WikiBit Exchange Exit Risk Rankings #40: XT.com — The “Social Exchange” with 12 Million Users, a CAD 2 Million Canadian Penalty, and Users Told to Pay “Tax” to Withdraw

Introduction: The Two Faces of an Exchange Awards Regular

In our first 39 installments, we investigated a range of exchanges, from HashKey to Tokocrypto. For Episode 40, we turn to a platform with an impressive trophy cabinet and a growing list of legal and regulatory troubles: XT.com.

XT.coms marketing credentials are certainly impressive. Founded in 2018, the exchange claims 12 million registered users worldwide, coverage across more than 200 countries and regions, support for over 1,300 tokens and 1,300+ trading pairs, and approximately $3.4 billion in daily trading volume. Headquartered in Dubai, it promotes itself as a socially integrated trading platform. In 2024, it received multiple industry awards, including recognition as a “Best Cryptocurrency Exchange.” It also regularly publishes Merkle tree proof-of-reserves reports, claiming reserve ratios of over 120% for BTC, ETH, and USDT.

On paper, does this sound like the perfect image of a global social trading exchange？

But there is another side to the story.

In 2023, Quebecs financial markets regulator, the Autorité des marchés financiers (AMF), ruled that XT.com had violated securities laws. In March 2025, the Ontario Securities Commission (OSC) followed up with a CAD 2 million administrative penalty and a comprehensive ban on XT.com conducting securities-related activities in Ontario.

In 2026, Dubais Virtual Assets Regulatory Authority (VARA) formally flagged XT.com for operating without a license, reportedly marking the first direct regulatory action against the platform by that authority. On Trustpilot, XT.com has a rating of just 1.3 out of 5, categorized as “Bad.” Some users have called it a “100% scam exchange.” Complaints include demands for a “20% tax” before withdrawals, thousands of USDT allegedly withheld as “illegitimate profits,” and risk-control freezes followed by what users describe as scripted customer support responses.

In November 2024, XT.com suffered a cyberattack resulting in losses reportedly worth approximately $1.7 million, forcing the platform to suspend all withdrawals. South Korean media have also reported allegations linking the exchange to market manipulation involving approximately KRW 10 billion. Authorities reportedly investigated the matter, while the exchange allegedly continued operating unlawfully.

An exchange that wins “Best Exchange” awards while facing a Canadian penalty, a Dubai regulatory warning, a South Korean investigation, and accusations of being a “100% scam” on Trustpilot presents an obvious question: Should users trust the trophies or the regulatory records？

Lets examine the evidence, one layer at a time.

1. Regulatory Compliance: A CAD 2 Million Canadian Penalty and Direct Action by Dubais VARA

What Does XT.com Actually Have to Show for Its Compliance Claims？

XT.com takes a relatively restrained approach to its compliance messaging, partly because it has few major regulatory credentials to highlight. Its official website identifies Seychelles as its place of registration and Fibtc Ltd as its operating entity, while promoting its global business coverage.

WikiBit gives XT.com a score of 5.4 out of 10 and explicitly indicates that the exchange has no valid regulatory authorization. TradersUnion has similarly stated that XT.com is not regulated by any government regulatory authority. Compared with competitors operating under top-tier regulatory frameworks, XT.com offers users a more limited level of regulatory protection. Its safety and regulation score is just 5.3 out of 10, according to that assessment.

Canada: CAD 2 Million in Penalties and a Comprehensive Ban

This represents one of the most serious regulatory setbacks facing XT.com.

In a ruling dated September 20, 2023, Quebec‘s financial markets regulator, the AMF, determined that XT.com’s crypto futures contracts qualified as contracts for differences and derivatives, while its investment contract products constituted securities. The regulator found that XT.com had engaged in securities and derivatives dealer activities in Quebec without registration and had distributed securities without a prospectus, violating Quebec securities laws.

On March 6, 2025, the Ontario Securities Commission issued a decision imposing an interjurisdictional enforcement order against XT.com Exchange and BZ Limited. The order required them to pay an administrative penalty of CAD 2 million and prohibited them from engaging in any securities-related activities in Ontario.

