KuCoin 2024 H1 Report: Achieving Milestones with Over 34 Million Users and Leading with Compliance
In the first half of 2024, KuCoin has demonstrated remarkable resilience, innovation, and substantial growth within the crypto industry. Our unwavering commitment to providing innovative solutions and maintaining a user-centric approach has driven our progress through a dynamic and transformative period. Despite market fluctuations and regulatory shifts, KuCoin has remained steadfast and determined, thriving amidst both challenges and opportunities. The optimism of a bull market and our dedication to innovation have been our guiding lights, enabling us to continue our leadership in the crypto space.
The industry has witnessed pivotal events, such as the fourth Bitcoin halving and the approvals of Bitcoin and ETH ETFs, signaling the growing mainstream acceptance of cryptocurrency. The rise of Layer 2 solutions for Ethereum, like Base and Linea, has also enhanced scalability and reduced transaction costs. At KuCoin, we have embraced these shifts with a proactive, user-centric approach. Our focus on security, trust, and user satisfaction continues to drive us forward. Reflecting on the remarkable milestones of H1 2024, we are excited about the future and remain dedicated to building a secure, accessible, and beneficial cryptocurrency environment for all.
Key Figures
Users
- Registered users have surpassed 34 Million, with a 31% and 25% growth in LATAM and MENA respectively, compared to 2023 H2.
- Handled over 1.2 million customer service requests
Security and Regulatory Compliance at KuCoin
- 5 regulatory licenses across the globe, including Australia, Czechia, India, El Salvador and Poland
- Addressed over 3600 law enforcement requests, serving 1800+ registered law enforcement officers
Trading
- Spot trading volume showed a robust increase of 127.71%
- The highest 24H trading volume has doubled in 2024 H1, compared to 2023 H2
- Pre-market saw a user growth of 59.3% and a trading volume increase of 49.1%
- Over 2.2 million trading bots were created with the total trading volume surpassing 7 billion USDT
KuCoin Communities
In 2024 H1, KuCoin achieved notable milestones on social media. Our Telegram community welcomed over 35,000 users to the KuCoin Family, a remarkable increase to witness. Through the first half of 2024, we hosted 74 Twitter Spaces with our crypto ecosystem partners and 65 Telegram community Ask-Me-Anything (AMA) sessions, providing valuable insights and interactive discussions with our community members.
Security and Regulatory Compliance at KuCoin
We prioritizes regulatory compliance and has implemented robust security measures to ensure a secure trading experience.
Registration with India’s Financial Intelligence Unit (FIU): We were proud to become among the first global crypto exchanges to register with India's Financial Intelligence Unit (FIU). By registering with FIU-India, KuCoin is partaking in a larger effort to identify, analyze, and mitigate activities related to money laundering and other illicit financial operations.
Commitment to become a top-edge virtual asset service provider in a global perspective: KuCoin’s commitment to obtaining necessary licenses across various jurisdictions was highlighted in TokenInsight’s latest report, as considered the leader in securing regulatory approvals. Additionally, we adhere to the highest risk management standards and implement world-class security practices to keep users’ accounts safe.
Bugcrowd Bug Bounty program: In 2024 H1, we announced a collaboration with Bugcrowd, the #1 crowdsourced cybersecurity platform, to launch an extensive bug bounty program. This initiative is aimed at fortifying KuCoin's platform by identifying and addressing potential security vulnerabilities.
Proof of Reserves (PoR)
KuCoin prioritizes security and transparency by regularly publishing verified monthly Proof of Reserves (POR) reports, ensuring timely updates for user assurance. Our most recent snapshot, captured on 30 June 2024, discloses a BTC reserve ratio of 112%, ETH reserve ratio of 116%, USDT reserve ratio of 106%, and USDC reserve ratio of 116%. The user deposits are supported by a collateralization ratio exceeding 1:1. Furthermore, KuCoin supports independent verifications, allowing users to personally check their asset data. This commitment to leading verification practices demonstrates KuCoin's dedication to maintaining the highest standards of asset security and transparency.
New Assets and Listings
In 2024 H1, KuCoin introduced 140 new assets, expanding the total tradable digital assets to over 900 and supporting over 1,500 trading pairs as of June 2024. KuCoin BurningDrop supported 26 projects, and KuCoin Spotlight backed 1 project with more than 70,000 participants joining.
Pre-Market
In 2024 H1, our Pre-market platform showcased its potential again by welcoming 14 new projects. These campaigns drew significant interest, resulting in over 80,000 transactions. This activity translated into substantial growth, with user numbers increasing by 59.3% and trading volume rising by 45.1%.
Trading Bot
In 2024 H1, users had created 2.2 million KuCoin Trading Bots, which is a testament to their confidence in our platform. The trading volume surpassed 7 billion USDT. We have also launched a new trading bot strategy "AI Futures Trend" to make KuCoin Trading Bot more comprehensive, assisting users to make profits easily in the dynamic market:
- Advanced AI investment strategies, including AI Spot Trend, AI Futures Trend, Spot Grid AI Plus, and DualFutures AI Bot, using AI engine to swiftly capture market trends and adjust strategies to earn profits.
- The Grid strategy matrix, including Spot, Futures, Margin, and Infinity Grid, covers all the most classic and popular strategies.
- Dollar-cost averaging strategies, including DCA , Spot Martingale and Futures Martingale Bot, allow users to make profits by diversifying risks in the bear market.
- Portfolio arbitrage strategy represented by Smart Rebalance Trading Bot.
KCS
In 2024 H1, KCS adoption experienced a steady growth of 6.13% from 2023 H2. Holders enjoyed access to diverse platform services like Staking, Liquidity Mining, and Lending, along with trading fee discounts.
