Cryptocurrency exchange KuCoin has decided to respond to the crackdown of Chinese authorities. The firm has disclosed that the customer in Mainland China will no longer be able to avail its cryptocurrency services. KuCoin revealed that it has already “cleared and refunded” customers from Mainland China in September of 2017.
The latest crackdown of the authorities has forced the firm to stop offering services to Mainland China users by December 31, 2021. Customers have the option to withdraw their assets before the deadline. Emails and notifications also informed the relevant users about the recent change.
Furthermore, the People’s Bank of China recently repeated its stance that cryptocurrency trading is forbidden. It has disclosed that both local and overseas businesses should not be delivering cryptocurrency services in Mainland China. Other exchanges that have also accepted similar policies in response to the PboC’s statements are Huobi, Gate.io, and BiKi.
In addition, KuCoin revealed that KuCoin immediately carried out a technical self-inspection to guarantee that the company’s business process is in accordance with the regulatory requirements of mainland China on September 24, 2021, after witnessing the change made by the Chinese mainland government.