Canadian securities regulators have placed XT.com on a restricted or prohibited list. In practical terms, this means XT.com has been shut out of the Ontario securities market under the relevant regulatory orders.

Dubai VARA: Direct Regulatory Action for Unlicensed Operations

In 2026, Dubais Virtual Assets Regulatory Authority formally flagged XT.com for operating without a license, alleging that it had provided virtual asset services without obtaining the required local authorization.

This marked a significant regulatory development for XT.com, with VARA taking direct action over its licensing status.

European Economic Area and UAE: Regional Service Restrictions

XT.com has publicly announced plans to progressively discontinue services for users in certain jurisdictions, including restrictions on new registrations and deposits, while maintaining withdrawal access for a limited period.

Such measures may reflect difficulties meeting local regulatory requirements, including the European Union‘s Markets in Crypto-Assets Regulation (MiCA), although the precise legal basis for each regional service restriction should be verified against XT.com’s official notices and the relevant regulators records.

For affected users, the key issue is whether they can continue accessing their accounts and withdrawing their assets within the stated deadlines.

CoinCodeCap: No Major Tier-One Regulatory Approvals Identified

CoinCodeCap‘s assessment states that XT.com does not hold approvals from major regulatory authorities such as the UK’s Financial Conduct Authority (FCA), the US Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Monetary Authority of Singapore (MAS), or the Australian Securities and Investments Commission (ASIC).

Users in regulated jurisdictions should independently verify the exchanges legal status and whether its services are authorized in their country before registering or depositing funds.

South Korea: Alleged KRW 10 Billion Market Manipulation Case

In June 2026, South Koreas Seoul Economic Daily reported allegations that XT.com was involved in market manipulation involving approximately KRW 10 billion, equivalent to around US$7.3 million.

According to the report, South Korea‘s Financial Services Commission referred a request for investigation to the relevant authorities. The report also alleged that XT.com continued operating unlawfully for four years despite the authorities’ request for an investigation.

These remain reported allegations and should not be treated as a final judicial finding unless confirmed by an official enforcement decision or court judgment. Nevertheless, the case raises further questions about XT.coms regulatory exposure and its willingness to comply with local requirements.

Registration in Seychelles: Another Offshore Jurisdiction with Limited Investor Protection

XT.com is registered in Seychelles, with Fibtc Ltd identified as its operating entity.

Seychelles is a commonly used offshore corporate jurisdiction. Company registration there does not, by itself, establish that an exchange holds a license to provide crypto trading, derivatives, or other financial services in the countries where its customers reside.

XT.com lists several restricted jurisdictions, including the United States, Canada, mainland China, Hong Kong, Iran, and North Korea. Users should consult the platforms current terms and the applicable local rules, as restrictions can change over time.

Risk Assessment: Extremely High Regulatory Risk

Key concerns include:

Canada: A CAD 2 million administrative penalty and restrictions on securities-related activities in Ontario.

Dubai: A formal VARA warning or designation concerning unlicensed operations.

South Korea: Reported allegations involving KRW 10 billion in market manipulation and a referral for investigation.

Regulatory transparency: Assessments by third parties indicate a lack of major regulatory approvals and limited regulatory protection.

XT.coms compliance profile presents a striking contrast: industry awards and global marketing on one side, and significant regulatory actions and allegations on the other.

The concern is not simply that its regulatory status is unclear. Canadian regulators have taken formal action, and Dubais VARA has raised direct licensing concerns. These developments materially increase the regulatory risks facing users.

For anyone considering XT.com, awards and claimed user numbers should not substitute for verifiable licensing, enforceable customer protections, and a clear legal basis for operating in the users jurisdiction.

Add the missing risk dimensionsWrite the final risk rating

2. Account Security and Withdrawals: A 1.3 Trustpilot Rating and Reports of a “20% Withdrawal Tax”

“You Must Pay a 20% Tax to Withdraw”

One user complaint published on Investments Updates stated:

“I tried to withdraw from XT.com and was told I needed to pay a 20% ‘withdrawal tax.’ This is a red flag. No legitimate brokerage charges a withdrawal tax. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.”

