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KuCoin Expands User Base to 31M, Doubles Trading Volume

Published

2 years ago

on

KuCoin Expands User Base to 31M, Doubles Trading Volume

2023 proved
to be positive for companies in the cryptocurrency industry, as confirmed by
another report summarizing the past year published by a large digital asset
exchange. KuCoin joins its competitors and boasts an increase in its customer
base to over 30 million and a doubling of its spot market volumes.

According
to the report, KuCoin has seen a 16% increase in its user base, reaching nearly
31 million users worldwide. The platform also experienced a 106% surge in spot
trading volume, indicating strong user engagement and confidence.

“The
most significant growth in the past year came from the Latin America region,
which saw a 34% increase,” the company reported. “Additionally,
substantial user base growth has been observed in other key regions, including
the Middle East and Africa (27%) and Europe (25%), compared to 2022.”

In
addition, the report reveals KuCoin’s achievements in asset expansion. The
crypto exchange added 149 new assets, bringing the total to 830 digital tokens,
and supported 1,246 trading pairs as of December 2023. KuCoin also launched
KuCard, a crypto debit card that allows users to spend their crypto assets
anywhere. KuCoin reports that over 10,000 KuCard holders have been registered
within a month of its launch.

“Our
vision has always been to be the ‘People’s Exchange’,” said Johnny Lyu, the
CEO of KuCoin. “This year’s achievements reflect not just our growth, but
our dedication to providing a safe and secure trading platform as we continue
expanding.”

Last week, another
cryptocurrency exchange, Bitget, also summarized its results for 2023, noting
a nearly twofold increase in spot volumes and adding 12 million new users. The
industry was helped, among other things, by the Bitcoin ETF buzz, which led to digital
asset investment products seeing $2.25 billion of inflows in 2023, one of the
best results since 2017. This also translated into increased activity of retail
investors and a surge in cryptocurrency volumes.

2024 also
starts positively for crypto platforms, especially since expectations
for introducing a spot Bitcoin ETF are currently heated to the maximum, and the
BTC price is testing its highest levels since April 2022.

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Enhanced Security

The report
also showcases KuCoin’s efforts to enhance security and trust, such as
maintaining solid reserve ratios, upgrading KYC protocols, implementing
advanced security measures, and offering responsive customer service. KuCoin
states that the safety of users’ assets is paramount and adheres to the highest
risk management standards and world-class security practices.

“As we
continue to expand and innovate, our focus remains steadfast on ensuring that
every decision we make aligns with the needs and security of our users,”
Lyu added.

Furthermore,
the report highlights KuCoin’s involvement in various initiatives and events to
promote the adoption and development of blockchain and crypto. KuCoin published
eight market reports of the “Into the Cryptoverse” series, featuring
different regions and countries. KuCoin also participated in over 30 online and
offline events across multiple continents.

2023 was
not without its problems. In December, the exchange reached a settlement of $22
million with the state of New York and committed to ceasing its services for
users in the region. KuCoin faced charges for offering, selling, and purchasing
cryptocurrencies as securities and commodities, violating New York’s laws.
Earlier in October, it was targeted by the FCA along with several other
exchanges, ending up on a list of restrictions.

2023 proved
to be positive for companies in the cryptocurrency industry, as confirmed by
another report summarizing the past year published by a large digital asset
exchange. KuCoin joins its competitors and boasts an increase in its customer
base to over 30 million and a doubling of its spot market volumes.

Advertisement

According
to the report, KuCoin has seen a 16% increase in its user base, reaching nearly
31 million users worldwide. The platform also experienced a 106% surge in spot
trading volume, indicating strong user engagement and confidence.

“The
most significant growth in the past year came from the Latin America region,
which saw a 34% increase,” the company reported. “Additionally,
substantial user base growth has been observed in other key regions, including
the Middle East and Africa (27%) and Europe (25%), compared to 2022.”

In
addition, the report reveals KuCoin’s achievements in asset expansion. The
crypto exchange added 149 new assets, bringing the total to 830 digital tokens,
and supported 1,246 trading pairs as of December 2023. KuCoin also launched
KuCard, a crypto debit card that allows users to spend their crypto assets
anywhere. KuCoin reports that over 10,000 KuCard holders have been registered
within a month of its launch.

“Our
vision has always been to be the ‘People’s Exchange’,” said Johnny Lyu, the
CEO of KuCoin. “This year’s achievements reflect not just our growth, but
our dedication to providing a safe and secure trading platform as we continue
expanding.”

Advertisement

Last week, another
cryptocurrency exchange, Bitget, also summarized its results for 2023, noting
a nearly twofold increase in spot volumes and adding 12 million new users. The
industry was helped, among other things, by the Bitcoin ETF buzz, which led to digital
asset investment products seeing $2.25 billion of inflows in 2023, one of the
best results since 2017. This also translated into increased activity of retail
investors and a surge in cryptocurrency volumes.

