KuCoin to Stop Offering Services to Mainland China Users

The cryptocurrency exchange KuCoin has published an announcement on its website, saying that it will stop offering services to Mainland China users by December 31, 2021.

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According to the exchange, it has already “cleared and refunded” customers from Mainland China already in September of 2017. In response to the recent updates coming from Chinese authorities, KuCoin inspected its platform again and plans to stop offering services to Mainland China users by December 31, 2021.

“On September 24, 2021, after paying attention to the latest policies announced by the Chinese mainland government, KuCoin immediately conducted a technical self-inspection to ensure that the company’s business process complies with the regulatory requirements of mainland China,” KuCoin noted.

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“To protect the rights and interests of users, we strongly recommend relevant users to transfer their assets to other platforms before 24:00 (UTC+8) on December 31, 2021. We will also continue to remind users through emails and in-site letters to guide relevant users to take action as soon as possible,” the firm added.

Last month, China’s central bank announced that financial institutions and non-bank payment providers were banned from offering services to crypto-related activities. After that, China has taken action against three crypto industry data venues​, including CoinGecko, CoinMarketCap and TradingView.