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KuCoin

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Kucoin
TypePrivate
Founded2017; 9 years ago (2017)
FoundersChun Gan
Ke Tang
Johnny Lyu
HeadquartersSeychelles
Area served
Worldwide
Key peopleBC Wong (CEO)
ServicesCryptocurrency exchange, margin trading, margin lending, OTC
Websitekucoin.com

KuCoin is a Seychelles-based cryptocurrency exchange. It was founded in China in 2017, but was later moved to Singapore following the Chinese government's restrictions on cryptocurrency companies, and eventually to the Seychelles.[1]

History

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2017–2021: Early years and hack

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KuCoin was founded in 2017 by Chun Gan, Ke Tang and Johnny Lyu in China.[2] It raised initial funding through an initial coin offering, raising 5,500 Bitcoin, then valued at $27.5 million.[3]

In 2018, KuCoin moved its headquarters from Hong Kong to Singapore.[3] In November 2018, KuCoin raised $20 million in a Series A funding round led by IDG Capital, Matrix Partners and Neo Global Capital.[4]

In September 2020, hackers gained access to KuCoin's hot wallets and stole $281 million of crypto assets.[5][6] KuCoin offered rewards of up to $100,000 to anyone who could provide valid information regarding the hack.[7] North Korean hacker crew Lazarus Group was accused of carrying out the hack, which was dubbed the biggest cryptocurrency hack of 2020.[8][9] In February 2021, Lyu, then KuCoin's chief executive, said that 78 percent of the stolen funds had been recovered with the help of exchange and project partners and 6 percent with the help of law enforcement, and that the company and its insurance fund had covered the remaining 16 percent, so no user funds were lost.[10][7][11]

2022–present: Growth

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In May 2022, KuCoin raised $150 million in a Series B funding round led by Jump Crypto, giving it a valuation of $10 billion.[12][13][14] In July 2022, KuCoin received a $10 million investment from trading firm Susquehanna International Group.[15] In Sep 2023, KuCoin Breaks 30 Million Users and celebrates its 6th Anniversary. By 2024, KuCoin had more than 30 million registered users in 207 countries and territories.[16]

In January 2025, BC Wong, its former chief legal officer, was appointed CEO.[16] In April 2025, KuCoin formed a joint venture with ERX Company and launched KuCoin Thailand.[17] In the same year, KuCoin expanded its operations to Europe and Australia.[18][19] As of 2025, KuCoin had 39 million active users.[18]

In January 2026, KuCoin began its operations in Austria after receiving the MiCAR license.[20] Later that month, Sabina Liu was appointed as managing director of KuCoin EU.[21]

Products

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KuCoin Token

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KuCoin Token (KCS), originally known as KuCoin Shares, is the native utility token of the KuCoin exchange. It was launched in 2017 and was initially issued as an ERC-20 token on the Ethereum blockchain.[22] KCS as an exchange token used for trading-fee discounts and for distributing a portion of KuCoin's trading-fee revenue to token holders.[23]

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Australia

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In November 2025, KuCoin registered with AUSTRAC as a digital currency exchange and began offering derivatives through an arrangement with AFSL holder Echuca Trading.[24] KuCoin had previously operated in Australia through Bitcoin Australia, in which it invested $3 million in 2018.[25]

Europe

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In November 2025, KuCoin was authorised by Austria's Financial Market Authority (FMA) as a crypto asset service provider under the European Union's Markets in Crypto-Assets (MiCA) regulation.[26][27] In December 2025, Frances Financial Markets Authority (AMF) listed KuCoin EU as authorised to provide crypto-asset services in France under the EU passporting regime.[28]

As of 2026, KuCoin has suspended its trading operations in Austria.[26]

Nigeria

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In July 2026, KuCoin was admitted to the Accelerated Regulatory Incubation Programme (ARIP) of the Securities and Exchange Commission of Nigeria (SEC).[29]

United States

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As of 2026, KuCoin has no operations in the United States. After the collapse of FTX in November 2022, US senator Ron Wyden sent a letter to KuCoin and other major exchanges requesting information about balance sheets. In response, KuCoin published a Merkle tree-based proof of reserves and engaged the accounting firm Mazars to produce a third-party report.[30]

In December 2023, KuCoin reached a settlement with the New York State Attorney General, agreed to pay $22 million in fines and refunds, and discontinued its trading operations in New York.[31] In March 2024, co-founders, Chun Gan and Ke Tang were indicted on charges of operating an unlicensed money transmitting business and violating anti–money laundering protocols.[31]

In January 2025, KuCoin admitted to charges of operating an unlicensed money transmitting business and agreed to pay nearly $300 million in fines and forfeitures.[31]

In March 2026, KuCoin reached a settlement with the CFTC in a case initiated during the Biden administration. Before the settlement, KuCoin had partnered with World Liberty Financial.[32] KuCoin said its listing of World Liberty-related tokens was part of its ordinary business operations, followed standard listing procedures, and was unrelated to its regulatory matters.[32]

