Cryptocurrency exchange KuCoin has banned Chinese citizens from registering on its platform. The firm will stop serving existing customers from that country on December 31.
KuCoin attributed the decision to the need to comply with regulatory requirements.
"Since our inception in 2017, we have always complied with the laws of various countries. On September 24, 2021, KuCoin responded to the latest announcements by the Chinese government and began a business process compliance review," it said in a statement.
Earlier, another cryptocurrency exchange, Gate.io, took similar measures. Existing customers have not been affected by the platform's latest innovations.
http://Gate.io, China's largest altcoin exchange, will pause onboarding new Chinese users, but existing users won’t be affected at this point, Marie Tatibouet, CMO at http://Gate.io, told http://Forkast.News in an email.
According to CoinGecko, Gate.io and KuCoin rank sixth and seventh in normalised daily trading volume at ~$1.85bn each.
As a reminder, Binance and Huobi exchanges had already stopped registering new users in mainland China in September amid a new crackdown.
BTCC co-founder and former head of the exchange Bobby Li predicted the closure of OTC platforms in China.