A “withdrawal tax” is not an ordinary transaction fee. It raises the possibility of a ransom-like demand for additional payment before funds can be released.

The alleged pattern resembles complaints involving “pay-to-unlock” demands associated with other exchanges, including KCEX, Biconomy, and Deepcoin. However, each case should be assessed independently, and the authenticity of individual complaints should be verified wherever possible.

Thousands of USDT Allegedly Withheld as “Illegitimate Profits”

A widely circulated Trustpilot complaint described the following experience:

“XT.com restricted my account several weeks ago, citing ‘risk control,’ and withheld thousands of USDT as ‘illegitimate profits,’ without providing any specific evidence, transaction IDs, or rules I had supposedly violated. I appealed multiple times but received no meaningful response or resolution. They just said, ‘We will get back to you,’ and then nothing happened. Many other users have reported similar experiences: frozen funds, unfair deductions after legitimate trading, and endless delays. It feels like a strategy to confiscate profits. I cannot withdraw my remaining balance, and customer support is unresponsive.”

The central allegation is that funds were withheld after what the user considered legitimate trading, without adequate supporting evidence or a satisfactory explanation.

If substantiated, such cases would raise serious concerns about account-freezing procedures, the transparency of trading-rule enforcement, and users ability to appeal decisions and recover their assets.

33,000 USDT Locked Under a Vague “Risk Control” Explanation

Another Trustpilot user reported:

“A close friend of mine had 33,000 USDT locked on XT.com without any clear explanation. The platform‘s only response was: ’Risk control protocol.”

If accurate, this account illustrates a critical concern: users may have difficulty accessing substantial balances when an account is flagged, particularly if the platform does not provide a clear explanation or an effective appeals process.

“I Could Withdraw Only Twice. The Third Withdrawal Was Blocked.”

A user complaint published on FX110 as early as 2023 stated:

“XT.COM allowed me to withdraw only twice. The third withdrawal was blocked. They said I did not have permission and then claimed there had been a team violation. I contacted customer support and asked why I should be affected by someone elses violation. They actually insisted that if one person had a problem, nobody was allowed to withdraw!”

Other reported cases describe users attempting to withdraw a large amount in a single transaction, approximately 50,000 USDT, only to have their accounts frozen after submitting the withdrawal request.

According to these accounts, the platform requested proof of the source of funds and proof of residence. Repeatedly submitted documents were allegedly rejected by customer support, leaving the accounts able to deposit funds but unable to withdraw them. Some users claimed that the appeals process dragged on for months.

Additional reported account-security concerns include:

Location changes and device changes: Users who changed phones or logged in while traveling reportedly triggered risk-control reviews and were asked to complete video-based KYC verification. Some claimed that repeated verification attempts failed, leaving their assets locked for extended periods.

Limited customer support: Users described standardized responses and a lack of effective communication channels for resolving account restrictions.

Restrictions following trading losses: Some users reported account-function restrictions after futures liquidations or losses in newly listed token markets, with the platform citing “abnormal trading behavior.” These allegations require case-by-case verification.

On-Chain Wallet Monitoring and Historical Security Incidents

XT.coms publicly observable hot-wallet addresses can be monitored on-chain. Under normal conditions, its hot-wallet balances may be sufficient to cover routine, smaller withdrawal requests. Available on-chain observations have not established a classic pre-exit pattern involving a single, large-scale transfer of customer assets to unknown addresses.

However, the absence of an obvious on-chain warning sign does not establish that an exchange is solvent or that all customer liabilities are fully covered.

November 2024: Abnormal Wallet Transfers and a Platform-Wide Withdrawal Suspension

In November 2024, XT.com announced a wallet security incident involving the abnormal transfer of assets worth approximately US$1 million, including USDT-equivalent funds.

The platform stated that the affected assets belonged to XT.com itself and that customer funds were not involved. Nevertheless, it temporarily suspended withdrawals across the platform, triggering concern among users.

XT.com subsequently reported that it had addressed the issue and restored withdrawal services.

