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.

Oct 5, 2021 at 12:23 a.m. UTC
Updated Oct 6, 2021 at 2:04 a.m. UTC

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.

“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

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Sebastian Sinclair is a CoinDesk news reporter based in Australia.