Announcement Regarding the Adjustment of Daily Withdrawal Limit| KuCoin (2024)

FAQs

Announcement Regarding the Adjustment of Daily Withdrawal Limit| KuCoin? ›

Announcement Regarding the Adjustment of Daily Withdrawal Limit. Dear KuCoin users， Daily withdrawal limit has been adjusted to 1 BTC for accounts which do not complete identity verification(KYC). Please complete identity verification(KYC) to increase your daily withdrawal limits to up to 200 BTC.

Frauds and scams are quite common in the crypto space. Malicious actors will try to get your login and security info to steal the funds in your account. When your account is at risk, withdrawals may be temporarily suspended to prevent your funds from being stolen.

Starting from August 31, 2023 (UTC), new users must complete Identity Verification in order to use KuCoin's products and services.

For instance, fully verified US customers may withdraw up to $25,000 per day using ACH or $10,000 per day via wire transfer. These limits can be higher for users who have completed additional account verifications and those who have a history of high-volume trading on Coinbase.

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.

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."

In the United States, your transactions on KuCoin and other platforms are subject to income and capital gains tax. If you've earned or disposed of crypto (ex. Sold or traded away cryptocurrency) during the year, you'll have a tax liability to report to the IRS.

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.

Kucoin employs rigorous security measures to safeguard user assets and protect against cyber threats. The exchange has implemented industry-leading security protocols, ensuring the utmost safety for its users.

How to increase withdrawal limit? ›

To work around ATM withdrawal limits, you can call the bank and request a limit increase, adjust your withdrawal limits using the mobile app, get cash back at checkout or withdraw from a linked savings account. If your bank or credit union has bank branches, you can withdraw larger amounts by stopping by in person.

Withdrawals of fiat currency are limited. Coinbase Exchange account holders have a default withdrawal limit of $100,000 per day.

One of the easiest ways to cash out your cryptocurrency or Bitcoin is to use a centralized exchange such as Coinbase. Coinbase has an easy-to-use “buy/sell” button and you can choose which cryptocurrency you want to sell and the amount.

KuCoin isn't licensed to operate in the US, so its verification process, Know Your Customer (KYC), isn't available. It only provides unlimited access to users who can be verified using KYC, so it puts restrictions on how much US customers can withdraw and trade to prevent money laundering.

The Top Crypto Exchange Without KYC Ranked

MEXC — Popular exchange that offers over 1,000 cryptocurrencies with 0% trade fees. BingX — Comprehensive crypto exchange with 8000+ elite traders and over 130 million total orders. ChangeNOW – A non-custodial crypto exchange emphasizing security with over 450 cryptos.

Navigate to the "Withdrawal" section on the KuCoin platform, select your desired cryptocurrency (if you want to withdraw fiat currency, you'll need to sell your crypto holdings first), enter the withdrawal amount, and confirm your bank account details.

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.

Log into your KuCoin account in the app, tap the button in the upper left corner, and tap on "Support” >> “Online Support". Once your account is totally safe, you can apply to unfreeze the account on your own via the login page or contact the customer service if your account was frozen manually.

Your crypto withdrawals may be temporarily restricted for a few different reasons: Sign-In From a New Device. Pending Bank Transfer (ACH) Pending Debit Card Transfer (24 hour hold)