Although the platform stated that customer assets were unaffected, the incident raised questions about wallet access controls, internal fund management, and the resilience of its security architecture. The temporary suspension also demonstrated how a wallet incident involving platform-owned funds can disrupt withdrawals for customers.

Overall Account Security and Withdrawal Assessment

The available complaints point to several areas of concern:

Routine, smaller withdrawals: Some users report that ordinary withdrawals work normally, although this does not guarantee that every transaction will be processed successfully.

Large withdrawals: Requests involving substantial amounts may trigger additional verification and risk-control reviews, according to user reports.

Account freezes and withheld funds: Complaints describe prolonged restrictions, disputed profit deductions, and unsatisfactory appeals.

Historical wallet security: The November 2024 incident resulted in a temporary platform-wide withdrawal suspension.

Early-warning limitations: On-chain monitoring can help identify unusual wallet movements, but it cannot independently establish the exchanges complete financial condition or prove that customer liabilities are fully covered.

The most significant concern is not simply whether XT.com can process small withdrawals under normal conditions. It is whether users can reliably access their assets during account disputes, large withdrawal requests, or platform-level security incidents.

Risk Rating: Extremely High

This rating reflects the severity of the reported withdrawal complaints and the historical withdrawal suspension. Individual allegations have not necessarily been independently verified, so the rating should be understood as a risk assessment rather than a finding that every complaint is substantiated.

3. Proof-of-Reserves Transparency: A Reported 120%+ Reserve Ratio, but Significant Limitations Remain

XT.com introduced a Merkle tree proof-of-reserves (PoR) system in late 2024 and has periodically published reserve reports. The system allows users to enter a personal audit ID to check whether their account balance is included in the platforms reported reserve liabilities.

XT.com has also promoted reserve coverage of up to 1.5 times its customer liabilities.

However, a published reserve ratio does not, by itself, guarantee that all customer assets can be fully redeemed under every market condition.

Key Limitations of XT.coms Reserve Transparency

1. PoR is a snapshot, not continuous monitoring.

A proof-of-reserves report generally demonstrates the assets and liabilities covered by the verification process at a particular point in time. It does not automatically prevent an exchange from subsequently transferring, borrowing against, or pledging assets.

Unless supplemented by ongoing monitoring and appropriate verification of liabilities, a snapshot cannot establish continuous solvency.

2. Fiat balances may fall outside the scope of crypto reserve reports.

On-chain proof-of-reserves systems primarily cover cryptocurrency assets held at identifiable blockchain addresses. Fiat balances held through banking partners, fiat payment channels, and OTC operations may not be covered by the same verification process.

Users should examine the scope of each report rather than assume that it covers every asset and liability across the business.

3. Third-party verification is not the same as government supervision.

Commercial third-party verification can improve transparency, but it is not equivalent to direct government regulation or a comprehensive financial audit.

The identity and independence of the verifier, the scope of the engagement, the verification methodology, and the completeness of the reported liabilities all matter.

4. Large numbers of low-liquidity tokens can distort reported asset values.

XT.com lists more than 1,300 tokens. Some smaller tokens may have limited trading depth, concentrated ownership, or substantial price volatility.

Even if these tokens are included in a reserve report, their reported market value may not represent the amount that could realistically be recovered through liquidation during a market crisis. Thin liquidity can make it difficult to convert nominal holdings into cash or major cryptocurrencies without significant price slippage.

Overall Proof-of-Reserves Assessment

XT.coms publication of Merkle tree reserve reports represents a positive transparency measure compared with exchanges that disclose no reserve information at all.

However, the advertised reserve coverage of 1.5 times customer liabilities should not be treated as independently established unless the underlying report confirms the relevant assets, liabilities, verification date, and methodology.

PoR alone cannot guarantee full redemption during extreme market volatility, a liquidity crisis, or an operational failure.

Risk Rating: Medium to High

The principal concerns are the limitations of snapshot-based verification, incomplete coverage of potential off-chain liabilities, uncertainty over the liquidity of smaller tokens, and the need to independently verify the scope of third-party reports.

