The KuCoin trading platform has become another victim of the cryptocurrency ban in China. The exchange intends to say goodbye to the country completely, including Chinese users.
On the KuCoin website on October 3, 2021
posted a notice stating that due to regulatory pressure from the Chinese authorities, all local users will have to close active positions and withdraw their remaining assets from the exchange by December 31, 2021. The reason given is the latest notification from the People’s Bank of China to ban cryptocurrencies.
Faced with tightening legislation from the NBK, KuCoin began to study the requirements of regulators and its resources to find the most user-friendly solution. After “careful consideration of all options for action,” the exchange operator came to the conclusion that a change of jurisdiction and refusal to serve customers from China is the only viable option.
KuCoin is not the first major marketplace to announce that it has closed access to Chinese users. Earlier, cryptocurrency exchange Huobi stopped registering new users from mainland China and warned that it will close the accounts of all users from China by December 31, 2021. In parallel, the Binance trading platform has completely blocked access to the site from Chinese IP subnets.
Amid the refusal of cryptocurrency platforms to serve users from mainland China, the decentralized finance sector is flourishing in the cryptocurrency market. Trading volumes on some DeFi protocols have exceeded those of major centralized exchanges.
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