The Chinese government has been taking drastic measures against cryptocurrencies and exchanges in recent months. Although the aforementioned measures are cited as the unreliability of crypto currency transactions, there is also the claim that the reason behind these moves is to lead to a government-backed cryptocurrency.
Following these measures taken by the government, cryptocurrency exchanges started to ban their users in China from the systems. The last exchange to implement this ban was the Singapore-based cryptocurrency exchange called KuCoin.
Stock markets try to comply with government decisions
Cryptocurrency exchange KuCoin announced today that all its users in mainland China must withdraw their money from the platform by December 31st. The company cited its efforts to comply with new regulatory measures as the reason behind this decision.
According to the decision, all Chinese customers will be liquidated. As is known, all financial activities related to cryptocurrencies are considered illegal in China. For this reason, stock markets continue to make decisions in this context.
Last week, Huobi, one of the leading crypto exchanges, announced that it will close the accounts of all Chinese users by the end of the year.
All users affected by the ban will continue to receive relevant information (deadline, what to do, etc.) emails from KuCoin.
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