4. Financial Strength: 12 Million Users and US$3.4 Billion in Daily Trading Volume—but the Numbers Need Scrutiny

The Headline Figures

XT.com promotes the following figures:

Registered users: More than 12 million, according to the platform.

Geographic coverage: More than 200 countries and regions.

Daily trading volume: Approximately US$3.4 billion, according to the stated figure.

Supported tokens: More than 1,300.

Trading pairs: More than 1,300.

These figures suggest a substantial international operation. However, headline metrics alone cannot establish an exchanges financial strength, the quality of its trading volume, or its ability to meet customer withdrawal obligations.

Registered users are not necessarily active users, and reported trading volume is not equivalent to revenue, cash reserves, or customer assets.

Key Financial and Operational Weaknesses

First, an excessively broad token listing strategy can increase liquidity risk.

XT.com lists a large number of alternative cryptocurrencies, including smaller and potentially illiquid assets.

When a project collapses, its token price crashes, or its team abandons the project, users may struggle to sell their holdings at a reasonable price. Such events can also undermine confidence in the exchange and potentially contribute to concentrated withdrawal demand.

The relevant risks include thin order books, sharp price slippage, concentrated token ownership, and the difficulty of liquidating smaller assets during market stress.

Second, high-leverage derivatives can amplify operational and liquidity pressures.

High-leverage futures trading can create additional risks during extreme market conditions. Depending on the platform‘s risk-management framework, these may include auto-deleveraging (ADL), losses exceeding a trader’s margin, insurance-fund pressure, and disputes over liquidation calculations.

These mechanisms are not inherently evidence of financial distress, but their effectiveness depends on the platforms risk controls, liquidity, and ability to manage extreme price movements.

Third, a business heavily dependent on new listings and derivatives trading may be vulnerable to bear markets.

If a substantial portion of revenue comes from listing-related activities and trading fees, a prolonged decline in market activity could reduce revenue and weaken operating performance.

During a bear market, falling trading volumes, reduced user engagement, and lower demand for speculative tokens may put pressure on exchanges that depend heavily on active trading.

However, XT.coms actual revenue mix, operating costs, and financial reserves would need to be independently verified before drawing firm conclusions about its financial resilience.

Overall Financial Strength Assessment

XT.coms advertised user base, broad token selection, and reported trading volume indicate significant market reach. Nevertheless, these metrics do not independently demonstrate that the platform has sufficient liquid assets to meet all customer obligations during a crisis.

The main concerns are its extensive exposure to smaller tokens, potential liquidity pressures during extreme market conditions, and the lack of independently verified financial information sufficient to establish its overall balance-sheet strength.

Risk Rating: Medium to High

Users should distinguish between an exchanges size and its financial resilience. A large registered-user count and high reported trading volume do not guarantee that customer assets are fully protected or immediately withdrawable.

Add a stronger reader-facing safety checklist

5. Internal Operations and Leadership: Both Co-Founders Have Left, and the CEO Has Changed Twice

Founders: Weber Woo and Ada Too — Neither Is Still with the Company

XT.com was founded in 2018 by Weber Woo and Ada Too. Weber Woo graduated from Shanghai Jiao Tong University and Harbin University of Commerce, while Ada Too pursued an MBA at Shanghai Jiao Tong University.

However, IQ.wiki explicitly states that neither founder currently works at the company.

Current CEO: Albin Warin

XT.com‘s current CEO is Albin Warin, a French executive who holds a master’s degree in finance from ICN Business School.

He joined XT.com in March 2022 as Global Ecosystem Director and was promoted to CEO in January 2023.

But several questions deserve attention.

First, both co-founders have left.

The departure of both co-founders is a potential governance warning sign. Founder exits can reflect strategic changes, differences in management priorities, or other internal developments. However, departures alone do not establish that a company is in financial trouble. The reasons for their exits and the current ownership structure would need further verification.

Second, Albin Warins publicly documented executive track record appears limited.

He joined XT.com in March 2022 and became CEO less than a year later, in January 2023. This is a relatively rapid promotion, and publicly available information about his previous senior management experience in the cryptocurrency exchange industry appears limited.

