KuCoin’s efforts to obtain regulatory licences, while following regulatory compliance laws, is winning the trust of its users globally.
Transparency and regulatory compliance have become KuCoin’s unique selling point in its quest to win over the hearts and minds of its users, and it is working.
The cryptocurrency exchange recently released its performance for the first half of 2024, and it indicates that the platform now boasts a user base of over 34 million, while achieving around a 128% increase in its spot trading volume.
KuCoin is taking a stance similar to other leading exchanges by prioritising regulatory compliance in its growth. The topic of regulatory approval has emerged as the new gold standard for cryptocurrency exchanges as predicted in 2021, and the conversation around this topic has never been more intense.
Instead of being a liability, achieving regulatory compliance with financial centres like Singapore is often seen as highly desirable. By making it to the list of approved crypto exchanges in the country, the platform is able to expand into new markets and enjoy new opportunities which only further emphasises the importance of compliance.
A KuCoin spokesperson said, “The growth of our global user base to over 34 million, as well as the steady climb in spot trading volume, is a direct reflection of the enthusiasm and trust we are seeing in our community. To demonstrate our unwavering commitment to compliance and security, we have also achieved key regulatory milestones. As we look to celebrate our 7th anniversary, we remain dedicated to driving innovation and delivering a secure, user-centric experience for all KuCoin users worldwide.”
With Europe signing the Markets in Crypto-assets (MiCA) bill into law and the United States passing the FIT21 Bill in the House of Representatives, it is clear that staying regulatory compliant is essential for cryptocurrency exchanges like KuCoin.
Top Takeaways From the Report
Security Implementations
- Registration with India’s Financial Intelligence Unit: KuCoin registered with India’s Financial Intelligence Unit to identify, analyze, and mitigate activities related to money laundering and other illicit financial operations.
- Bugcrowd Bug Bounty program: KuCoin partnered with cybersecurity platform Bugcrowd to identify and address potential security vulnerabilities.
Regulatory Compliance
- 5 regulatory licenses: Australia, the Czech Republic, India, El Salvador, and Poland.
Exchange’s Proof-of-Reserves
- BTC reserve ratio of 112%
- ETH reserve ratio of 116%
- USDT reserve ratio of 106%
- USDC reserve ratio of 116%
Read the full report on KuCoin’s website.
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