Trade.LNO-Coin Reviews & Complaints: Unable to withdraw my USDT

1 Review
Harish Shah 5th of Aug 2022
India
I am also facing similar issue with LNO. They come up with innovative ideas to get more money from you. Two key characters with whom I interacted Erin (assistant) and Mr. Karen (analyst). I initially invested 4460USDT, the I was told by Karen to get into 10k plan. Erin told she will arrange a interest free loan of 5k USDT and credited it to my LNO trading account. Trading started with Mr. Karen and the balance reached 62k USDT and the plan target achieved.

Now they asked me to repay the loan and I was not allowed to use the profit to repay and had to shell out extra money from my pocket to the tune of 5k USDT ( approx 4.2lakhs INR) after that Erin asked me to contact LNO customer service representative Lina for withdrawal. Lina told me I need to pay 20% capital gains tax on the profit earned which worked out to 10587 USDT.

I told them that I do not have such money to pay. Then they told me to pay 50% (5.3k USDT) to make a partial withdrawal, but again my financial condition was not there to pay so Erin told me she will arrange another loan. Loan was sanctioned for 7k , bit then she told me the tax department is allowing only 3k payment and I need to arrange the balance 2.3k to do a partial withdrawal.

I expressed my inability as I genuinely did not have any funds and asked her why they can't pay 5.3k when 7k is sanctioned and Erin told me that was their decision based on commission outstation etc. This was strange. Later 3k was paid by Erin's company to my tax link with LNO. I contacted the LNO customer support person called Lina to share the capitalgains tax laws that she was referring to but she didn't share it till now inspite of multiple reminders.

I asked her to connect me with their tax advisor as there were deductions that I could claim under UK law before arriving at the tax liability and which got my liability to 4280USDT and 50% of it would be 2140 as against 3k already paid, which should allow me to withdraw 50.% of the profit, but she didn't seem to agree and divers saying because of my financial difficulties I cannot change company rules and she cannot do changes as she is just a customer support staff.

Again I have asked her to connect me with their tax advisor and the request is still pending. I asked Lina if I can at least withdraw my principle investment which is not subject to tax, but that was also declined stating any withdrawal will be allowed only after paying 50% of the tax. I am stuck as I don't have any money to pay and am not able to withdraw what is in my LNO trading account

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