Withdrawal Restrictions | KuCoin (2024)

FAQs

Why won't KuCoin let me withdraw? ›

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.

KuCoin isn't licensed in the US; however, users can still create their accounts on this trading platform. Sadly, the US-based accounts will not be verified and will get limited features. US-based users can only withdraw a limited amount of funds every 24 hours, around 1 BTC (around $400) worth.

To enhance the security of your account and assets, your withdrawals will be temporarily suspended for 24 hours after changing key security settings such as your trading password and Google 2FA.

KuCoin is a digital asset-only trading platform that doesn't support fiat withdrawals as of writing this guide. KuCoin Withdrawal Limit Explained. Users can withdraw a maximum of 1 BTC daily with an undefined or KYC1 KuCoin account, which is raised to 300 BTC with a KYC2 account.

If you've recently purchased crypto via card, ACH or Open Banking, your crypto may be subject to a holding period. During a holding period, you cannot withdraw from your cash (GBP, EUR, or USD) account, send funds to your DeFi Wallet, or send to an external wallet.

Analysis of Kucoin Trustworthiness

Kucoin's emphasis on security, transparency, and customer satisfaction demonstrates a high level of trustworthiness. The exchange has implemented robust security measures, maintained a positive reputation, and adopted additional safety features to protect users.

Several factors contribute to the legal restrictions on Kucoin in the US: Lack of State-Level Licenses: Many states require cryptocurrency exchanges to obtain specific licenses, such as money transmitter licenses or virtual currency licenses, before they can legally operate within the state's borders.

Since KuCoin is not licensed in some countries, US users can only create accounts with limited functionality. Like many other crypto exchanges, KuCoin implements Know Your Customer (KYC) protocols, which require users to provide identification and personal information to verify their accounts fully.

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.

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.

What is the issue with KuCoin? ›

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.

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.

KuCoin is a digital currency trading platform, and we don't support fiat money withdrawal and trading. If you have any questions, please contact online support for further help.

If your trade order is not filled, your funds will be frozen. You can find your order under 'open order' and choose to cancel the open order.

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

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.

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.