Crypto Exchange Safety Checker
This tool evaluates exchanges based on criteria discussed in our review of COSS. Answer the questions below to see if an exchange meets essential safety standards.
Recommendation
Back in 2019, COSS crypto exchange looked like a promising player in the crowded world of cryptocurrency trading. With its promise of being a one-stop solution - combining an exchange, a wallet, and an IEO launchpad - it attracted traders tired of juggling multiple platforms. The trading fees were attractive: zero fees for limit orders, and a 0.25% fee for market orders. Even better, 50% of all trading fees went back to holders of the COS token. For a while, it seemed like COSS had cracked the code.
What COSS Actually Offered
COSS wasn’t just a place to buy and sell crypto. It bundled three main services: the COSS Exchange for trading, the COSS Wallet for storing assets, and COSS Lift-Off for launching new tokens. The wallet even had quirky features like crypto-based mobile top-ups and GPS-enabled peer-to-peer transfers. It supported Bitcoin, Ethereum, and over 100 other coins. Withdrawal fees were low - 0.0004 BTC for Bitcoin, cheaper than Binance or Kraken at the time.The platform also launched a decentralized exchange (COSS DEX) in mid-2020, claiming cross-chain trading and fast settlements. On paper, it had everything a crypto user might want: low fees, token rewards, multi-chain support, and even fiat deposits via bank transfer in USD, EUR, GBP, HKD, and JPY. But here’s the problem - none of that mattered if you couldn’t get your money out.
The Slow Collapse
By early 2021, users started reporting strange behavior. Withdrawals began to stall. First, it was delays. Then, accounts got locked into something called “audit mode.” No explanation. No timeline. Just a message saying funds were being reviewed.By August 2021, Trustpilot was flooded with angry reviews. One user wrote: “Had traded at COSS since it opened shop and never once believed that Rune would one day scam us all. Now all my cryptos with COSS are in their audit mode - which means little or no chance of returning back to me.” Another said: “With no zero doubts now, I’m certain COSS pulled an exit scam on everyone.”
The support channels vanished. The compliance email listed in their terms of use stopped working. The official Telegram group went silent. The COSS DEX link redirected to broken pages or unrelated sites. Even the API documentation on coss.io disappeared. What was once a functional platform became a digital ghost town.
Why It Failed When Others Survived
Compare COSS to Kraken, Binance, or Coinbase. Even during the 2022 crypto crash, those platforms kept withdrawals open. They had reserves, regulatory licenses, and clear communication. COSS had none of that.It was registered in Singapore under Crypto One Stop Solution Pte. Ltd., but never obtained a license under Singapore’s Payment Services Act, which came into effect in January 2020. That’s not just a technicality - it’s a red flag. No regulatory oversight means no accountability. No legal recourse if things go wrong.
Even its fee-sharing model, once praised as innovative, became meaningless. The COS token price collapsed. Trading volume dropped from $5-10 million daily in 2019 to near zero by 2021. Meanwhile, Binance’s BNB token hit a $90 billion market cap. COSS didn’t just lose ground - it vanished from the map.
What Users Lost
People didn’t just lose a few hundred dollars. Many lost life savings. Reddit threads from September 2021 show users with thousands of dollars locked in COSS accounts. One person held over 20 BTC. Another had 100,000 COS tokens. All now worthless because the exchange stopped functioning.Even if you had completed KYC before the collapse, it didn’t help. When COSS suddenly demanded new KYC verification in 2021, users complied - only to find withdrawal buttons still grayed out. This wasn’t a glitch. It was a coordinated shutdown.
Expert Opinions Turned Sour
Early reviews called COSS “ideal for traders who want to bring their own token.” But by 2023, experts were blunt. CaptainAltcoin wrote: “COSS exchange has a legal paper trail that points toward its legitimacy, but lacks oversight from any dedicated agency.” That’s a polite way of saying it was unregulated and therefore unsafe.Finder’s 2023 exchange comparison framework, which weighs security, customer support, and reliability, didn’t even list COSS. It’s not just ignored - it’s been erased from reputable rankings. Trustpilot gives it a 2.0-star rating based on hundreds of reviews, with the majority labeled as “exit scam.”
Is COSS Still Active?
As of November 2025, the answer is no.CoinMarketCap now shows “No data is available now” for all trading pairs on COSS. The website coss.io is either down or redirects to a placeholder page. The COS token still exists on blockchain explorers, but with zero trading volume and no liquidity. There are no official updates, no team announcements, no customer service.
If you still have funds on COSS, you’re out of luck. There is no recovery process. No legal action has led to asset return. No regulator has stepped in. The platform is effectively dead.
What You Should Do Instead
If you’re looking for a reliable crypto exchange today, don’t risk your assets on platforms with shaky histories. Stick with exchanges that:- Are regulated in major jurisdictions (like the U.S., EU, or Singapore)
- Have transparent reserve audits (like Kraken or Coinbase)
- Offer 24/7 customer support with real human response times
- Allow easy withdrawals without delays or “audit mode”
Platforms like Binance, Kraken, Coinbase, and Crypto.com have survived multiple bear markets because they prioritize security and user trust over flashy features. COSS had the features - but none of the integrity.
Final Verdict
COSS crypto exchange was never just another platform that failed. It’s a textbook example of how not to run a crypto business. It promised more than it delivered, ignored regulation, silenced its users, and vanished without warning.Don’t be fooled by old reviews praising its low fees or token rewards. Those benefits are gone. What’s left is a digital tomb for lost assets. If you’re considering COSS, walk away. Your crypto is safer in a hardware wallet than on this platform.
Is COSS crypto exchange still operational in 2025?
No, COSS is not operational as of 2025. The exchange ceased all trading and withdrawal functions in mid-2021. Its website is either down or redirects to a placeholder, and CoinMarketCap shows no data for its trading pairs. The platform is considered defunct.
Can I withdraw my funds from COSS now?
No, users have been unable to withdraw funds since mid-2021. Even after being forced to complete new KYC verification, withdrawal requests were blocked. Multiple users report their assets are stuck in “audit mode” with no path to recovery. There is no official process to retrieve funds.
Was COSS a scam?
Based on user reports, expert analysis, and platform behavior, COSS is widely regarded as an exit scam. It shut down support channels, disabled withdrawals, and disappeared without notice after collecting user funds. Trustpilot and Reddit communities confirm hundreds of similar cases of locked assets and unresponsive management.
Did COSS have any regulatory licenses?
COSS was registered as a company in Singapore but never obtained a license under Singapore’s Payment Services Act, which became mandatory in January 2020 for crypto exchanges. This lack of regulatory oversight made it vulnerable and legally unprotected, contributing to its collapse.
What happened to the COS token?
The COS token still exists on the blockchain but has no trading volume, no liquidity, and no exchange support. Its value dropped to near zero after the platform shut down. Even though it was once used to receive 50% of trading fees, the token is now worthless because the system that gave it value no longer exists.
Are there any alternatives to COSS with similar features?
Yes. Platforms like Binance and Kraken offer low trading fees, native tokens (BNB and KCS) that reduce costs, and integrated wallets. Unlike COSS, they maintain reliable withdrawals, regulatory compliance, and active customer support. For decentralized trading, consider Uniswap or dYdX. None of them lock your funds or vanish without warning.
