he spoke as Deepcoins CEO at a Venom launch event in July 2024. In March 2026, he appeared alongside the chairman of the Argentine Football Association to announce the partnership with Deepcoin.
But there are several issues worth noting.
First, Ego Huangs Public Professional Profile Is Extremely Limited
Aside from Deepcoin-related press releases, there is very little substantive public information about his professional background.
There is no extensive LinkedIn profile, no significant independent speaking record at major industry conferences, and no in-depth interviews with mainstream or industry media.
For the CEO of an exchange that claims to serve more than 10 million users and rank third globally in derivatives trading, his public presence is surprisingly limited.
Second, Who Are the Other Members of the Team？
Deepcoins core management team is almost entirely invisible in the public domain.
There is little publicly verifiable information about its CTO, COO, chief compliance officer, or other key executives.
For an exchange claiming to serve 10 million users, it is difficult for ordinary users to even identify its core management team.
Team transparency is a critical risk factor for centralized exchanges: when users entrust their assets to people whose identities and backgrounds are difficult to independently verify, recovering funds or pursuing accountability can become significantly more difficult if something goes wrong.
Third, Multiple Offshore Jurisdictions and a Fragmented Corporate Structure
Deepcoins registered entities are spread across multiple offshore jurisdictions, while its operating entities appear to be dispersed across different regions.
If the platform were to face a collapse, major dispute, or other serious operational problem, users could have difficulty identifying the appropriate legal entity — let alone the individuals ultimately responsible.
Fourth, Aggressive Marketing but Questions About Operational Capacity
Deepcoin has invested heavily in global marketing, advertising across multiple markets and recruiting a large number of agents.
However, complaints suggest that its internal risk-control and customer-service systems may not always keep pace with its rapid expansion.
When large accounts encounter problems, some users have reported slow customer-service responses, repeated referrals between departments, and difficulties obtaining clear explanations.
Risk Rating: High Risk
6. Product Experience and Trading Depth: Lots of Features, but “Can You Withdraw？” Is the Real Question
Product Lineup
Deepcoin offers a broad range of products and services, including:
Spot trading: 510+ cryptocurrencies
Derivatives: Up to 125x leverage
Earn products: Up to 12% annualized yield
Copy trading
“Super Sub-Accounts” / “Super Partition” functionality
On paper, the product lineup is extensive.
But the most serious complaints focus elsewhere.
First, Withdrawals Are the Biggest Pain Point
The recurring pattern reported across WikiBit, FX110, and Trustpilot is:
“Withdrawal blocked + additional deposits required + multiple fees.”
For users who encounter these problems, the breadth of the product lineup becomes largely irrelevant. The fundamental question is whether they can actually withdraw their funds when they want to.
Second, Liquidity Varies Significantly Across Trading Pairs
For major assets such as BTC and ETH, order-book depth appears relatively adequate and slippage can generally be controlled.
However, liquidity is considerably thinner for smaller-cap tokens and altcoin pairs. Bid-ask spreads can be wider, and large orders may experience substantial slippage when entering or exiting positions.
Third, Some Derivatives Volumes Raise Questions About Organic Trading Activity
Certain derivatives pairs show relatively high reported trading volumes, while the visible order books can appear comparatively thin.
This does not by itself establish that trading volume is artificially inflated, but the discrepancy between reported volume and visible market depth is a factor worth monitoring when evaluating the quality of the platforms liquidity.
Risk Rating: High Risk
7. Real Community Feedback: TradersUnion Gives It 2.85 — “Most Customers Are Dissatisfied”
Deepcoin has an overall Trustpilot rating of 3.2, but the reviews are highly polarized, creating a particularly contentious picture.
Positive Feedback
A significant number of ordinary users report that routine spot trading and small withdrawals work normally.
Some users say the app is easy to use, fees are reasonable, and they have used the platform for one or two years without encountering major problems.
Negative Feedback
The negative reviews tend to concentrate around several recurring issues:
Accounts allegedly frozen by risk-control systems without adequate explanation
Withdrawal requirements perceived as unreasonable
Unexpected fees
Slow or unresponsive customer support
Complaints from users who were attempting to withdraw larger balances after making profits
Numerous reviews explicitly labeling the platform a “SCAM”
A particularly notable pattern appears in the community:
Users who have never encountered a withdrawal problem may consider the platform reliable. Once a withdrawal barrier is triggered, however, some users report finding themselves in a difficult dispute-resolution process.
There have also been reports of phishing websites impersonating Deepcoin, with numerous lookalike and modified domain names appearing online. This creates an additional risk of users accidentally entering fraudulent websites.
The Core Contradiction
TradersUnion: 2.85
vs.
Deepcoins own claim: “Third-largest derivatives exchange globally.”
These two data points cannot simply be treated as equivalent measures of the same thing. A trading-volume ranking primarily measures reported market activity, while a third-party user assessment may reflect customer experience and perceived reliability.
Therefore, a high trading-volume ranking by itself should not be interpreted as evidence of regulatory compliance, withdrawal reliability, or overall platform safety.
Deepcoins claimed market position also needs to be considered alongside the fact that TradersUnion has advised against cooperation with the platform, TraderKnows has flagged it for suspected fraud, and the Seychelles FSA has publicly stated that it never received an application from Deepcoin for authorization under the 2024 VASP Act.
