Chinese users of Kucoin have time to close accounts until December 31

Chinese users of Kucoin have time to close accounts until December 31

mainland chinese users of Kucoin have to withdraw all of their money by the end of the year and close their accounts, the stock exchange said today. This is a direct episode of the most recent procedure of the People’s Bank of China.

Citing the regulatory pressure of the Chinese authorities, Kucoin announced On October 3, that all local users will close their existing positions and the remaining funds have to take off from the stock exchange on December 31, 2021 at midnight (UTC +8). More precisely, the company made this decision most responsible for the recent Raid of the Chinese government. Like at the end of September the central bank doubled its ban on its ban on Digital assets by prohibited all local organizations to deal with companies that are only associated with the cryptocurrency industry. Kucoin said that an internal review has started to determine what would be most convenient for its customers. After "careful consideration", the team came to the conclusion that leaving China is the only option that corresponds to the local rules. This is the second large stock exchange, which has announced similar plans in less than two weeks after the latest ban. Huobi had previously announced not to accept new users from China. Shortly thereafter, the mining pool of the company more than $ 4 billion in Bitcoin, which also seemed to be a direct impact of the resolution. While centralized exchanges close their Chinese services, decentralized trading platforms have been flourishing recently, with Dydx a parade examples more customers from the Asian country. .