KuCoin has joined other cryptocurrencies in expelling Chinese residents from its platform due to the recently introduced ban on all crypto operations by the Bank of China.
The ban effectively prohibits any crypto-related transactions in the country.
KuCoin announced on Friday last week that it would no longer support Chinese residents who wish to register or hold accounts at the exchange, even though it's based in the Seychelles, KuCoin has chosen not to butt heads with China and exit the market entirely.
China regards crypto as risky activity that endangers the safety of people's property. Responding to the ban, KuCoin explained that it had conducted a “technical self-inspection” to make sure that the company's business complies with the latest regulation in mainland China.
KuCoin is just one of many to have done this. China reportedly blocked access to CoinMarketCap immediately after announcing the news and Huobi, another popular cryptocurrency exchange in Asia, confirmed that it would no longer accept people from mainland China as customers.
Huobi is allowing Chinese mainlanders to benefit from a grace period during which they can off-load their crypto holdings in a whitelisted jurisdiction.
The country also saw several Ethereum mining pools shut down immediately after the ban was announced.