Allow me to share my experience with the Ju.com platform (formerly Jucoin.com). I made several deposits totaling 4,000 USDT. For several months, I (UID: 259310472265) traded on the perpetual futures market. In total, I executed several dozen trades across different coins. Luck was on my side, especially in the last few trades. At one point, my account grew to over $20,000. Then, the trading functions of my account were restricted. At that time, my positions were still open. Customer support informed me that some kind of trigger had been activated for the safety of my funds and that I needed to submit a photo holding my ID. I immediately did so. However, to my surprise, a few days later I was no longer able to access my account:
Ju.com’s customer support informed me that, in their view, I had violated the platform’s rules. I tried to find out exactly what I was being accused of and which specific trade had raised their suspicions, as I had been trading completely transparently, without doing anything prohibited or suspicious. However, I received no answer to this question. They only repeated that I would be able to withdraw my funds, after which my account would be permanently deactivated.
I was puzzled by the amount they indicated, because during the time my photo was being verified, my open positions became significantly more profitable, and according to my calculations, the total balance was around 30,000 USDT. Support manually reactivated my account, and I was able to log in. The account indeed held more than 30,000 USDT (including unrealized profits), but part of the funds was locked as margin for the open positions. I assumed that this was why the support team reported a different amount, and I proceeded to close all my remaining positions:
After that, I submitted a request to withdraw all of my funds (30,576 USDT). However, this withdrawal was rejected. Support then informed me that I could only withdraw 21,299 USDT at that time. I decided to proceed with withdrawing that amount and deal with the remaining funds later. However, after a day, even this withdrawal was rejected.
This time, support informed me (for some reason in Norwegian) that they had re-checked my account and decided that I could now only withdraw 17,004 USDT. I tried to find out what had happened. I again asked what I was being accused of and which trade they found suspicious. I assured them that I had traded honestly and had not violated any rules. If they were accusing me of something, they should clearly state their claims and provide some evidence. However, I only received repetitive copy-paste responses.
I withdrew 17,004 USDT, leaving 13,572 USDT in my account. After that, I was forcibly logged out of my account. Further communication with support via the online chat yielded no results. I still cannot access my account or withdraw my remaining funds. Support cannot even specify what they believe I violated. They do not even attempt to reference any specific rule.
As a result, Ju.com appropriated my 13,572 USDT. It seems to me that this kind of unlawful behavior is a core part of their profit model. If a user earns a significant profit, Ju.com immediately takes it. On this platform, you can only lose money.
The situation with licensing is also suspicious. Ju.com claims to hold approved financial regulatory licenses from the US MSB, Canadian MSB, and Dubai VARA. However, there are no records of Ju.com or Jucoin in the FINTRAC or VARA registries. Considering all of the above, I am consulting with a lawyer regarding further steps.