KuCoin Withdrawals Spike to $1B in Crypto Amid U.S. Regulatory Clampdown (2024)

FAQs

Does Coinbase support the KCC network? ›

KCC MemePad can be traded using Coinbase Wallet, your key to the world of crypto.

KuCoin claims 1 out of 4 crypto holders worldwide is with KuCoin, which is a testament to its legitimacy. It has 700+ crypto assets available for trade and is considered one of the largest social trading platforms within the crypto community.

While KuCoin's global headquarters is located in Seychelles, the company has established a strong presence across multiple regions.

Tether (USDT) is what's known as a “Stablecoin” – a cryptocurrency designed to provide a stable price point at all times. The USDT cryptocurrency was created by Tether Limited to function as the internet's Digital Dollar, with each token worth $1.00 USD and backed by $1.00 USD in physical reserves.

However, if an unforeseen event cripples the exchange, the chances of you being able to withdraw your funds might be zero. The insolvencies of Voyager and Celsius alone lead to investors suffering over $2 billion in losses.

KuCoin Token can be traded using Coinbase Wallet, your key to the world of crypto.

You can technically access KuCoin from the US, but it's limited its US services to withdraw-only. Plus, the Know Your Customer (KYC) verification is no longer available to US customers because the platform isn't officially licensed to operate in the States.

KuCoin, a global cryptocurrency exchange, operates with certain restrictions in the US and other countries. In the US, KuCoin provides a limited version of its platform due to the need for a local license. This limitation prevents full identity verification (KYC), resulting in restricted functionalities for users.

The entered address is likely incorrect. Double-check the wallet address or contact online support for further assistance. For certain tokens (such as DOCK and XMR), KuCoin only supports withdrawals through the mainnet chain. Please do not transfer tokens via unsupported chains or addresses.

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 is KuCoin closing? ›

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.

The indictment alleges that KuCoin failed to design and implement procedures to prevent it from being used for money laundering and terrorist financing, failed to maintain reasonable procedures for verifying the identity of customers, and failed to file any Suspicious Activity Reports.

Withdrawing USDT from Binance to a bank account is done through the following process: Go to 'Fiat and Spot' on Binance and sell USDT for USD or another available fiat money. Once sold, go to the 'Withdraw' section and select the fiat option. Choose the bank account you want to transfer, enter the amount, and confirm.

USDC is considered safer than USDT due to its transparency and regulatory compliance, though its value depends on the ability of issuers to maintain the peg.

Coinbase Wallet supports the following networks: Ethereum, Polygon, Bitcoin, Dogecoin, Litecoin, Stellar Lumens, Ripple, and Solana. Coinbase Wallet also supports the following Ethereum Layer-2 networks: Arbitrum, Avalanche C-Chain, BNB Chain, Fantom Opera, Optimism, Polygon, and Gnosis.

Link a debit card

Visa and MasterCard debit cards can be used to buy on Coinbase. We're unable to support prepaid cards, credit cards, or other types of cards. In most cases, photo ID verification is required before adding a card.