Is KuCoin getting shut down? What happened? (2024)

FAQs

Is KuCoin getting shutdown? ›

Due to changes in our operating strategy, KuCoin Win will be shut down on September 22, 2022 (UTC).

Crypto exchanges are also frequently targeted by hackers. In 2020, KuCoin suffered a major hack, with more than $280 million in assets stolen. Almost all of the stolen assets were recovered, and KuCoin compensated for the missing assets through its insurance.

KuCoin isn't fully available in the US due to regulatory and licensing issues. This means you can't access some of its features while you're there. However, with a reliable VPN, you can avoid restrictions and trade on KuCoin when you're traveling to the US.

Yes, KuCoin is available for use in the United States with limited restrictions. KuCoin is a global digital asset exchange, so US citizens are welcome to sign up, deposit funds, trade crypto, and withdraw assets.

However, KuCoin is not supported in the US because it doesn't have a license to operate there. While you can create an account if you're living or traveling in the US, you won't be able to access its verification process or any of its services. Therefore, the only way to use KuCoin in the US is to use a VPN.

What are KuCoin Futures? Cryptocurrency futures are one of the derivatives of crypto assets, where the buyers and sellers agree to buy or sell a specific cryptocurrency at a specific price in the future to gain profits. It can hedge risks and amplify returns through leverage.

Despite market fluctuations and regulatory shifts, KuCoin has remained steadfast and determined, thriving amidst both challenges and opportunities.

KuCoin protects your account with multi-factor authentication, endpoint protection, and more. Keep your funds and wallets safe with multiple layers of protection, secure deposit and withdrawal processes, and top-tier wallet security controls.

Business Insider's personal finance team compared KuCoin to the best cryptocurrency exchanges and found it limited and lacking in trustworthiness. We reviewed and rated KuCoin from the perspective of U.S. investors who have significantly limited access to KuCoin assets and trading services.

You can't withdraw assets directly from KuCoin to a bank account. KuCoin doesn't support fiat withdrawals. However, you can still get your money into your bank account. The key is to transfer your crypto from KuCoin to another crypto exchange that supports fiat withdrawals.

Which country owns KuCoin? ›

Establishment: KuCoin was founded in 2017. Its headquarters reside in Seychelles. With the goal of “going glocal”, the platform established regional headquarters across many other countries in 2022. Leadership: KuCoin is led by two early blockchain adopters, Michael Gan (Chairman) and Eric Don (COO).

Looking for alternatives or competitors to Kucoin? Other important factors to consider when researching alternatives to Kucoin include user interface and customer service. The best overall Kucoin alternative is Binance. Other similar apps like Kucoin are Coinbase Exchange, UPHOLD, Bittrex, and Kraken.

As alleged, in failing to implement even basic anti-money laundering policies, the defendants allowed KuCoin to operate in the shadows of the financial markets and be used as a haven for illicit money laundering, with KuCoin receiving over $5 billion and sending over $4 billion of suspicious and criminal funds.

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."

The indictment, unsealed Tuesday by prosecutors in Manhattan, charged KuCoin with violating the Bank Secrecy Act and operating an unlicensed money transmitting business, along with related conspiracy charges. Prosecutors also charged two of KuCoin's founders, Chun Gan and Ke Tang, with related conspiracy charges.

Withdrawing on the Web

Log into your KuCoin account. From the navigation bar, select Assets → Overview → Withdraw to enter the withdrawal page. 2. From there, select the cryptocurrency you wish to withdraw from the dropdown (Example: USDT).

If you encounter issues with withdrawing funds due to the project team halting block production, on-chain transfers, or other on-chain activities, the platform will suspend withdrawal services accordingly. Please note that we will not be responsible for compensating any losses in such cases.

Verify that you have accurately typed your registered email address or username and password. Pay attention to uppercase and lowercase letters, as Kucoin's login system is case-sensitive. If you are unsure, try entering your credentials again to eliminate any potential typing errors.