Risk Rating: Extremely High Risk
8. Overall Exit Risk Assessment
| Dimension | Risk Level | Summary |
| Regulatory Compliance | Extremely High | Seychelles FSA officially warned that it had “never received an application”; CoinGecko regulatory score: “None” |
| Account Security / Withdrawals | Extremely High | “Withdrawal blocked + additional deposits required + three-layer fees”; FX110: “Unregulated — stay away” |
| Reserve Transparency | High | CoinGecko PoR score: 5%; no ongoing independent third-party audit follow-up |
| Asset Strength | Medium-High | Derivatives ranking claims to be “third globally,” but the data is contradictory; CoinGecko liquidity rating: “Low”; 10 million users remain unverified |
| Team & Operations | High | Ego Huang has a limited public professional profile; core management team is largely “invisible” |
| Product Experience | High | Feature-rich on paper, but withdrawals are effectively a “paper feature”; concerns over potentially inflated trading volume |
| Community Feedback | Extremely High | TradersUnion 2.85 and advises against cooperation; complaints of arbitrary account freezes; ScamAdviser flags potential scam concerns |
Overall Rating: Extremely High Exit Risk
Deepcoin joins Azbit, FameEX, CoinUp, BiFinance, OrangeX, Hibt, BVOX, MGBX, Zoomex, Hotcoin, Biconomy, and KCEX among the highest-risk exchanges in this series, further expanding the series “high-risk club.”
Its risk profile is a textbook example of a highly contradictory exchange:
1. Official “Smoking Gun” from the Seychelles FSA
This is not merely a user complaint or a question raised by a data platform.
The Seychelles financial regulator itself issued an official statement saying that Deepcoin had never obtained VASP authorization and had never even submitted an application.
The situation closely resembles the pattern previously seen with Azbit, which was also publicly challenged by the Seychelles FSA.
2. The “Pig-Butchering Scam” Withdrawal Script
“Withdrawal blocked + additional deposits required + Unipay fee + tax fee + unlocking fee.”
Each of these alleged practices resembles a classic pattern associated with fraudulent investment schemes.
3. How Much Does the “Third Globally” Claim Really Mean？
CoinGeckos regulatory score is listed as “None,” its liquidity rating is “Low,” and its PoR score is 5%.
For an exchange claiming to be the third-largest derivatives exchange globally, these assessments raise obvious questions about how much weight users should place on the headline ranking alone.
4. A “Half-Invisible” Team
Ego Huangs publicly available professional background is limited and primarily consists of Deepcoin-related press materials, while information about the core management team is difficult to independently verify.
There is also an apparent discrepancy in the company‘s founding timeline: Seychelles records show an incorporation date in 2025, while Deepcoin’s website claims the platform was founded in 2018.
This is not simply a question of whether Deepcoin has a “high exit risk.”
The more fundamental issue is that users are dealing with an exchange that the Seychelles FSA says is not authorized under its VASP framework, has faced complaints involving multiple withdrawal-related fees, and has a CoinGecko regulatory rating of “None.”
9. Recommendations for New and Existing Users
For New Users
1. Do not deposit funds.
The Seychelles FSA warning, CoinGecko‘s “None” regulatory rating, TradersUnion’s 2.85 rating and reported withdrawal complaints together represent significant warning signs. Users should carefully consider whether there is any reason to take on those risks.
2. If you have already registered but have not deposited funds, consider stopping there.
Avoid making any deposit to Deepcoin until you have independently verified its regulatory status, legal entities, withdrawal conditions, and financial disclosures.
3. Be cautious about the “third-largest derivatives exchange globally” claim.
A market-ranking claim should not be treated as equivalent to regulatory approval or proof of fund safety. CoinGeckos reported regulatory assessment and liquidity rating provide a different perspective and should be considered separately.
4. Do not treat the Argentina national football team partnership as a safety endorsement.
Sports sponsorship is a marketing activity. It does not establish an exchanges regulatory status, financial solvency, or user-fund safety.
FTX also sponsored major professional sports organizations, demonstrating why a high-profile sponsorship should not be interpreted as evidence of financial or regulatory reliability.
For Existing Users
1. Review your exposure immediately.
If funds held on Deepcoin represent a significant portion of your total assets, consider assessing whether you can withdraw them and whether that level of exposure is appropriate for your own risk tolerance.
2. Test a withdrawal now.
A small withdrawal test can help you determine whether your account currently has access to the normal withdrawal process. If there are problems, identifying them early gives you more time to document the situation and seek assistance.
3. If you cannot withdraw, do not pay additional “unlocking” fees.
Be extremely cautious about requests for “Unipay fees,” “taxes,” “unlocking fees,” or other payments allegedly required before a withdrawal can be processed.
Paying additional fees does not guarantee that your funds will be released and could increase your losses.
4. Do not deposit additional funds simply to unlock an existing balance.
This is perhaps the simplest — and most important — precaution.
Final Takeaway
Deepcoin has a “third-largest derivatives exchange globally” claim, promotes 10 million users, and has a high-profile Argentina national football team partnership.
But those marketing credentials do not replace the fundamentals users need from a centralized exchange:
clear regulatory authorization, transparent reserves, identifiable management, and a reliable withdrawal mechanism.
The Seychelles FSAs statement is particularly important: the regulator says Deepcoin never even submitted an application.
That is the point users should examine most carefully.
Next Episode
WikiBit Exchange Exit Risk Ranking #31 — CoinW
Stay tuned.
Risk Disclaimer
This article represents an individual analytical opinion and does not constitute investment advice. Cryptocurrency investments involve significant risks. Please exercise caution and conduct your own due diligence before making any investment decisions.
The information in this article was updated as of September 20, 2026. For the latest information, users should independently verify key facts through multiple authoritative sources.