Issued another ban on crypto trading by the Bank of China led KuCoin Exchange to shut down service
On 1st October 2021, the latest cryptocurrency
exchange, KuCoin will shut down records of mainland Chinese occupants after the
People's Bank of China issued another ban on crypto trading.
According to an announcement on the official website of KuCoin today, the Seychelles-based exchange in September 2017 had cleared and refunded users in mainland China following China’s first ban on crypto exchanges.
The People’s Bank of China declared last Friday that crypto speculation breeds unlawful activities which “seriously endanger the safety of people’s property”. On this account, it banned all crypto trading. On the other hand, KuCoin “immediately conducted a technical self-inspection to ensure that the company's business process complies with the regulatory requirements of mainland China.”
KuCoin has also found some Chinese stragglers on its platform, because of which it strongly recommends to all its users to move their assets off the platform by December 31. KuCoin also exclaims how it will continue to remind them to do so up until the last date. KuCoin says that the 8 million users on its platform traded $1.7 billion worth of crypto in the past 24 hours.
KuCoin remains the latest Chinese crypto service to boot users from its platform. Huobi announced last Sunday that Chinese mainlanders couldn’t sign up for new accounts on its platform, and existing customers would lose their account access by December 31. Gate.io also stopped accepting new mainland Chinese customers earlier this week.
CBW - External Analyst