KuCoin Tells Users in China to Move Funds to ‘Other Platforms’ by Dec. 31

The crypto exchange said it wants to ensure the safety of their assets.

AccessTimeIconOct 5, 2021 at 12:23 a.m. UTC
Updated May 11, 2023 at 5:50 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Seychelles-based crypto exchange KuCoin has told its mainland Chinese users they should transfer their digital assets to “other platforms” before a final deadline in two months’ time.

The exchange said it wants to “protect the rights and interests” of its users and is recommending the transfer before 24:00 UTC Dec. 31, according to a blog post on Sunday.

  • China Is Binance’s Largest Market: WSJ
    04:25
    China Is Binance’s Largest Market: WSJ
  • Why Bitcoin Miners Have Flocked to Texas
    07:56
    Why Bitcoin Miners Have Flocked to Texas
  • Sen. Tuberville on Bill to Block Chinese Ownership of American Crypto Companies
    13:59
    Sen. Tuberville on Bill to Block Chinese Ownership of American Crypto Companies
  • Neil Tan: Hong Kong’s Crypto Push
    30:00
    Neil Tan: Hong Kong’s Crypto Push
  • “KuCoin has always complied with the laws and regulations of various countries and insisted on operating in compliance,” the exchange said.

    On Sept. 24, KuCoin said it “immediately” conducted a “technical self-inspection” to make certain its business process complied with China’s regulatory requirements.

    Late last month, Chinese authorities ordered a fresh crackdown on crypto mining and outlawed virtually all crypto trading activities in what some defined as its toughest measures against crypto in years. The market experienced a modest sell-off on the news as bitcoin fell roughly 4.5% from around $45,159 to $40,693 before clawing back some of the losses and closing the daily trading period at $42,848.

    Four days after the news of the crackdown, Chinese media reported at least 18 platforms providing services related to crypto either announced they were exiting the market in China or were inaccessible.

    KuCoin said it will continue to prompt users to take action “as soon as possible.”

    In a separate matter, KuCoin said it has suspended its SMS notification service and told users to “beware of fraud.”

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Sebastian Sinclair

    Sebastian Sinclair is a CoinDesk news reporter based in Australia.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about