KuCoin bars registration for Chinese users

The cryptocurrency exchange KuCoin запретила Chinese citizens from registering on its platform. The company will stop serving existing customers from this country by December 31.

KuCoin said the move was necessary to comply with regulatory requirements.

“Since its inception in 2017 we have always complied with the laws of various countries. On 24 September 2021KuCoin reacted to the latest statements by the Chinese government and began reviewing its business processes for regulatory compliance”, — the statement said.

To safeguard users’ assets, KuCoin has pledged to complete an “orderly liquidation and withdrawal of funds” by 24:00 (UTC +8) on 31 December 2021.

Earlier, another cryptocurrency exchange Gate.io took similar measures. The latest platform updates did not affect existing customers.

https://t.co/K3WVOtC1PT, China’s largest altcoin exchange, will pause onboarding new Chinese users, but existing users won’t be affected at this point, Marie Tatibouet, CMO at https://t.co/K3WVOtC1PT, told https://t.co/Ams2Op6Xmq in an email.

— Wu Blockchain (@WuBlockchain) September 30, 2021

According to CoinGecko, Gate.io and KuCoin occupy sixth and seventh place by normalized daily trading volume, with figures around $1.85 billion.

Earlier in September, amid renewed crackdowns, Binance and Huobi had ceased onboarding new users in mainland China.

Co-founder and former BTCC chief Bobby Lee predicted the closure of over-the-counter platforms in China.

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