The key concern is not the speed of his promotion alone, but whether the company has an experienced leadership team with a proven track record in exchange operations, financial risk management, cybersecurity, and regulatory compliance.

Third, who else is running the company？

Beyond Albin Warin, XT.coms core leadership team is relatively difficult to assess through publicly available information. Clear, independently verifiable details about key executives responsible for technology, operations, and regulatory compliance are limited.

For an exchange operating across multiple jurisdictions and offering a broad range of trading products, limited leadership transparency makes it harder for users to evaluate accountability and operational resilience.

Risk Rating: High

The main concerns are the departure of both co-founders, limited publicly documented information about the current leadership team, and uncertainty surrounding the companys governance and executive accountability.

6. Product Experience and Trading Depth: 1,300+ Tokens Are a Selling Point, but Withdrawals Are the Core Concern

Product Offering

XT.coms main competitive advantage is its extensive token coverage, with more than 1,300 tokens and over 1,300 trading pairs. This places it among exchanges offering a particularly broad selection of digital assets.

Its product lineup includes:

Spot trading

Margin trading

Futures trading with leverage of up to 125x

Copy trading

Real-world asset (RWA) markets

XPredict prediction markets

For traders seeking exposure to a wide range of altcoins and speculative assets, this variety can be attractive.

However, a broad product lineup does not necessarily translate into strong liquidity, reliable withdrawals, or effective customer protection.

The Critical Weaknesses

First, withdrawals are the biggest concern.

Reported complaints include demands for a “20% withdrawal tax,” thousands of USDT allegedly withheld as “illegitimate profits,” and account freezes attributed to risk-control procedures.

If substantiated, these allegations raise serious questions about withdrawal reliability, the transparency of account restrictions, and the effectiveness of the platforms dispute-resolution process.

For an exchange, the ability to withdraw assets reliably is fundamental. A large selection of tokens and sophisticated trading features cannot compensate for uncertainty over access to customer funds.

Second, trading depth varies significantly by asset.

XT.coms liquidity profile should be assessed across different categories of trading pairs:

Major pairs such as BTC, ETH, and USDT markets: These generally have better liquidity than smaller tokens, although actual order-book depth varies by pair and market conditions. Slippage may be manageable for ordinary retail orders in sufficiently liquid markets.

Mid-cap tokens: Liquidity may be more limited, and larger orders can have a noticeable impact on execution prices.

Smaller altcoins and newly listed Launchpad tokens: Some markets may have thin order books, wide bid-ask spreads, and limited buying interest. During a concentrated sell-off, prices can collapse rapidly, and holders may struggle to exit positions at reasonable prices.

These are risks associated with market structure and token liquidity; current order-book data would be needed to quantify XT.coms actual trading depth for individual pairs.

Third, regulatory restrictions affect platform availability.

XT.com lists restricted jurisdictions that include the United States, Canada, mainland China, and Hong Kong, among others.

Canadian securities regulators have also imposed restrictions prohibiting XT.com from conducting securities-related activities in Ontario.

These restrictions can affect which users may legally access particular services and what products the exchange can offer in specific jurisdictions. Users should verify the current terms of service and local regulatory requirements before registering or trading.

Risk Rating: High

XT.com offers a broad product range and extensive token coverage, but concerns about reported withdrawal disputes, uneven liquidity across smaller tokens, and regulatory restrictions weigh heavily in the overall assessment.

7. Community Feedback: A 1.3/5 Rating and Repeated “100% Scam” Accusations

Third-Party Ratings

XT.com has received poor ratings on several review and assessment platforms:

Trustpilot: 1.3 out of 5, categorized as “Bad.” Some reviewers have described it as a “100% scam exchange.”

TradersUnion: 5.3 out of 10, with an assessment highlighting the absence of government regulatory oversight.

Gridinsoft: 71 out of 100, accompanied by a cautionary assessment.

These ratings and descriptions reflect third-party assessments and user opinions. They should not, on their own, be treated as conclusive proof of fraud or insolvency.

Negative Feedback Centers on Withdrawals and Risk Controls

User experiences appear sharply divided.

