KuCoin ordered Chinese crypto Investors to withdraw funds

Crypto exchange KuCoin followed the guidelines of China’s renewed crypto ban notification and ordered the Chinese KuCoin customers to withdraw their funds.

Recently the Central bank of China announced a renewed ban on crypto related operations and activities and ordered all kinds of exchanges to stop their operations for the mainland users of China. In the very beginning, Huobi & Binance announced to take down the new users registration from China. 

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On 3 October, KuCoin clearly said that their users, which are from China, should withdraw their funds and close their accounts. And the last date to stop their services for Chinese users is 31 December.

To give clarity on this announcement, KuCoin clearly said that it is because of China’s new crypto ban announcement, which was made on 3 September by the People’s Bank of china. 

KuCoin also explained that they already started to figure out what would be a better and more convenient way to stop their services to China’s mainland users. And they find that it is much better to get out of China to comply with the rules and regulations of Chinese authorities.

KuCoin became the second largest crypto exchange to decide to stop their services after Huobi. If we look at the decision of Huobi, then we will find that Huobi also decided 31 December for the full cease of the crypto operations. While Binance exchange only stopped taking new users account registration, it will be interesting to see when Binance releases its service halting notification for the Chinese users, because Binance is that kind of crypto exchange, which doesn’t take time to take decisions over the demand of regulators.

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