Coin Trade & Mine

Chinese users can’t longer register on the KuCoin exchange

Chinese citizens can no longer open new accounts on the KuCoin crypto exchange. Current users of this resource will be served by the exchange until December 31 inclusive. 

Representatives of the KuCoin company explain their actions by the importance of compliance with the norms and requirements of the State China. They emphasize that from the day they began their existence (2017), they always try to comply with the laws of the countries in which they operate. Therefore, within the framework of the latest statements of the Chinese authorities, KuCoin began checking for compliance of the company’s processes with the requirements of the regulator. 

In order to secure the assets of its users, the KuCoin crypto exchange promised to complete the “orderly liquidation and withdrawal of funds” by 24 hours on 31.12.2021. 

Similar actions in the cryptoservice Gate.io. At the same time, the new measures in the company didn’t affect the exchange users. 

According to CoinGecko, the services Gate.io and KuCoin are on the 6th and 7th lines according to the normalized daily trading volume. They came out with figures of ~$1.85 billion. 

As is known, in September of this year, the registration of new customers in mainland China on the Binance and Huobi cryptocurrency services was stopped due to repression. 

Bobby Lee, who previously headed the VTSS exchange and was a co-founder of it, suggested that Chinese over-the-counter platforms would close. 

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