certify
Home arrow Article arrow Article Detail

Issued another ban on crypto trading by the Bank of China led KuCoin Exchange to shut down service

Profile Image

Rushali Das Follow

INDIA

Oct, 06 2021

Oct, 06 2021

likes 4 | comments 0

Article Image

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.


likes 4 Likes | comments 0 Comments

Profile Image

Rushali Das

CBW - External Analyst

INDIA

Comments
Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.