KuCoin Restricted Countries (2024) (2024)

Summary: KuCoin, a global cryptocurrency exchange, operates in over 200 countries but faces restrictions in specific markets, including the US, mainland China, Hong Kong, Singapore, Thailand, Malaysia, and Ontario, Canada due to stringent local financial laws.

Headquartered in Seychelles without clear official licensure, KuCoin adheres to international legal standards and enforces strict KYC procedures to maintain a compliant trading environment for its widespread global audience.

What Countries Does KuCoin Restrict?

KuCoin, a leading global cryptocurrency exchange, imposes restrictions on users from several regions due to local financial laws. Users in the United States, mainland China, Hong Kong, Singapore, Thailand, Malaysia, and Ontario, Canada experience certain restrictions when using KuCoin services, as detailed in their User Agreement’s Article 17 (5).

Additionally, KuCoin complies with international legal requirements by denying access to individuals who reside or are registered in countries subject to sanctions by the Republic of Seychelles or other applicable international laws and agreements. This compliance is reflected in their User Agreement's Article 17 (6).

It’s important to understand that KuCoin’s policy may be updated to remain in step with global legal changes, ensuring a legal trading platform for digital assets.

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What Countries Does KuCoin Support?

KuCoin serves a broad international audience, covering over 200 countries. This widespread service makes KuCoin a major contender against other top exchanges such as Binance and Bybit, underlining its commitment to promoting digital asset trading globally.

However, KuCoin implements regulatory restrictions in certain areas. Specifically, users in the United States, mainland China, Hong Kong, and Singapore face particular limitations. Relative to other cryptocurrency exchanges, KuCoin has a smaller list of restricted countries.

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KuCoin Licenses and Regulation

KuCoin operates in a regulatory grey area, with its headquarters purportedly based in Seychelles. The platform doesn't have clear licensure from major financial regulatory bodies, which places its operations in a complex position concerning international compliance standards.

Despite this ambiguity, KuCoin faces significant regulatory challenges in certain jurisdictions. The Dutch Central Bank (DNB) has issued warnings to KuCoin for conducting business without the necessary registrations in the Netherlands, violating Anti-Money Laundering and Terrorist Financing laws. Additionally, the UK Financial Conduct Authority has listed KuCoin on its warning list, requiring strict adherence to financial promotion rules for UK-based consumers. These issues highlight the complexities KuCoin navigates in the diverse global regulatory landscape.

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Does KuCoin Enforce KYC?

Yes, KuCoin mandates KYC (Know Your Customer) procedures across all supported countries. Starting August 31, 2023, new users are required to undergo basic identity verification, which includes uploading identity documents and completing facial verification, to access KuCoin's services. Existing users who have not completed KYC by this date will experience restricted access to the services.

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About KuCoin

KuCoin is a leading cryptocurrency platform, notable for serving one in four crypto holders globally, with a presence in over 200 countries and 30 million users. The platform supports trading in over 700 digital assets and is known for its substantial daily trading volume of over $1.7B. KuCoin provides services, including spot trading, crypto derivatives, and leveraged tokens, along with user-centric features like a trading bot, margin trading, and the Halo Wallet.

Prioritizing security, it employs advanced encryption and storage systems, alongside a Proof of Reserves (PoR) system for asset transparency. KuCoin's blend of extensive trading options and robust security measures makes it a preferred choice for a diverse range of investors.

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Bottom Line

In conclusion, KuCoin, a global leader in the cryptocurrency exchange market, navigates a complex regulatory landscape marked by restrictions in several key markets, including the US, China, Hong Kong, and Singapore, due to varying local financial laws and international sanctions. Even though KuCoin operates from Seychelles in a regulatory grey area without clear licensure from major financial authorities, it still enforces strict KYC procedures to comply with global standards.