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Cryptocurrency exchange KuCoin has announced on Sunday that all of its users from mainland China have to withdraw funds from the platform until Dec. 31.

The company says that it moved to purge Chinese customers in order to comply with new regulatory measures.

As reported by U.Today, China recently intensified its crackdown on the cryptocurrency sector with the most severe restrictions to date. All financial activities linked to cryptocurrencies are deemed to be illegal in China.

Users who will be affected by the ban will keep receiving emails from KuCoin about the deadline. 

Last week, Huobi, one of the leading crypto exchanges, made a similar announcement about retiring all of its Chinese users by the end of the year.     

Contributed by U.Today.

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