Summary:
Mainland Chinese users of KuCoin will have to withdraw all their funds and close their accounts by the end of the year, said the exchange earlier today. This is a direct consequence of the latest crackdown from the People’s Bank of China. Citing the regulatory pressure from the Chinese authorities, KuCoin announced earlier on October 3rd that all local users will have to close their existing positions and withdraw the remaining funds out of the exchange before 24:00 (UTC +8) on December 31st, 2021. More precisely, the company blamed this decision on the most recent crackdown initiated by the Chinese government. As reported in late September, the nation’s central bank doubled down on its digital asset ban by prohibiting all locally operating organizations from dealing with
Topics:
Jordan Lyanchev considers the following as important: AA News, China, crypto ban, KuCoin, social
This could be interesting, too:
Mainland Chinese users of KuCoin will have to withdraw all their funds and close their accounts by the end of the year, said the exchange earlier today. This is a direct consequence of the latest crackdown from the People’s Bank of China. Citing the regulatory pressure from the Chinese authorities, KuCoin announced earlier on October 3rd that all local users will have to close their existing positions and withdraw the remaining funds out of the exchange before 24:00 (UTC +8) on December 31st, 2021. More precisely, the company blamed this decision on the most recent crackdown initiated by the Chinese government. As reported in late September, the nation’s central bank doubled down on its digital asset ban by prohibiting all locally operating organizations from dealing with
Topics:
Jordan Lyanchev considers the following as important: AA News, China, crypto ban, KuCoin, social
This could be interesting, too:
Wayne Jones writes Hashdex Files S-1 for First ETF Holding Bitcoin and Ethereum in the US
Chayanika Deka writes Scaramucci Slams Claims of Harris’s Anti-Crypto Bias, Critiques Trump’s Transactional Approach
Wayne Jones writes Celebrity Meme Coins Plunge 94% From Peak Values on Average: Data
Mandy Williams writes Marathon Digital Increases Bitcoin Stash With 0M Purchase
Mainland Chinese users of KuCoin will have to withdraw all their funds and close their accounts by the end of the year, said the exchange earlier today. This is a direct consequence of the latest crackdown from the People’s Bank of China.
- Citing the regulatory pressure from the Chinese authorities, KuCoin announced earlier on October 3rd that all local users will have to close their existing positions and withdraw the remaining funds out of the exchange before 24:00 (UTC +8) on December 31st, 2021.
- More precisely, the company blamed this decision on the most recent crackdown initiated by the Chinese government.
- As reported in late September, the nation’s central bank doubled down on its digital asset ban by prohibiting all locally operating organizations from dealing with any entities even remotely associated with the cryptocurrency industry.
- KuCoin said it started an internal review to determine what would be the most convenient action for its customers. After “careful consideration,” the team concluded that leaving China is the only option, which complies with the local rules.
- This is the second large exchange that has announced similar plans in less than two weeks after the latest ban.
- Previously, Huobi said it will stop accepting new users from China. Shortly after, the company’s mining pool moved more than $4 billion in bitcoin, which also seemed like a direct effect of the crackdown.
- While centralized exchanges are closing down their Chinese services, decentralized trading platforms have flourished recently, with dYdX being a prime example of getting more customers from the Asian country.