Cryptocurrency exchange KuCoin no longer allows Chinese citizens to register on the platform. The exchange will stop offering its services to customers in this country on December 31, the company has reported.
KuCoin has attributed the decision to the need to comply with regulatory requirements:
"Since our inception in 2017, we have always followed the laws of different countries. Last September 24, 2021, KuCoin responded to the latest statements from the Chinese government and started to review the compliance of trading processes with regulatory requirements."
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To ensure the safety of users' assets, KuCoin has committed to complete "orderly settlement and withdrawal of funds" by 24:00 (UTC +8) on December 31, 2021.
Cryptocurrency exchange Gate.io has taken similar steps before. The platform's latest innovations have not affected existing customers.