KuCard
Launched in November 2023, KuCard is a Visa debit card that provides seamless crypto-to-fiat conversion. Compatible with both Google Pay and Apple Pay, it can be used anywhere VISA is accepted.
In 2024 H1, KuCard expanded its features to support multiple cards and perpetual cashback rewards, enhancing the user experience and offering more flexibility and benefits to its cardholders. Users can now manage multiple cards under one account, allowing for a diversified portfolio of digital assets. The cashback feature provides an additional incentive, rewarding users for their spending with a percentage returned as crypto cashback.
We have recently witnessed the number of KuCard applicants soar past a significant milestone, and the total expenditure using KuCard has reached an impressive mark. This growth underscores the increasing acceptance and use of cryptocurrencies in everyday transactions. We’re teaming up with a variety of businesses to bring the KuCard users exclusive deals and offers.
Ventures & Labs
KuCoin Ventures Empowers the Industry with 26 Early-Stage Investments in AI, Infra, DeFi, Restaking, SocialFi, Bitcoin, and more. Notable investments include Tomo, Xlink, Lumoz, TNA, Ultiverse, Lumio, Lorenzo, Lombard, RateX, Opinion Labs, Dora, UXlink, XION, and Scallop, FantaGoal, demonstrating a strong focus on supporting the growth of key industries.
KuCoin Research Monthly Report
Throughout the first half of 2024, KuCoin continued to provide market insights through monthly market reports. These reports serve as a valuable resource, offering in-depth analysis of the crypto markets, encompassing investor outlook, significant trends, user preferences, and emerging opportunities. By consistently offering these reports, KuCoin demonstrates its ongoing dedication to comprehending market dynamics, investment trends, and the evolving perception of digital assets.
KuCoin Learn
In 2024 H1, over 1.5 million people engaged with KuCoin Learn. The courses and learning materials were mainly concentrated on advancements in the Web3 space and trending wallet tutorials. Responding to user interest, we provided educational content on popular tracks of Telegram, including AI and Memecoins. Emphasizing regional education, we developed content in Russian, Turkish, and Vietnamese to better cater to users around the globe, and we are continually expanding to include more languages.
Awards and Recognition
KuCoin is currently one of the top 6 crypto exchanges. In 2024 H1, Forbes Advisor also acclaimed “One of the Best Crypto Apps & Exchanges of March 2024” and “One of the Best Crypto Exchanges of June 2024”. Other features we added to our cap in 2024 H1 include receiving an award from Securities.io as one of the 5 Best Cryptocurrency Exchanges (June 2024). We also received awards as one of the Best Cryptocurrency Selection & Best for Altcoins from Coinbureau, one of the Best Crypto Lending Platforms in 2024 from CCN, and one of the Best Zero Fee Crypto Exchanges for 2024 from CoinWire.
Global Footprints
In the first half of 2024, KuCoin sponsored, hosted, and formed valuable partnerships through 13 online and offline events across multiple continents. Notable events included TOKEN2049 Dubai, the World Crypto Forum, the WOW Summit, the Banana Conf, Conf3rence, and the Wiki Finance Expo. Our active engagement with communities and partners left a lasting impression worldwide.
Corporate Social Responsibilities
Although the industry is still young, it is time for us to embrace ESG and take on more social responsibilities. Adopting ESG aligns crypto firms with global sustainability goals and positions them well in a market that values responsible and ethical practices. This proactive approach can shape a more sustainable and ethically grounded future for the crypto industry.
In Dec 2023, KuCoin initiated the "Light Up Africa through the Lens of Children" to adhere to our commitment to giving back to society. Partnering with the Smiling Simon Greenbuild Foundation, starting from January 2024, KuCoin has distributed 2500 solar lamps across 25 schools in rural communities, marking a significant stride in its mission to support education and innovation in underserved communities, empowering young minds and fostering a brighter future.
On March 8th, International Women’s Day, KuCoin and the American Medical Women’s Association (AMWA) announced two donation programs, Climate Change CSR Project and AMWA’s Menstrual Equity Project, both funded by KuCoin's previous CSR donations. The Climate Change CSR Project introduces the Climate Change Bucket (CCB), specially designed to assist women and girls disproportionately affected by global climate change. A total of 1,900 Climate Change Buckets were distributed across different locations, providing essential support to communities grappling with climate-related effects. The AMWA's Menstrual Equity Project is dedicated to empowering socially disadvantaged girls and women with sustainable menstrual hygiene solutions. This initiative allocated a total of 1,000 reusable menstrual packages, underscoring the commitment to ensuring accessible and essential menstrual hygiene products for those in need.
We are planning to launch more CSR events and initiatives in our coming journey, with more efforts devoted to education and health. These efforts reflect our dedication to making a positive impact beyond the crypto industry, demonstrating our commitment to social responsibility and community well-being. We look forward to embarking on this journey and contributing to a better, healthier, and more educated world.
Looking Ahead: Our Vision and Commitment
As we conclude our 2024 H1 report, we reaffirm our vision to become a respected global technology company. KuCoin remains steadfast in our commitment to compliance, safety, and user-centric innovation. Our mission is to drive the development and adoption of blockchain and crypto technologies, ensuring the seamless flow of digital value worldwide.
Looking ahead, we are dedicated to continuing our journey of providing innovative and high-quality services to our users. We are passionate about helping our community find the next crypto gem on KuCoin, further solidifying our position as a leader in the industry. Together, we will shape a future where cryptocurrency is accessible, secure, and beneficial for all.
Read More:
KuCoin Concludes 2023 with 106% Surge in Spot Volumes and User Base of 31 Million
KuCoin Sets a New Precedent in India: Pioneering FIU Compliance Among Global Crypto Exchanges