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Issued another ban on crypto trading by the Bank of China led KuCoin Exchange to shut down service
Oct, 06 2021
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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.
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Rushali Das
CBW - External Analyst
INDIA
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