October 4, 2021

It's getting sharper! KuCoin Announces Closure of Chinese Consumer Accounts!

 KuCoin did not want to close the ‘door’ of crypto trading on its platform for Chinese consumers following a stern warning from the country’s government declaring crypto as an illegal transaction.

The announcement was explained on its official website yesterday.

Based on crypto industry restrictions in China, KuCoin is asking Chinese consumers to remove all assets and close accounts as a measure to protect its users ’assets.

Clearly KuCoin again, users are given until midnight 31 December 2021 to do so.

An ongoing reminder will be made by KuCoin until that date and the asset withdrawal process is the responsibility of its users.

KuCoin’s decision makes this platform the latest to pull out of the Chinese market after Huobi and Binance.

Perhaps many are unaware that while centralized exchanges are facing difficulties in retaining Chinese consumers, decentralized exchanges (DEX) are instead the focus of crypto investors.

For example dYdX which faced a trading volume of $ 4.3 billion during the period 26-27 September 2021.