- KuCoin secures third spot in monthly market share surge among centralized exchanges.
- CCData review underscores KuCoin’s robust growth and dedication.
- Previously, KuCoin implemented mandatory KYC standards.
KuCoin, a prominent player among crypto exchanges, has garnered recognition by securing the third position in the monthly surge of market share on centralized crypto exchanges.
This achievement comes amid the recent review of exchanges by CCData, an FCA-authorized benchmark administrator and a global frontrunner in digital asset data.
CCData meticulously compared trade volumes and market shares across diverse centralized exchanges in the July Exchange 2023 Review. It concluded that KuCoin has substantially expanded its market share during July, surpassing its performance in June.
This robust growth signals KuCoin’s unwavering dedication to solidifying its presence as a formidable contender in the fiercely competitive realm of cryptocurrency trading. Recall that Coin Edition reported KuCoin’s spot and futures market trading exceeding $1 trillion two months ago.
Moreover, KuCoin strategically implemented mandatory Know Your Customer (KYC) procedures in June.
The KuCoin CEO, Johnny Lyu, emphasized that although the obligatory KYC protocols might exert transient pressure on trading volume, they constitute an indispensable long-term strategy to propel the platform’s evolution and safeguard users’ assets.
Furthermore, according to a statement from KuCoin, the surge in market share witnessed in July reflects the efficacy of the paradigm shift, signifying that the platform is making constructive strides.
Meanwhile, on August 1, KuCoin unveiled its ninth Proof-of-Reserve (POR) report. This move reflects the exchange’s commitment to maintaining a meticulous 1:1 on-chain reserve assurance for every individual’s assets.
Precisely, the report captures that KuCoin maintains 104% of its Bitcoin (BTC) reserve ratio. Similarly, it holds 118% of its Ethereum (ETH) reserve, likewise 104% of Tether USDT (USDT), and 124% of Circle USD (USDC).
By diligently adhering to these self-imposed regulatory measures, KuCoin is progressively fulfilling its promises and erecting a secure trading haven for its user base.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
