Is KuCoin legal for US citizens? (2024)

Can US residents use KuCoin?

Kucoin is not licensed to operate in the US and as such, the KYC verification is not available for US residents. For Americans who want want to access a secure and regulated exchange without limitations, we recommend signing up to eToro and Uphold.

Can Americans withdraw from KuCoin?

Posted by Frank Gogol in Crypto | Updated on May 29, 2023

At a Glance: Yes, you can withdraw coins from KuCoin and transfer them to another wallet. However, KuCoin does not convert assets into fiat currency, so you can only send and receive cryptocurrency assets.

Do you have to use VPN for KuCoin?

Why do you need a VPN to use KuCoin? There are many reasons to get a VPN for crypto trading, even if you're not a frustrated KuCoin customer from the USA. Firstly, changing your location with a VPN is the most reliable way to get around geographical restrictions.

Is KuCoin a legit site?

KuCoin is considered a safe platform to buy, sell, and trade crypto. Users should note that the platform does not use cold storage to keep user funds secure, which is common for other crypto exchanges.

Does KuCoin report to IRS?

Yes. Earning cryptocurrency from mining, staking, or other related transactions is a form of income that needs to be reported on your taxes.

Can you use KuCoin without KYC limit?

KuCoin do require KYC, but if your withdrawal limit is less than 1 BTC/24 hours, then you can use KuCoin without KYC. You are also allowed to use it's API feature without completing verification.

Why KuCoin not allowed in usa?

KuCoin is perfect for getting started in the crypto scene because it's so easy to use and offers low fees with plenty of coins to purchase. However, it's restricted for US citizens due to a lack of license and KYC (Know Your Customer) process.

How do I verify my KuCoin in the US?

Please login KuCoin account, click “KYC Verification” under the avatar, choose “Individual Verification”, click "Start Verification", then fill in the requested information to complete your KYC. Our KYC review team will contact you via institutional_kyc@kucoin.com only after you submit the information.

Can I use KuCoin without ID verification?

Although you can technically use KuCoin even without verifying your identity, a withdrawal limit will be imposed on you until you undergo the verification process. That's why, if you want to use KuCoin fully, you're going to have to complete the KYC.

Does KuCoin need ID verification?

Moreover, KYC verification is highly recommended on KuCoin because such KYC information can help you recover your KuCoin account quickly in the event of you forgetting your credentials for accessing the platform or your account being taken over by others due to the leakage of personal information.

Can I use KuCoin in Texas?

Binance and Kucoin do NOT support residents of Texas. We've listed alternative exchanges that DO allow customers to buy crypto and Bitcoin in Texas.

What are the cons of KuCoin?

KuCoin is a cryptocurrency exchange launched in 2017. It's known for its minimal trading fees and for a massive customer base that makes it an extremely flexible market. However, it also has its downsides — most significantly, that it lacks a U.S. operating license.

Is KuCoin a Chinese company?

About KuCoin

KuCoin delivers a cryptocurrency exchange platform. It allows to buy, sell, and store cryptocurrencies. The company provides spot trading, margin trading, purchase-to-pay fiat trading, futures trading, staking, and lending. It was founded in 2017 and is based in Mahe, Seychelles.

How much does KuCoin charge to withdraw?

Luckily, even at the base rate, KuCoin still has one of the lowest trading fees around, at only a 0.1% fee for every transaction. There's a 24-hour withdrawal limit, with amount limits also varying depending on the level.

Can IRS see cryptocurrency?

The IRS can track cryptocurrency transactions through several methods, including the use of subpoenas, blockchain analysis, and third-party reporting by cryptocurrency exchanges.

Does KuCoin send tax documents?

The easiest way to get your KuCoin tax documents is to connect to crypto tax software via API or by uploading a CSV file of your KuCoin transaction history.

Does IRS audit crypto?

Even if you haven't received a letter and you've not used an exchange that has been summoned by the IRS, the IRS may still audit your crypto investments.

