In response to the Chinese crackdown on crypto-related trading, one of the largest centralized exchanges offering crypto services to its citizens, KuCoin, has started removing Chinese users from its platform in order to stay compliant due to the new policy.
The exchange, in its bid to prevent loss and protect customer assets, advised customers from the region to withdraw or move their portfolio to another platform on or before Midnight on December 31, 2021. It continued that it would keep sending customers reminders through email and insiders letters.
In order to protect the rights and interests of users, we strongly recommend that relevant users transfer their assets to other platforms by 24:00 (UTC+8) on December 31, 2021.
KuCoin is following in the footsteps of Huobi and Binance, two other top exchanges that had suspended their operations for last Chinese users citing the new clampdown.
Recall that on September 24, the Chinese authorities declared every crypto-related trading illegal. It also announced that entities that offer such service for its citizen could be sanctioned.
With this in mind, centralized exchanges operating in the country have had little to no option but to halt their works in the Asian country.
However, decentralized exchanges (DEXs) such as dYdX, Uniswap others have witnessed a surged in their transaction volume, an indication that the Chinese crypto traders are now using this option.