FAQs
March 26 (Reuters) - Federal prosecutors in Manhattan on Tuesday charged KuCoin, one of the world's largest cryptocurrency exchanges, with violating U.S. anti-money laundering laws by failing to vet customers, allowing billions of dollars in illicit funds to be transferred since its founding in 2017.
Why did KuCoin leave the USA? ›
Cryptocurrency exchange KuCoin and two of its founders have been charged with violations of the Bank Secrecy Act. The exchange is accused of skirting U.S. regulations in an effort to quickly expand its user base. KuCoin is said to have received more than $5 billion and sent more than $4 billion of suspicious funds.
Can KuCoin be trusted? ›
Is KuCoin a good crypto exchange? Yes. KuCoin is a feature-rich exchange that allows users from over 200 countries to buy, sell, and trade digital assets on Spot, Futures, and Margin markets for over 840 cryptocurrencies. That being said, it is unregulated in many countries.
What are the cons of KuCoin? ›
KuCoin's Disadvantages
For starters, users who are based in the U.S. cannot complete standard financial industry Know Your Customer (KYC) disclosures on KuCoin. These disclosers are meant to reduce crime and money laundering. Crypto exchanges are also frequently targeted by hackers.
Why can t Americans use KuCoin? ›
Due to regulatory reasons, KuCoin's full capabilities are not available in the US, which impacts your trading if you live or are traveling there. KuCoin isn't licensed to operate in the US, so its verification process (KYC) isn't available.
Is KuCoin illegal in the US? ›
KuCoin is a cryptocurrency exchange platform.
This crypto trading platform is available worldwide; however, only a limited version is available in the US, while it's banned in China.
What is the KuCoin controversy? ›
Prosecutors in the U.S. Attorney's Office for the Southern District of New York alleged KuCoin intentionally failed to have an adequate anti-money-laundering program to prevent the exchange from being used for terrorist financing and other illicit finance activities.
What is the crime of KuCoin? ›
The exchange was charged under the Bank Secrecy Act.
Crypto exchange KuCoin and two of its founders were charged with violating anti-money laundering laws by U.S. federal prosecutors. Homeland Security Investigations Special Agent Darren McCormack called KuCoin "an alleged multibillion-dollar criminal conspiracy."
Is KuCoin in danger? ›
ChainPlay. one month ago. The Commodities Futures Trading Commission (CFTC) and US Southern District of New York (SDNY) prosecutors have filed criminal and civil charges, but cryptocurrency exchange KuCoin has assured its users that their money is safe.
What is safer Coinbase or KuCoin? ›
While Coinbase's selection is not as extensive as KuCoin's, it still offers a diverse range of investment options for its users. Coinbase has also placed a strong emphasis on security, implementing a range of measures to protect its users' assets and data.
KuCoin is a cryptocurrency exchange initially from China that relocated to Hong Kong for a more favourable regulatory climate.
What's better than KuCoin? ›
Unveiling the Champions: KuCoin Vs Binance - Which Exchange Emerges Victorious. After a comprehensive analysis of KuCoin and Binance across various categories, it's evident that both exchanges offer robust trading platforms, competitive fees, and strong security measures.
Which is safer Binance or KuCoin? ›
Binance vs Kucoin cryptocurrency exchange overall score comparison reveals that Binance has a higher overall score of 9.8, while Kucoin gathered an overall score of 9.0. If we look at the ease of use, it's clear that in this Binance vs Kucoin comparison, Binance has better & smoother user experience than Kucoin.
Is it safe to leave crypto on KuCoin? ›
Our advanced encryption algorithms ensure that your data is secure during storage, transfer, or use. We use 256-bit encryption technology to protect your account and personal information.
Why is KuCoin so popular? ›
Pros. Low fees: Overall, KuCoin charges low fees compared to other platforms. Many other crypto exchanges charge over 2% transaction fees for some trades or around 0.50% on average, but KuCoin's trading fees don't exceed 0.1%. Plus, deposits are always free.
Is KuCoin a trusted platform? ›
In conclusion, Kucoin has established itself as a reputable and trustworthy cryptocurrency exchange, thanks to its robust security measures, positive user reviews, commitment to regulatory compliance, and dedication to customer support.
