On Sept. 24, KuCoin says it “immediately” conducted a “technical self-inspection” to make certain its business process complied with the regulatory requirements of China. Late last month, Chinese authorities ordered a crackdown on crypto mining and outlawed virtually all crypto trading activities in what some defined as its toughest measures against crypto in years. During that time the market experienced a modest sell-off as bitcoin fell roughly from around $45,000 to $40,000 before taking back some losses and closing out the daily trading period at $42,848.
Four days following news of China’s fresh crackdown, Chinese media reported at least 18 platforms providing services related to crypto either announced they were exiting the market in China or were inaccessible without explanation. The exchange said it would continue to remind relevant users via emails and in-site messages to prompt users to take action “as soon as possible.” In a separate matter, KuCoin also said it has suspended its SMS notification service and told users to “beware of fraud.”