KuCoin, a major cryptocurrency exchange, has announced that its users in mainland China must withdraw all their funds and close their accounts by the end of 2021. According to the blog post published on its website, the company cited the ongoing regulatory environment in the country, which is currently leading a campaign against Cryptocurrency industry.
KuCoin noted, “On September 24, 2021, after paying attention to the latest policies announced by the Chinese mainland government, KuCoin immediately conducted a technical self-examination to ensure that the company’s business operation complies with the regulatory requirements of mainland China.” However, users must withdraw funds before 00:00 UTC +8 on December 31, 2021.
Furthermore, the cryptocurrency exchange stated that it suspended its SMS notification service and warned people about any malicious messages that could lead to fraud. “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 messages to direct relevant users to take action in as soon as possible,” the company added.
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The crypto exchange did not provide any additional details regarding the decision, which is in line with recent announcements of crypto exchanges pulling out of China due to the crackdown. In September, the People’s Bank of China (PBoC) said that all companies offering token issuance, trading, derivatives, and order matching for digital assets were banned. The central bank argued that it seeks to “eliminate” the hype and remove speculation to protect the Chinese population from the cryptocurrency market.
Also, the “Notice on Further Prevention and Elimination of Noise Risks in Virtual Currency Trading” highlighted that employees of third-party cryptocurrency exchanges operating in the country, including those working in customer support departments, would be investigated. Last week, Alibaba, the largest online retailer in China, announced that it would stop selling cryptocurrency miners.