Users who have not encountered withdrawal problems may value XT.coms extensive token selection and consider it suitable for trading altcoins.

Users who report withdrawal or account-restriction problems describe a very different experience, with complaints including:

“100% scam exchange”

Demands for a “20% withdrawal tax”

Thousands of USDT allegedly withheld as “illegitimate profits”

Accounts frozen under vague risk-control explanations

Repetitive customer support responses without meaningful resolution

The recurring theme is not simply dissatisfaction with the trading interface or fees. It is uncertainty over whether users can access their own funds when disputes arise.

What Does a 1.3/5 Trustpilot Rating Actually Tell Us？

A Trustpilot score of 1.3 out of 5 is a serious reputational warning. It suggests that the platform has attracted a substantial amount of highly negative feedback among the users who submitted reviews.

However, review platforms are subject to selection bias, and individual complaints may be difficult to verify independently. A low rating does not establish that every user will experience problems or that every allegation is accurate.

The more important issue is whether the recurring complaints can be independently substantiated and whether XT.com provides transparent explanations, effective appeals, and reliable access to customer funds.

Risk Rating: Extremely High

The combination of a very low Trustpilot rating, repeated withdrawal-related complaints, allegations of unexplained fund deductions, and concerns about account restrictions warrants significant caution.

For prospective users, the key lesson is to look beyond token selection, promotional campaigns, and industry awards. Withdrawal reliability, transparent risk-control procedures, responsive customer support, and verifiable regulatory standing are far more important indicators of whether an exchange can be trusted with customer assets.

Make the risk ratings consistentSeparate verified facts from allegations

8. Comprehensive Exchange Exit Risk Assessment

Overall Rating: Extremely High Exit Risk

XT.com joins Azbit, FameEX, CoinUp, BiFinance, OrangeX, Hibt, BVOX, MGBX, Zoomex, Hotcoin, Biconomy, KCEX, Deepcoin, CoinW, Ourbit, Toobit, GXT, and Websea among the highest-risk exchanges featured in this series, further expanding the series high-risk category.

XT.com presents one of the most concerning combinations of risk factors identified in this series.

1. A CAD 2 million Canadian penalty — one of the series most significant documented regulatory actions.

This is not merely a user complaint or criticism from a data platform. Canadian securities regulators issued a formal decision concerning securities-law violations and unregistered activities, imposing a CAD 2 million administrative penalty and prohibiting securities-related activities in Ontario.

2. Dubai VARAs designation concerning unlicensed operations — a direct regulatory intervention.

VARA has taken direct action regarding XT.com‘s licensing status. This represents a significant escalation from general uncertainty about its regulatory standing to a formal regulatory concern. The exact scope and legal effect of the designation should be assessed against VARA’s official records.

3. A pattern of withdrawal-related complaints.

Reports include demands for a “20% withdrawal tax,” thousands of USDT allegedly withheld as “illegitimate profits,” and 33,000 USDT reportedly locked in an account.

These allegations are serious warning signs. Demands for additional payments before releasing funds can resemble tactics used in investment scams, although individual complaints must be independently verified before being characterized as proven fraud.

4. Both co-founders have reportedly left the company.

Neither Weber Woo nor Ada Too is reportedly still with XT.com. Their departures raise questions about leadership continuity, strategic direction, and accountability, although they do not independently establish that the exchange is financially distressed.

5. A Trustpilot rating of 1.3/5 and repeated “100% scam exchange” accusations.

XT.com‘s extremely low review score and recurring withdrawal complaints represent substantial reputational and customer-service concerns. These reviews are not conclusive proof of fraud, but they warrant serious attention when considered alongside the exchange’s documented regulatory history.

The concern goes beyond a generic assessment of high exit risk. XT.com faces a combination of formal Canadian regulatory action, a Dubai licensing issue, reported South Korean investigations, and serious user complaints about withdrawal restrictions and alleged demands for additional payments.

Taken together, these factors justify a highly cautious approach to the platform.

