Crypto Exchange KuCoin Confirms December Deadline for Removal of Chinese Traders

Crypto Exchange KuCoin Confirms December Deadline for Removal of Chinese Traders

The Chinese government is making progress in its mission to eradicate cryptocurrencies from its economy.

The move by the government has prompted companies to distance themselves from cryptocurrency-backed transactions in mainland China to avoid any rift with Beijing.

One of such companies, KuCoin, whose popularity originated in China, has told its mainland Chinese users to leave its platform.

Tougher Checks to Comply With Chinese Laws

KuCoin announced that its Chinese users have until December 31 to move their funds to other platforms. The crypto exchange explained that it is looking to “protect the interest and safety of its users.

KuCoin said all Chinese residents on its platform would need to send their funds elsewhere.

The announcement by KuCoin came after the Peoples’ Bank of China (PBOC) sent out a directive asking several other agencies to band together and outlaw crypto transactions of any kind. The PBOC’s statement has already sent out a firestorm, with crypto companies leaving China and even traditional tech companies cutting ties with crypto.

Similarly, the e-commerce giant Alibaba confirmed last week that it would stop selling any crypto-related items on its platform. Items ranging from tutorial videos, mining equipment, and more will be blocked from Alibaba’s platform going forward.

No Way Back for Chinese Users This Time

KuCoin explained that it has always looked to comply with regulations from the Chinese government. The company added that it conducted a “technical self-inspection” on September 24 – just days after the PBOC’s announcement came out. The inspection was to ensure that its business complied with China’s regulatory requirements.

This is not the first time the Chinese government will be cracking down on crypto companies and operations. The government first hit crypto with sanctions in 2017.

China’s new directive has had significant effects on its crypto space. News sources have reported that up to 18 crypto companies have left the country, many of whom will be leaving their customers stranded. While KuCoin is giving Chinese users till December, some other companies haven’t been so lenient.

CoinEx, another cryptocurrency exchange, announced last Thursday that it would close all Chinese users by October 31. Besides shuttering accounts of Chinese residents, CoinEx would also close accounts of customers with KYC details linked to mainland China. Chinese accounts on CoinEx with zero assets have already been disabled at press time.

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Author: Jimmy Aki

Bittrex Delisting Privacy Coins Monero (XMR), Zcash (ZEC), and DASH Without Any Explanation

Kraken CEO dispels any regulatory pressure, says market removal could be something business-specific. Meanwhile, these coins drop 17% to 23% while DASH argues its “privacy functionality is no greater than Bitcoin’s.”

Cryptocurrency exchange Bittrex has announced the removal of privacy coins from its platform after removing XRP markets for its US customers. Monero (XMR), Zcash (ZEC), and DASH are the affected cryptocurrencies.

Starting Jan. 15, 2021, 23:00 UTC, BTC-XMR, ETH-XMR, USDT-XMR, BTC-ZEC, ETH-ZEC, USDT-ZEC, USD-ZEC, BTC-DASH, ETH-DASH, USDT-DASH, and USD-DASH would no more be available on the platform.

After this, Bittrex users would have up to 30 days, a period that may be shortened in “certain instances,” to withdraw any of these delisted tokens. The exchange states, after the withdrawal deadline, “there may be circumstances under which a user may not be able to withdraw a token due to events outside of Bittrex’s control.”

Up until now, only XRP XRP 5.48% XRP / USD XRPUSD $ 0.23
$0.01 5.48%
Volume 5.09 b Change $0.01 Open $0.23 Circulating 45.4 b Market Cap 10.34 b
8 h Bittrex Delisting Privacy Coins Monero (XMR), Zcash (ZEC), and DASH Without Any Explanation 2 d eToro and CEX Suspend Trading for US Customers; Grayscale Buys 3.23 Million XRP 3 d Binance US, Genesis, & Abra Suspends XRP Support; Bittrex & Uphold Clarifies No Plan to Delist
trading and deposits were suspended and only for the US customers due to SEC’s lawsuit against Ripple and its two executives for allegedly selling unregistered securities, but now more cryptos are being targeted. Trader CryptoSqueeze noted,

“Privacy coins are the next on the target list. Bittrex might just be the beginning. This is gonna be a rough and uncertain year for alts.”

Bitcoin BTC 7.79% Bitcoin / USD BTCUSD $ 33,331.76
$2,596.54 7.79%
Volume 77.75 b Change $2,596.54 Open $33,331.76 Circulating 18.59 m Market Cap 619.63 b
7 h GBTC Added $1.6B in December But Grayscale Hasn’t Purchased Any BTC in Over a Week 8 h Bitcoin Smashes $34,810 as Market Sees Some ‘Serious and Prolonged Investor Activity’ 2 d Altcoins’ Market Cap Still 59% Off its Peak as Bitcoin Dominance Exceeds 70%
and Ethereum ETH 25.18% Ethereum / USD ETHUSD $ 949.37
$239.05 25.18%
Volume 40.77 b Change $239.05 Open $949.37 Circulating 114.1 m Market Cap 108.33 b
2 d Altcoins’ Market Cap Still 59% Off its Peak as Bitcoin Dominance Exceeds 70% 4 d Bitcoin Going to $1 Million in the Next Decade Says Kraken CEO; Highlights ETH & DeFi 4 d Ethereum Is A ‘Huge Success Story’ But is ‘Undervalued’ in Terms of Institutional Buying
are free from any such uncertainties because they have been explicitly stated by regulators to not be a security because they are decentralized.

Meanwhile, Bittrex’s lack of explanation on their motive behind this decision has led the crypto twitter (CT) to speculate.

“Privacy is a constitutional right, not a crime,” said Jake Chervinsky, General Counsel at Compound Finance who shares his disappointment on exchanges removing crypto assets with privacy-preserving features. “There’s no law or regulation requiring this, just DOJ’s opinion that privacy is “indicative of possible criminal conduct,’” he added.

According to Josh Swihart, SVP of Growth at Electric Coin Company, the creators of Zcash, there could be more than what meets the eye here. He pointed out how US-based crypto exchanges Gemini and Coinbase recently added additional support for ZEC.

Meanwhile, other crypto exchanges clarified that there isn’t any regulatory pressure to delist these privacy-focused cryptos.

“Haven’t heard of anything on the regulatory side. Presumably, it’s something specific to their business,” said Jesse Powell, co-founder, and CEO of crypto exchange Kraken. He also shared that these cryptos meanwhile are not supported by Kraken in Australia because of being “banned by local fiat funding rails” and that they are working on the alternatives.

For now, the damage has been done to these cryptos price-wise as they performed poorly following the delisting news.

XMR dropped over 11% in the last seven days and is currently trading around $138, DASH lost 17% of its value in the last seven days and is now trading at $89 and after a 13% drop, ZEC is now keeping around $58.

Some believe XMR, DASH, ZEC’s loss can be Litecoin’s gain which is working on bringing privacy to the network. Ever since Bitcoin bulls went crazy in Oct., LTC also moved in tandem, up 183% in the last three months to climb the levels not seen since June 2019.

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Author: AnTy