is kucoin allowed in the us

Despite a 2021 SEC ban, US users can still access limited services on KuCoin, though alternative exchanges like Coinbase offer full compliance.

Oct 28, 2024 at 09:30 am

Is KuCoin Allowed in the US?

KuCoin is a popular cryptocurrency exchange that offers a wide range of services, including spot trading, margin trading, futures trading, and lending. However, due to regulatory restrictions, KuCoin is not fully allowed to operate in the United States.

1. Background

In September 2021, the US Securities and Exchange Commission (SEC) banned KuCoin from offering its services to US citizens. The SEC alleged that KuCoin had been operating as an unregistered securities exchange and was facilitating the sale of unregistered securities.

2. Current Status

Despite the SEC ban, KuCoin continues to operate, but it has taken steps to restrict access to its platform for US users. US users cannot create new accounts on KuCoin, and existing users are required to complete a KYC (Know Your Customer) verification process to continue using the platform.

3. Exceptions

There are some exceptions to the SEC ban on KuCoin. US users are allowed to:

• Withdraw funds from their KuCoin accounts
• Trade certain cryptocurrencies that are not considered securities by the SEC
• Use KuCoin's OTC (Over-the-Counter) desk

4. Alternatives

US users who are looking for a cryptocurrency exchange that is fully compliant with US regulations have several options, including:

• Coinbase
• Binance.US
• Gemini
• Kraken

Conclusion

While KuCoin is not fully allowed to operate in the US, US users can still access certain services on the platform with restrictions. US users looking for a fully compliant cryptocurrency exchange should consider one of the alternatives listed above.