2024 also
starts positively for crypto platforms, especially since expectations
for introducing a spot Bitcoin ETF are currently heated to the maximum, and the
BTC price is testing its highest levels since April 2022.

Enhanced Security

The report
also showcases KuCoin’s efforts to enhance security and trust, such as
maintaining solid reserve ratios, upgrading KYC protocols, implementing
advanced security measures, and offering responsive customer service. KuCoin
states that the safety of users’ assets is paramount and adheres to the highest
risk management standards and world-class security practices.

Advertisement

“As we
continue to expand and innovate, our focus remains steadfast on ensuring that
every decision we make aligns with the needs and security of our users,”
Lyu added.

Furthermore,
the report highlights KuCoin’s involvement in various initiatives and events to
promote the adoption and development of blockchain and crypto. KuCoin published
eight market reports of the “Into the Cryptoverse” series, featuring
different regions and countries. KuCoin also participated in over 30 online and
offline events across multiple continents.

2023 was
not without its problems. In December, the exchange reached a settlement of $22
million with the state of New York and committed to ceasing its services for
users in the region. KuCoin faced charges for offering, selling, and purchasing
cryptocurrencies as securities and commodities, violating New York’s laws.
Earlier in October, it was targeted by the FCA along with several other
exchanges, ending up on a list of restrictions.

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Crypto

XRP Positions as Institutional Rail While RLUSD Enters Real-World Finance

Published

9 hours ago

on

January 28, 2026

By

XRP Positions as Institutional Rail While RLUSD Enters Real-World Finance
XRP is cementing its role in live institutional payment infrastructure as Ripple’s RLUSD anchors regulated stablecoin settlement, signaling blockchain rails are now trusted, production-grade systems for global liquidity, cross-border payments, and high-value financial flows.
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Crypto

Crypto Crime Wave Fueled by Chinese-Language Money Laundering | PYMNTS.com

Published

21 hours ago

on

January 27, 2026

By

Crypto Crime Wave Fueled by Chinese-Language Money Laundering | PYMNTS.com

Cryptocurrency laundering was an $82 billion problem last year, Bloomberg News reported Tuesday (Jan. 27), citing data from blockchain analysis firm Chainalysis.

Chinese-language money laundering networks made up $16.1 billion of that total as they play an increasing role in crypto crime, the report said.

“These are groups that are growing exponentially,” Andrew Fierman, head of national security intelligence at Chainalysis, told Bloomberg, per the report. “We’re talking about growth of over 7,300 times faster than other illicit flows.”

Although China has outlawed crypto transactions, illegal activity continues as the government chiefly focuses on behavior that threatens capital controls or financial stability, according to the report.

The networks “have really embraced cryptocurrencies,” said Kathryn Westmore, a senior associate fellow at the Centre for Finance and Security at RUSI, per the report, adding that crypto provides “a way to launder the proceeds of cash-generating criminal activities, like drugs or fraud.”

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The news followed a warning from the Financial Crimes Enforcement Network (FinCEN) in August, which said Chinese money laundering networks are now among the most significant threats to the American financial system, helping fuel the operations of Mexico’s most powerful drug cartels.

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“The networks have become effective partners because they can move cash quickly, absorb losses and leverage demand from Chinese nationals seeking to bypass Beijing’s strict currency controls,” PYMNTS reported Aug. 29. “By pairing cartel dollars with Chinese demand for U.S. currency, these networks have created what FinCEN called a ‘mutualistic relationship’ that strengthens both sides.”

Meanwhile, Eric Jardine, head of research at Chainalysis, discussed last year’s record-setting levels of crypto crime with PYMNTS in an interview published Monday (Jan. 26). Around $154 billion flowed to illicit addresses, the most ever recorded, and there was a 160% increase in illicit volumes.

“But treating that number as evidence of runaway criminal adoption may miss the more consequential story,” PYMNTS wrote. “What changed in 2025 was not merely volume, but the identity of the actors, the scale at which they operated, and the implications this has for banks, regulators, and the future architecture of financial blockchain compliance.”

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The true inflection came from “a shift in who’s doing what,” Jardine said, adding that in 2025, nation states, most notably Russia, began taking part “in earnest in the crypto ecosystem,” chiefly through sanctions evasion.

Unlike earlier state-linked activity, like North Korea’s hacking campaigns, this was not marginal behavior at the edges of the system, but “industrial-scale financial activity conducted in plain sight,” PYMNTS wrote.

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Crypto

Fixing BTC’s Quantum Issue Tops All Bitcoin Development Priorities, Says Willy Woo

Published

1 day ago

on

January 27, 2026

By

Fixing BTC’s Quantum Issue Tops All Bitcoin Development Priorities, Says Willy Woo
Quantum risk is emerging as a decisive hurdle for bitcoin’s institutional future as sovereign investors weigh long-term resilience, pushing gold and BTC into sharper focus amid debt cycles, macro uncertainty, and geopolitical realignment, according to on-chain analyst Willy Woo.
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