KuCoin: China Users Must Move Funds to Other Platforms Before December

KuCoin, Singapore-based crypto exchange, 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 is declaring its intention to “protect the rights and interests” of its users and is recommending the transfer before 24:00 UTC December 31, according to a blog post on Sunday.

KuCoin wrote in the post:

“KuCoin has always complied with the laws and regulations of various countries and insisted on operating in compliance.”

On September 24, KuCoin announced it “immediately” conducted a “technical self-inspection” to make certain its business process complied with the regulatory requirements of China.

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. During that time the market experienced a modest sell-off as bitcoin fell roughly 4.5% on the news, from around $45,159 to $40,693 before clawing back some losses and closing out the daily trading period at $42,848.

Four days following news of China’s fresh 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 without explanation.

The exchange said it would continue to remind relevant users via emails and in-site messages to prompt users to take action “as soon as possible.”

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