KuCoin announces the deadline to stop its services to the Chinese
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Answer KuCoin announces the deadline to stop its services to the Chinese
KuCoin is the latest cryptocurrency exchange to announce the closure of accounts for residents in China.
KuCoin’s decision came after the People’s Bank of China issued a blanket ban on cryptocurrency trading last Friday.
According to announce Today, the Seychelles-based platform KuCoin first filtered and identified users based in China in September 2017, after the first Chinese ban on cryptocurrency exchanges.
KuCoin said it has finished informing Chinese users.
Last Friday, after the People’s Bank of China said cryptocurrency speculation generates illegal activities and endangers the safety of people’s property, several crypto companies moved to halt their activities in China and limit interactions with Chinese users.
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For its part, the KuCoin platform immediately conducted a technical self-examination to ensure that the company’s business is subject to compliance with regulatory requirements in China.
It told KuCoin that it had found some Chinese users on its platform.
It therefore strongly recommends concerned users to move their assets out of its platform by December 31, 2021.
And it will continue to remind them to do so until this date.
KuCoin says it has 8 million users.
A total of $1.7 billion worth of cryptocurrency has been traded in the past 24 hours on the KuCoin platform, according to data from CoinMarketCap.
As we indicated at the beginning of the article, “KuCoin” is the latest platform urging Chinese users to quit its platform.
Last Sunday, Huobi announced that Chinese residents cannot sign up for the platform and register new accounts, and that existing Chinese customers will lose access to their accounts by December 31.
Earlier this week, Gate.io also stopped accepting new Chinese clients.
Several major mining pools have also closed, including China-based Ethereum mining pool SparkPool and BeePool, after China announced new regulations.
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Alibaba has said it will stop selling crypto-mining equipment and crypto-following websites such as CoinGecko and CoinMarketCap have been blocked by a Chinese firewall.
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