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Kucoin
Company typePrivate
Founded2017; 8 years ago (2017)
FoundersChun Gan
Ke Tang
Johnny Lyu
HeadquartersSeychelles
Area served
Worldwide
Key people
BC Wong (CEO)
ServicesCryptocurrency exchange, margin trading, margin lending, OTC
Websitekucoin.com

KuCoin is a Seychelles-based cryptocurrency exchange.[1] It was founded in China in 2017, but was later moved to Singapore following the Chinese government's restrictions on cryptocurrency companies, and subsequently to the Seychelles.[2]

KuCoin also operates its own crypto token known as KuCoin Shares (KCS).[3][4]

History

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2017–2022: 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.[5]

In 2018, KuCoin moved its headquarters from Hong Kong to Singapore.[5] In November 2018, KuCoin raised $20 million in a Series A funding round led by IDG Capital, Matrix Partners and Neo Global Capital.[6]

In September 2020, KuCoin announced it had suffered a major security breach that saw $281 million of crypto assets stolen.[7][8] KuCoin CEO, Johnny Lyu disclosed in a statement that the hack occurred after private keys linked to crypto wallets got exposed. He added that the findings of the internal security audit report, revealed that part of Bitcoin, ERC-20, and other tokens in KuCoin's hot wallets were transferred out of the crypto exchange.[9] KuCoin offered rewards of up to $100,000 to anyone who could provide valid information regarding the hack.[10] North Korean hacker crew Lazarus Group was accused of carrying out the hack, which was dubbed the biggest cryptocurrency hack of 2020.[11] In February 2021, Johnny Lyu wrote in a blog post that it had "cooperated with exchange and project partners to recover $222 million (78%), cooperated with law enforcement and security institutions to recover $17.45 million (6%) and insurance fund covered the remaining part, about $45.55 million (16%).[8][10][12]

2022–present: Growth and fines

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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.[13][14][4] In July 2022, KuCoin received a $10 million investment from trading firm Susquehanna International Group (SIG).[3]

In December 2023, KuCoin company reached a settlement with the New York State Attorney General.[15] Under the settlement, the company agreed to pay $22 million in fines and refunds and to discontinue its trading operations in New York.[15] The settlement addressed allegations that KuCoin operated without proper registration as a securities and commodities broker-dealer and misrepresented its status as a cryptocurrency exchange.[15]

In March 2024, co-founders, Chun Gan and Ke Tang were indicted on charges of operating an unlicensed money transmitting business andviolating anti–money laundering protocols.[15]

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, resolving the criminal proceedings.[15]

In April 2025, ERX Company Ltd., the first digital exchange supervised by the Thai Securities and Exchange Commission, partnered globally with KuCoin and launched KuCoin Thailand, effective from April 22.[16]

In July 2025, KuCoin introduced xStocks, a USDT-denominated tokenized equities product issued by the Swiss firm Backed and built on the Solana blockchain.[17]

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United States

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In March 2023, New York Attorney General Letitia James sued KuCoin for failing to register with the state before letting investors buy and sell cryptocurrencies on its platform.[18] The attorney general stated that KuCoin violated the Martin Act, by transacting in cryptocurrencies, selling the product "KuCoin Earn" to generate income for itself and investors, and wrongfully calling itself an "exchange."[19][20] In December 2023, after a long legal battle, KuCoin agreed to block New York users from its platform and pay $22 million to settle the lawsuit.[21][22]

In March 2024, the United States Commodity Futures Trading Commission (CFTC) filed criminal charges against KuCoin and two of its founders, accusing the cryptocurrency exchange of 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[23][24] Prosecutors said KuCoin sought business from U.S. customers without registering with the Treasury Department and putting in place procedures to verify clients' identities as required by U.S. law.[24][25] KuCoin co-founders, Chun Gan and Ke Tang, were also charged with related conspiracy charges.[2]

In January 2025, KuCoin plead guilty to unlicensed money transmissions and agreed to pay penalties totalling $300 million. Co-founders Gan and Tang will no longer have a role in KuCoin operations. Peken Global Limited ("PEKEN"), the company that operated KuCoin in the US also agreed that KuCoin will exit the US market at least for the next two years.[26]

Canada

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In June 2021, the Ontario Securities Commission (OSC) issued a statement alleging that KuCoin trading platforms failed to comply with the province's securities law. OSC stated that KuCoin was operating an unregistered crypto asset trading platform and encouraging Canadian customers to trade crypto asset products that are securities and derivatives on the platform. In July 2022, OSC obtained orders permanently banning KuCoin from participating in Ontario's capital markets and requiring it to pay a $2-million administrative penalty, plus $96,550.35 towards the costs of the OSC's investigation.[27][28]

In September 2025, Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed an administrative monetary penalty of C$19,552,000 on Peken Global Limited (also operating as KuCoin), a Seychelles-incorporated foreign money services business operating in Canada, for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, including failures to register, to report large virtual-currency transactions and to file suspicious transaction reports; the penalty had been assessed on 28 July 2025. Peken Global has appealed the penalty to the Federal Court.[28][29]

Netherlands

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The Dutch central bank in December 2022 issued a statement saying cryptocurrency exchange KuCoin was operating in the Netherlands without registration.[30] The central bank underlined that the exchange is "not in compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act and is illegally offering services for the exchange between virtual and fiduciary currencies."[30]

