The MyStonks fund freeze incident has sparked controversy, possibly due to commercial struggles behind it.

Recently, an incident involving the freezing of millions of dollars has put MyStonks in the spotlight. A user posted on a social media platform stating that after depositing over $7 million withdrawn from a certain trading platform into MyStonks, approximately $6.2 million was frozen and the withdrawal channels were closed. This news quickly raised concerns in the market about the safety of MyStonks.

In response, MyStonks officially stated that the freeze was to cooperate with regulatory authorities regarding an investigation into a single user. The platform has contacted the relevant user and provided detailed information submission procedures. The investigation involves anti-money laundering and suspicious activities, but does not affect the normal deposit and withdrawal operations of other regular users.

The founder of MyStonks revealed in an online communication that the compliance team received an enforcement request regarding the client last week. According to relevant regulations, large fund flows exceeding $1 million may trigger regulatory scrutiny. He emphasized that cooperating with investigations is a legal obligation of the exchange and should not be overinterpreted. At the same time, he disclosed that the platform's daily deposit and withdrawal operations are running normally, and user assets are secure.

However, this incident has also sparked discussions in the market regarding the compliance qualifications and operational model of MyStonks. Some argue that the platform's excessive emphasis on the MSB license may obscure other shortcomings; there are also voices of doubt pointing out that the practice of freezing funds instead of directly returning them is inconsistent with the operations of conventional financial institutions.

In this regard, MyStonks emphasizes that it holds relevant licenses in the United States and has completed the necessary filings. The platform states that it strictly adheres to regulatory requirements and risk control policies, including customer due diligence, anti-money laundering monitoring, and more. At the same time, MyStonks indicates that certain business activities do not fall under the category of securities, and therefore are not subject to restrictions for certain investors.

It is worth noting that during this incident, MyStonks also disclosed that its website was attacked and received a large number of complaints and reports. Some market observers believe this may indicate that a business struggle is underway. Analysis suggests that the funding operations of the users involved exhibit anomalies, and a platform that competes with MyStonks also seems to be involved, launching targeted marketing activities.

Regarding the negative public opinion online, MyStonks expressed deep regret, believing that this is an unavoidable challenge during the development of emerging platforms. Regardless, this incident once again highlights the challenges that cryptocurrency trading platforms face in compliance operations and risk management, and reminds investors to be more cautious when choosing a platform.