China Earthquake Continues: Chinese Users Banned From Crypto Exchange KuCoin

Trading platforms took action after the People’s Bank of China (PBOC) declared cryptocurrency transactions illegal. As we reported last week, Huobi, one of the leading crypto exchanges, said it will suspend all user accounts based in China by the end of the year. A similar move came from KuCoin. Details are here.

As is known, China has recently intensified its pressure on the cryptocurrency sector with the most severe restrictions to date. All financial activities related to cryptocurrencies are considered illegal in China. Huobi was the first major crypto exchange to react to China’s recent crypto pressures.

Cryptocurrency exchange KuCoin also announced on Sunday that all its users in China must withdraw funds from the platform by December 31.

The company stated that it has taken such a step to comply with new regulatory measures. Users affected by the ban will continue to receive emails from KuCoin about the deadline.

The decision to stop trading from Huobi last week created an FUD (fear, uncertainty, doubt) in the market and led to some selling. KuCoin is far behind Huobi in terms of trading volume, and similar moves from exchanges in China were already being considered. Therefore, the KuCoin decision is not expected to have a big impact like Huobi.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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