9. Recommendations for New and Existing Users

For New Users

1. Avoid depositing funds into XT.com.

The CAD 2 million Canadian penalty, Dubai VARA‘s licensing-related action, Trustpilot’s 1.3/5 rating, and reports of a “20% withdrawal tax” collectively present substantial warning signs. There is little reason to accept these additional risks when evaluating alternative platforms.

2. If you have registered but have not deposited funds, consider walking away.

Do not deposit money into XT.com simply because you have already completed registration or because someone has recommended the platform.

3. Do not confuse “1,300+ tokens” with platform safety.

A large token selection is a product feature, not evidence of regulatory compliance, financial stability, or reliable withdrawals. The number of listed assets should never outweigh concerns about customer protection and access to funds.

4. Be cautious about recommendations from friends and acquaintances.

Complaints published on FX110 include allegations involving recruitment through friends and personal contacts. A recommendation from someone you know does not establish that an exchange is safe. Even a trusted friend may be unaware of the platforms risks or may have had a different experience.

For Existing Users

1. Review your exposure immediately.

Assess how much of your total assets is held on XT.com. If the amount exceeds 5% of your total holdings, consider reducing your exposure, subject to your circumstances and the practical availability of withdrawals.

Do not assume that assets displayed in your account are immediately accessible.

2. Test a withdrawal promptly.

If you hold funds on XT.com, consider attempting a small withdrawal through the platforms official withdrawal process. This can help establish whether withdrawals are currently functioning for your account, although one successful transaction does not guarantee that larger withdrawals will also succeed.

3. If a withdrawal is blocked, do not pay to unlock your funds.

Do not send additional money in response to demands for a “withdrawal tax,” “penalty,” “security deposit,” or “risk-control fee” unless the charge has been independently verified through a legitimate, documented process.

In particular, a demand to transfer additional cryptocurrency to release an existing balance is a serious warning sign. Paying more may increase your losses without restoring access to your funds.

4. Preserve all evidence.

Keep copies of:

Deposit and withdrawal records

Transaction IDs and relevant blockchain transaction hashes

Account balances and transaction histories

Emails, live-chat records, and customer support responses

Screenshots of account restrictions and explanations for withheld funds

Any requests for additional payments before withdrawals are processed

Maintain original records wherever possible. If a dispute arises, this evidence may help support a complaint to the relevant regulator, law enforcement agency, or payment provider.

5. Do not deposit another cent to recover existing funds.

If withdrawals are delayed or blocked, avoid increasing your exposure in an attempt to recover previous losses. Do not borrow money or make additional deposits based on promises that doing so will restore access to your account.

Final Recommendation

XT.com is not a platform we would recommend to users seeking a low-risk place to hold or trade cryptocurrency.

The exchange offers more than 1,300 tokens, claims 12 million registered users, promotes a socially integrated trading model, and has received industry awards. However, these marketing advantages do not replace the fundamentals that matter most: appropriate regulatory authorization, transparent leadership, verifiable financial resilience, and reliable access to customer funds.

Canadian regulators have imposed a CAD 2 million penalty and restrictions on securities-related activities in Ontario. Dubais VARA has raised licensing concerns. South Korean media have reported allegations involving market manipulation, while users have complained about frozen accounts and demands for additional payments before withdrawals.

These issues should not be ignored simply because the platform offers a broad range of trading products.

For users who already hold assets on XT.com, the priority should be to assess their exposure, verify withdrawal access, preserve transaction records, and avoid sending additional funds in response to unverified payment demands.

The key lesson is simple: An exchanges size, awards, and token listings do not guarantee that your money is safe or that you can withdraw it when you need to.

Coming Next

WikiBit Exchange Exit Risk Rankings, Episode 41: Bithumb — stay tuned.

Risk Disclaimer: This article reflects the authors analysis and is provided for informational purposes only. It does not constitute investment advice. Cryptocurrency investments involve substantial risks. Conduct your own research and exercise caution before making investment decisions.

Information in this article is current as of October 10, 2026. Regulatory statuses, platform operations, and user reports may change. Readers should independently verify the latest information through official regulatory records, exchange announcements, and other reliable sources.

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