How much can I withdraw in KuCoin without verification?

KuCoin is a digital asset-only trading platform that doesn't support fiat withdrawals as of writing this guide. 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.

Who owns KuCoin?

KuCoin is a subsidiary of a Seychelles-registered company called MEK Global Limited (MGL), the bank said in a statement.

Can Americans use Kraken?

Binance: Access. Kraken is available to all U.S. residents, except those living in Washington and New York.

What is the travel rule in KuCoin?

How does the Travel Rule work? Whenever a user of one exchange sends/receives cryptocurrency, the originating exchange must share identifying information about both sender and recipient with the beneficiary exchange in an “immediate and secure” manner.

Can you use KuCoin in New York?

Does Kucoin Work in New York? Kucoin does not support US residents, therefor it does not allow New York residents to sign up.

What is the minimum deposit for KuCoin?

The deposit amount must be between $5 – $5,000 per trade. Will I be charged a transaction fee? When buying crypto with a bank card, KuCoin will deduct transaction fees from your payment.

What is needed for KuCoin verification?

KuCoin's Google Verification. Source: KuCoin.com. To ensure the integrity of your account, please pick Google Verification + Email Binding + Trading Password or Phone Number Binding + Trading Password combinations as the strategic security method.

Which exchange does not require KYC?

Is KuCoin or Binance better?

Kucoin offers aggressive tiered fees and dividends, while Binance has no deposit fees and offers better taker fees for futures trading. Both platforms have extensive asset choices and strong security measures.

Why is KuCoin not letting me buy?

Reasons for the transaction rejection may include: Your card issuer does not allow payments to crypto exchanges. Your card issuer does not support 3DS. You have entered the incorrect 3DS verification code.

How to buy crypto without identity verification?

Answer: You can opt to use Bitcoin ATMs that allow you to buy Bitcoin anonymously with cash. Other platforms like ShapeShift, BitQuick, and LocalBitcoins.com, Paxful, and DameCoins let you trade Bitcoin anonymously with PayPal, credit cards, Western Union, and bank transfers.

Is KuCoin regulated?

In a nutshell, KuCoin is not regulated by any national licensing bodies. This isn't a major surprise in the cryptocurrency exchange arena, as lots of platforms choose to operate without a license.

Can you buy crypto on KuCoin without ID?

The account verification process with KuCoin is optional, so that people can trade crypto with just an email address and You can be spared from the KYC process but it has some restrictions on daily withdrawal limits, secondly futures t...

How long does ID verification take on KuCoin?

Meanwhile, please note that it may take several business days to complete the verification due to a large number of requests, we shall further notify you by email if there are any updates, during this period of time, please rest assured that the deposit and withdrawal are available at your KuCoin account.

How long does it take for KuCoin to verify your account?

Your account can be verified by clicking on the Account tab. Then, click on the KYC Verification tab and follow the steps. KYC verification will be complete within five days after users submit their information. The KYC verification is not mandatory, and non-verified accounts can still trade without any restrictions.

Can US customers use Huobi?

USE OF THE SERVICE BY PERSONS LOCATED IN THE UNITED STATES OF AMERICA IS PROHIBITED.

Can I use Binance in the US?

Is Binance legal in the USA? Binance is legal in the U.S. However, the U.S. version has fewer features than the full website includes.

How much is a KuCoin USDT to USD?

Tether tokens enjoy a 1-to-1 peg with fiat currencies, for instance, 1 USDT = 1 USD, keeping the Tether price closely fixed to that of the United States dollar.

Is it safe to leave money in KuCoin?

Built to exacting standards, KuCoin's bank-level encryption and data security provide a safe transaction environment. More than that, most of the crypto assets stored in KuCoin accounts are also stored in cold wallets.

Which is better KuCoin or Coinbase?

