Central exchanges appear to be hardest hit by China’s new ban on crypto trading, with another exchange, KuCoin, advising its mainland Chinese users to move their digital assets to another platform before the end of the year.
Kucoin tells Chinese users to use other platforms
KuCoin, one of the largest cryptocurrency exchanges in the world, made this known through a recently released version. Press release It revealed that the decision came out of its efforts to comply with the new regulations.
“In order to protect the rights and interests of users, we strongly recommend that the relevant users transfer their assets to other platforms by 24:00 (UTC+8) on December 31, 2021,” the press release read in part.
According to the exchange, its Chinese users should start transferring to other platforms and also revealed that it will continue to “guide relevant users to take action as soon as possible through in-terminal emails and messages.”
Notably, KuCoin will not be the first crypto platform to ship Chinese users from its platform. Since the authorities have been blackmailed, centralized crypto platforms such as Huobi and Binance have had to block or block mainland Chinese users from accessing their services and platforms.
As mentioned earlier, the scarcity of these centralized exchanges inadvertently led to an increase in the popularity and use of decentralized exchanges such as DyDX, Uniswap, and others in China.
Bitcoin, others are not affected
Interestingly, despite the ban on cryptocurrency trading in China, the value of Bitcoin and other digital assets saw a green decline over the weekend.
According to the information available from CoinMarketCapThe leading digital asset saw its price rise above $47,000 with the value of Ethereum rising above $3,300. The market capitalization of this industry also remains above $2 trillion.
All of this points to a sign of the reduced impact of the Chinese crackdown on the cryptocurrency space and the overall growing maturity of digital assets.
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