KuCoin strongly suggests that users in China should move funds elsewhere and the main purpose behind this Sunday pronunciation is to save users’ digital assets.
KuCoin, a crypto trading platform based in Singapore, prompts users in China to move their funds to ‘other platforms’ within a two months period. They are insisting that this move takes place specifically before the last day of the year, the reason being safety and protection of users’ rights and interests.
The exchange clarified that they were always in line with the required laws and regulations of different countries and will continue to do so. With China tightening its grip on the crypto industry, Kucoin immediately jumped to action by starting a technical examination of itself, to make sure the business acts in concordance with the newly imposed rules by the government.
To give some background, the Chinese government tightened the crypto mining crackdown and banned all crypto trading, in what was seen as the biggest attack to the industry in a long time. There was a humble sell-off in the market during this time period, as there was a humble decrease of Bitcoin for 4.5% on the news, going from $45,159 to $40,693, before making up for some losses and finally ending the day to day trading period at $42,848.
Immediately after China’s cryptocurrency ban, about 20 crypto-related platforms either completely disappeared or were said to be leaving the Chinese market, as reported by media in China.
KuCoin promised to use different ways of informing users, such as emails and in-site messages, to encourage them to quickly take action.
On another issue, the exchange explained that its SMS notification service is suspended, therefore, they need to be cautious of possible frauds.
Also read: Elon Musk Reacts to Recent China Crackdown: Chinese Communist Party Threatened by Crypto