Coinbase vs Kucoin cryptocurrency exchange overall score comparison reveals that Coinbase has a higher overall score of 9.6, while Kucoin gathered an overall score of 9.1. If we look at the ease of use, it's clear that in this Coinbase vs Kucoin comparison, Coinbase has better & smoother user experience than Kucoin.

Is KuCoin better than Robinhood?

Value for money is one of the most important metrics that one should take into account while comparing cryptocurrency exchanges, as it shows whether the brand offers acceptable quality compared to the price. In this case, Kucoin has a higher value for money score than Robinhood.

Should I use KuCoin in the US?

KuCoin is a cryptocurrency exchange that operates in over 200 countries. 1 While experienced traders might appreciate some of this exchange's features, KuCoin isn't licensed in the U.S. and has received poor reviews from users. Not licensed in the U.S.

Where is the headquarters of KuCoin?

KuCoin is headquartered in Mahé, Mahé, Seychelles, and has 1 office location.

Can I withdraw dollars from KuCoin?

At a Glance: You can withdraw coins from KuCoin and transfer them to a different wallet. The withdrawal process involves several steps, including logging in, selecting a token, confirming with 2FA, and completing your withdrawal.

How do I withdraw money from KuCoin to my bank account?

Web: Log in to your KuCoin account, then find the withdrawal page. You may type the token name in the search box, or scroll down and click on the token you want to withdraw. App: Log in to your KuCoin account, then click "Assets" - "Withdraw" to enter the withdrawal page.

Can US residents buy XRP on KuCoin?

Kucoin is not licensed in the US but still allows US citizens to use their platform, including New Yorkers. However, you would need to use the Kucoin P2P marketplace in order to buy XRP in New York since they don't allow fiat deposits from Americans.

Are US citizens allowed to buy XRP?

The Ripple payment platform enables fast and cheap cross-border transactions. You can purchase XRP on several exchanges, such as eToro, Kraken, and Huobi Global. You can purchase XRP on international exchanges; however, U.S. exchanges have delisted or temporarily halted XRP trading.

How to legally buy XRP in usa?

The easiest way to buy XRP is from a cryptocurrency exchange. Comparing in the table helps you find a platform with the features you want like low fees, ease of use or 24-hour customer support. To create an account on an exchange, you will need to verify your email address and identity.

Is KuCoin legal in New York?

The Office of the Attorney General (OAG) was able to buy and sell cryptocurrencies on KuCoin in New York even though the company is not registered in the state.

Does Kraken report to the IRS?

Yes, Kraken reports to the IRS. If you're a US resident and you earn more than $600 in income via Kraken (from staking rewards and so on), Kraken will issue you a 1099-MISC Form. Whenever you receive a 1099-MISC form from Kraken, the IRS receives an identical copy.

Is KuCoin better than Kraken?

Kraken vs Kucoin cryptocurrency exchange overall score comparison reveals that Kraken has a higher overall score of 9.4, while Kucoin gathered an overall score of 9.1. If we look at the ease of use, it's clear that in this Kraken vs Kucoin comparison, Kraken has better & smoother user experience than Kucoin.

Can US users use Binance?

The world's largest cryptocurrency exchange, Binance.com, isn't available in the US. It stopped accepting US users in 2019 after facing regulatory issues in the country. That's why Binance partnered with US-based BAM Trading Services to create Binance.us, a new cryptocurrency exchange for US citizens.

Can you trade on Binance in USA?

Is Binance legal in the USA? Binance is legal in the U.S. However, the U.S. version has fewer features than the full website includes.

Is BitMart available in USA?

BitMart is allowed in the United States, but its Earn and Lending products are not available to U.S.-based users.

Can I use KuCoin without verification?

Although you can technically use KuCoin even without verifying your identity, a withdrawal limit will be imposed on you until you undergo the verification process. That's why, if you want to use KuCoin fully, you're going to have to complete the KYC.

What are the restrictions on KuCoin?