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Chinese Kucoin Users Given Ultimatum to Withdraw Funds

The cryptocurrency exchange Kucoin issued a statement that all chinese users should endeavor to withdraw funds from the platform, the company looks to abide by the new regulations procedures.

Kucoin issued these warnings to their customers in the mainland after the Chinese Central bank released a new regulatory order that deemed all cryptocurrencies related transactions to be illegal in the country.

The Chinese regulatory bodies on the 24th of September deemed all financial dealings and activities linked to cryptocurrency in China to be illegal according to the new regulations issued by the regulatory bodies. Which has put all cryptocurrency exchanges stationed in China to alert their customers to withdraw funds to avoid losing them.

Huobi, one of the world’s biggest Cryptocurrency exchanges, made similar calls to her estimated customers in China to withdraw funds from their exchange and will retire all their Chinese users by the end of the year.

According to the Head of Operations of Kucoin, emails will be sent daily to Chinese to remind them of their obligations to withdraw their funds from the exchange to avoid being a victim.

All Kucoins Chinese based customers have till 31 December to withdraw their funds to avoid violating the new regulatory law.

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