China’s latest crypto ban is leading to more companies shutting out Chinese users from their platforms.
KuCoin becomes the latest exchange to shut out Chinese users
Leading crypto exchange has become the latest cryptocurrency exchange to announce that it would be banning Chinese users from its platform. This latest development comes after China banned crypto service providers in the country last month.
The crypto exchange said all of its users from mainland China have to withdraw funds from the platform until Dec. 31. The company added that it moved to purge Chinese customers in order to comply with new regulatory measures.
China’s latest ban is pushing crypto companies out
The latest ban on cryptocurrencies by the People’s Bank of China (PBoC) is pushing cryptocurrency companies out of China. Last week, crypto exchanges Huobi, BitMart and Biki announced that they would stop providing services to mainland China users in a few weeks.
Leading Bitcoin mining machine manufacturer Bitmain also announced that it is set to move the majority of its production out of Shenzhen in southern China and into other countries as it looks to comply with the latest mandates on crypto.
Alibaba, one of the leading e-commerce platforms in the world, said it would ban the sales of cryptocurrency mining equipment on its platforms starting this month. This is due to the tough regulations rolled out against cryptocurrency activities in China.