KuCoin
Seychelles-based cryptocurrency exchange
From Wikipedia, the free encyclopedia
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]
 | |
| Company type | Private |
|---|---|
| Founded | 2017 |
| Founders | Chun Gan Ke Tang Johnny Lyu |
| Headquarters | Seychelles |
Area served | Worldwide |
Key people | BC Wong (CEO) |
| Services | Cryptocurrency exchange, margin trading, margin lending, OTC |
| Website | kucoin |
History
2017–2022: Early years and hack
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, KuCoin announced it had suffered a major security breach that saw $281 million of crypto assets stolen.[5][6] 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.[7] KuCoin offered rewards of up to $100,000 to anyone who could provide valid information regarding the hack.[8] North Korean hacker crew Lazarus Group was accused of carrying out the hack, which was dubbed the biggest cryptocurrency hack of 2020.[9] 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%).[6][8][10]
2022–present: Growth and fines
In May 2022, KuCoin raised $150 million in a Series B funding round led by Jump Crypto, giving it a valuation of $10 billion.[11][12][13] In July 2022, KuCoin received a $10 million investment from trading firm Susquehanna International Group (SIG).[14]
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 February 2026, the Austrian Financial Markets Authority prohibited KuCoin EU Exchange GmbH from conducting new business due to breaches of obligations in relation to internal organisation in relation to prevention of money laundering and terrorist financing as well as observance of financial sanctions.[17]
See also
- List of cryptocurrency exchanges