Mainland Chinese users of KuCoin will have to withdraw and close their accounts by the end of 2021

The KuCoin exchange is the next to be affected by China’s latest ban. Accordingly, KuCoin users in Mainland China will have to withdraw all their funds and close their accounts by the end of the year.

Chinese users of KuCoin were forced to close their accounts till end of 2021

According to the announcement, all local users will have to close their existing positions and withdraw the remaining funds from the exchange before 24:00 (UTC +8) on December 31st, 2021. This is a direct consequence of the latest crackdown from the People’s Bank of China.

mainland-chinese-users-of-kucoin-will-have-to-withdraw-and-close-their-accounts-by-the-end-of-2021

Source: KuCoin

KuCoin said it had begun an internal review to determine the most convenient course of action for its customers. After careful consideration, the team concluded that leaving China was the only option, complying with the local rules.

It is the second major exchange to have announced similar plans in less than two weeks following the latest ban. Earlier, as AZCoin News reported, Huobi said it would stop accepting new users from China. Soon after, the company’s mining pool transferred over $4 billion in bitcoin, which also appears to be a direct effect of the crackdown.

While decentralized exchanges are shutting down their China services, decentralized trading platforms have been thriving lately, with dYdX being a prime example of attracting more customers than Asian countries.

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