People earn their money through real effort, and the crypto space is filled with hidden threats. Some of the most dangerous scams are not individual thieves but coordinated operations posing as “exchanges” whose only goal is to take your funds under the cover of legitimacy.
Some crypto exchanges fail to prioritize user safety. Although a few provide strong security and reliable systems, others face criticism over their lack of transparency mishandling funds, and poor customer service. Reviews from users public reports, and repeated red flags highlight five exchanges to avoid in 2025.
1. Biconomy Exchange
Biconomy has been gaining attention , but not for good reasons. Many users and crypto projects claim that the platform has been using pushy listing strategies. One common tactic involves demanding a large number of project tokens under a vague excuse like “marketing support.” Later, these tokens were distributed without consent through airdrops damaging the token’s reputation.
Here’s a review on Trustpilot that captures the rising mistrust:
“Biconomy is biggest scammer and fraud in crypto market. Don’t trust this exchange. Do not send withdrawal. If you try to withdraw your profit, they are not process your withdraw. It’s scammer.” — Trustpilot
Other complaints mention fake trading volumes slow support, and no accountability once tokens are listed.
2. BTSE
BTSE promotes itself as a polished and user-friendly exchange. But users have shared big problems when it comes to withdrawing money. A frequent issue is that users complete KYC at first, but their accounts get frozen later when the platform demands unexpected re-verifications — sometimes weeks after deposits are made.
“They kept my money stuck for three weeks and demanded new KYC even though I had already completed it.” — Reddit user
Traders dealing with strict deadlines or unpredictable market shifts have expressed anger due to uneven KYC practices.
3. P2PB2B
P2PB2B, which has been around for a while often finds itself involved in controversy. Several token teams claim the platform added their tokens without permission. Users also report issues like blocked withdrawals and odd trading activity.
“They put our token on the exchange without asking and locked up funds tied to our community.” — Twitter report
This exchange has come under scrutiny in multiple forums due to claims of high trading volume paired with low liquidity. People also criticize it for using unclear tactics and lacking transparency in its promotions.
4. Toobit
Toobit is a newer exchange that has faced criticism right away about customer service and support. Many users complain about delays in accessing their funds poor communication, and lack of timely responses.
“I sent funds, they arrived, but I can’t access them. Support hasn’t replied for 6 months.” — Trustpilot review
While Toobit keeps adding new tokens to its platform, issues like fund access problems and unavailable support make investors tread .
5. Blofin
Blofin presents itself as an easy-to-use exchange that promotes low entry barriers and highlights no KYC requirements. However, some users shared that after adding funds, they were asked to go through KYC verification before they could withdraw. Many users saw this process as unclear and frustrating.
“They claimed no KYC was required, but once I deposited money, my account got frozen until I verified things.” — Feedback from a community forum
This kind of bait-and-switch behavior puts users at unwanted risk those who believed access would be straightforward.
Conclusion
The crypto market is growing fast, but not every exchange treats users right. Some have solid reputations, while others show signs of bad practices like freezing funds unclear rules, and poor communication. Before you deposit money or list any assets with an exchange, take time to research, check recent user feedback, and choose transparency instead of just going for convenience.
If keeping control over your money matters to you, steer clear of these five platforms.