References

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  1. ↑ "Money laundering allegations: Tadej Pogacar promotes controversial crypto exchange". Tour. 2 February 2026. Retrieved 1 October 2026.
  2. ↑ Sun, Mengqi (2024-04-10). "KuCoin and Its Founders Face Criminal Charges Over Money-Laundering Violations - WSJ". WSJ. Archived from the original on 2024-04-10. Retrieved 2024-04-11.
  3. 1 2 Russell, Jon (November 14, 2018). "Another crypto exchange goes old school as KuCoin raises $20M from VCs".
  4. ↑ "Crypto platform KuCoin raises US$20m in Series A funding". The Business Times. November 15, 2018.
  5. ↑ "These are the largest cyber thefts of the past decade—and 80% of them involve Bitcoin". Fortune. Retrieved 2024-04-11.
  6. ↑ Adesina, Olumide (2020-09-27). "Hackers, expose crypto wallets worth $150 million at Kucoin". Nairametrics. Retrieved 2024-04-11.
  7. 1 2 Brewster, Thomas. "North Korean Hackers Accused Of 'Biggest Cryptocurrency Theft Of 2020'—Their Heists Are Now Worth $1.75 Billion". Forbes. Retrieved 2024-04-11.
  8. ↑ Nichols, Michelle; Satter, Raphael (February 10, 2021). "U.N. experts point finger at North Korea for $281 million cyber theft, KuCoin likely victim". Reuters. Retrieved April 11, 2024.
  9. ↑ Muncaster, Phil (February 11, 2021). "UN Links North Korea to $281m Crypto Exchange Heist". Infosecurity Magazine.
  10. ↑ "The real victims of mass crypto-hacks that keep happening". 2021-08-25. Retrieved 2024-04-11.
  11. ↑ "North Korean Hackers Accused Of 'Biggest Cryptocurrency Theft Of 2020'—Their Heists Are Now Worth $1.75 Billion".
  12. ↑ Singh, Manish (March 29, 2024). "Crypto exchange KuCoin raises funds at $10 billion valuation".
  13. ↑ "Crypto Exchange KuCoin Scores Funding at $10 Billion Valuation". Bloomberg.com. 2022-05-10. Retrieved 2024-04-10.
  14. ↑ "Crypto exchange KuCoin valued at $10 billion in latest funding round". Reuters. 2022-05-10. Archived from the original on 2022-05-10. Retrieved 2024-04-10.
  15. ↑ Shukla, Sidhartha (July 21, 2022). "KuCoin Raises $10 million from Susquehanna to Bolster Growth". Bloomberg.
  16. 1 2 Stempel, Jonathan (January 27, 2025). "KuCoin pleads guilty, agrees to pay nearly $300 million in US crypto case" – via Reuters.com.
  17. ↑ Nuntawun Polkuamdee (April 24, 2025). "KuCoin joins crypto fray". Bangkok Post. Retrieved May 15, 2025.
  18. 1 2 Nikolic, Momcilo (October 27, 2026). "Fawks AI-Gründerin: Von Indien über die IAEA zu einem KI-Startup, das Dialekte erkennt".
  19. ↑ "Historical details for ABN 41 660 251 141".
  20. ↑ Danzer, Andreas (June 30, 2026). "Hunderten Krypto-Unternehmen droht das Ende in der EU – was das für Konsumenten heißt". DER STANDARD.
  21. ↑ Agarwal, Sunaina (January 28, 2026). "KuCoin EU appoints Sabina Liu as managing director".
  22. ↑ "What Is KuCoin Token (KCS) and How Does It Work?". KuCoin. 18 March 2025. Retrieved 1 October 2026.
  23. ↑ Cryptoasset Market Coverage Initiation: Network Creation (Report). Bloomberg. 11 July 2018.
  24. ↑ "Remittance Sector Register".
  25. ↑ Redrup, Yolanda (September 9, 2018). "Singapore crypto exchange KuCoin set to expand after $3m Bitcoin Australia deal". Australian Financial Review.
  26. 1 2 Nachrichten, Salzburger (February 25, 2026). "Krypto-Hub Wien - Schon 8 Anbieter in Österreich lizensiert". Salzburger Nachrichten.
  27. ↑ Meisinger, Dominik (November 28, 2025). "KuCoin EU: Kryptobörse erhält MiCAR-Lizenz in Österreich".
  28. ↑ "KuCoin EU Exchange GmbH". AMF.
  29. ↑ Balogun, Folake (July 6, 2026). "SEC clears more virtual asset service providers under ARIP".
  30. ↑ Schwartz, Leo. "KuCoin CEO defends exchange amid high-yield product backlash". Fortune.
  31. 1 2 3 Voris, Bob Van; Dolmetsch, Chris (January 28, 2025). "KuCoin Pleads Guilty in Crypto Case, Agrees to Pay $300 Million". Bloomberg.
  32. 1 2 "How Prediction Markets and Crypto Firms Steamrolled a Watchdog Agency". The New York Times. 2026-05-24. ISSN 0362-4331.
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