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, doubling its spot market volumes.
KuCoin Concludes 2023 with Substantial Growth and Strengthened Security
According to the report, KuCoin has seen an increase of 16% in its user base, reaching nearly 31 million users worldwide. The platform also experienced a surge of 106% 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 revealed 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 additionally launched KuCard, a crypto debit card that allows users to spend their crypto assets anywhere. KuCoin reported 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, summarized its results for 2023, noting a near 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 further translated into increased activity of retail investors and a surge in cryptocurrency volumes.
2024 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
On top of that, the report 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 stated 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 additionally 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.