United Kingdom

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In October 2023, The United Kingdom's Financial Conduct Authority (FCA) added to its warning list over 140 digital asset companies. The statement stated that KuCoin and the other digital asset companies lacked the regulatory approval to provide services in the UK market.[31]

India

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In May 2024, Indian government's Financial Control Unit (FIU) approved KuCoin's application to register as a Virtual Asset Service Provider (VASP) after it paid a penalty of 3.5 million INR for regulatory non-compliance.[32]

Russia

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In 2023, it was reported that KuCoin was operating in Russia and had allowed its users to transact using sanctioned Russian banks such as Sberbank on its platform.[33]

References

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  1. ^ Singh, Manish (March 29, 2024). "Crypto exchange KuCoin raises funds at $10 billion valuation".
  2. ^ a b c 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. ^ a b "Cryptocurrency based KuCoin secures $10 million investment from trading firm SIG". Financialexpress. 2022-07-21. Retrieved 2024-04-10.
  4. ^ a b "Kucoin raises $150 million in a pre-series B funding round". Financialexpress. 2022-05-10. Retrieved 2024-04-10.
  5. ^ a b Russell, Jon (November 14, 2018). "Another crypto exchange goes old school as KuCoin raises $20M from VCs".
  6. ^ "Crypto platform KuCoin raises US$20m in Series A funding". The Business Times. November 15, 2018.
  7. ^ "These are the largest cyber thefts of the past decade—and 80% of them involve Bitcoin". Fortune. Retrieved 2024-04-11.
  8. ^ a b "The real victims of mass crypto-hacks that keep happening". 2021-08-25. Retrieved 2024-04-11.
  9. ^ Adesina, Olumide (2020-09-27). "Hackers, expose crypto wallets worth $150 million at Kucoin". Nairametrics. Retrieved 2024-04-11.
  10. ^ a b 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.
  11. ^ 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.
  12. ^ "Hackers steal $320 mn in crypto: Here are the 10 biggest digital currency thefts of all time". CNBCTV18. 2022-02-03. Retrieved 2024-04-11.
  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. ^ a b c d e Voris, Bob Van; Dolmetsch, Chris (January 28, 2025). "KuCoin Pleads Guilty in Crypto Case, Agrees to Pay $300 Million". Bloomberg.
  16. ^ "KuCoin joins crypto fray". Bangkok Post. April 24, 2025. Retrieved May 15, 2025.
  17. ^ "After Kraken, Bybit, and Robinhood, KuCoin Launches Tokenized Stocks". Financial and Business News | Finance Magnates. 2025-07-18. Retrieved 2025-08-19.
  18. ^ "Crypto Exchange KuCoin Sued in New York's Industry Crackdown". Bloomberg. 9 March 2023. Retrieved 2024-04-11.
  19. ^ Jonathan, Stempel (March 10, 2023). "New York sues KuCoin, expands cryptocurrency crackdown". Reuters. Retrieved April 11, 2024.
  20. ^ "N.Y. Attorney General Labels Ether a Security, Injecting Fresh Confusion Into Crypto Legal Debate". WSJ. Retrieved 2024-04-11.
  21. ^ "KuCoin to Pay $22 Million, Exit NY Market to Resolve Lawsuit". Bloomberg. 12 December 2023. Retrieved 2024-04-11.
  22. ^ "Crypto Exchange KuCoin Pays $22 Million to Settle Lawsuit, Will Exit New York". WSJ. Retrieved 2024-04-11.
  23. ^ "DOJ accuses crypto exchange KuCoin of money laundering violations and receiving billions in suspicious funds". Fortune Crypto. Retrieved 2024-04-11.
  24. ^ a b "DOJ accuses crypto exchange KuCoin of money laundering violations and receiving billions in suspicious funds". Fortune. 2024-03-26. Retrieved 2024-04-11 – via Yahoo Finance.
  25. ^ "US charges KuCoin crypto exchange with anti–money laundering failures". Reuters. March 27, 2024. Retrieved April 11, 2024.
  26. ^ Biase, Nicholas (January 27, 2025). "Kucoin Pleads Guilty To Unlicensed Money Transmission Charge And Agrees To Pay Penalties Totaling Nearly $300 Million". United States Attorney Office Southern District of New York. Retrieved January 27, 2025.
  27. ^ Shecter, Barbara (June 22, 2022). "OSC metes out penalties, market ban in pair of crypto trading cases". Financial Post. Retrieved April 11, 2024.
  28. ^ a b Posadzki, Alexandra (September 25, 2025). "FinTRAC issues nearly $20-million penalty against crypto exchange KuCoin". The Globe and Mail.
  29. ^ Balu, Nivedita (September 25, 2025). "Canada's anti-money laundering agency fines crypto exchange KuCoin parent". Reuters.
  30. ^ a b "Dutch central bank warns that KuCoin operating without registration". Reuters. December 15, 2022. Retrieved April 11, 2024.
  31. ^ "Huobi, KuCoin Among Crypto Firms Added to UK Watchdog's Warning List". Bloomberg. 9 October 2023. Retrieved 2024-04-11.
  32. ^ Lohchab, Himanshi (16 May 2024). "Financial Intelligence Unit clears Binance and Kucoin to be Virtual Asset Service Providers". Economic Times.
  33. ^ Miller, Hannah; Shen, Muyao (February 24, 2023). "Crypto Exchanges Are Allowing Sanctioned Russian Banks Access, Report Says". Bloomberg.
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