In Brief:
- KuCoin exchange to prohibit all Chinese users by end of 2021
- It informs all users to withdraw all funds from their account and close it
Cryptocurrency exchange KuCoin has said that it prohibits all Chinese users by the end of 2021 to comply with regulatory requirements. It becomes the latest crypto exchange to ban all mainland Chinese users.
According to the announcement the exchange noted in a statement, “For Users in mainland China, Kucoin plans to complete an orderly settlement and withdrawal by 24:00(UTC+8) on December 31, 2021, under the premise of ensuring the safety of user assets.”
It is not the first exchange to ban Chinese users. In the previous month, a global China crypto exchange Huobi said it will stop serving by the end of this year. It was the first crypto exchange that has reacted to China’s latest crackdown order.
In Sept 2017, after China restricted changing over lawful into cryptocurrencies vice versa, Kucoin eliminated and refunded all Chinese users. China has expressly restricted all crypto activities inside the country, Kucoin is moving to a “gradual and orderly” expulsion of existing clients from China.
The exchange also added, “to protect the rights and interests of users, we strongly recommend that relevant users transfer their assets to other platforms before 24:00 (UTC+8) on December 31, 2021.”
