KuCoin, a notable participant in the world of cryptocurrency exchanges, has gained notoriety by taking third position in the month-to-month growth of market share on centralized exchanges. This accomplishment coincides with the present evaluation of exchanges by CCData, a benchmark administrator with FCA authorization and a global leader in digital asset information.
In the July Alternative 2023 Evaluation, CCData painstakingly compared trade volumes and market shares across many centralized exchanges. According to their findings, KuCoin significantly increased its market share throughout July, outperforming its performance in June.
This significant progress demonstrates KuCoin’s unwavering commitment to establishing itself as a serious competitor in the fiercely competitive world of cryptocurrency trading. Remember that Coin Version revealed two months ago that KuCoin had traded more than $1 trillion worth of spot and futures contracts.
Additionally, KuCoin strategically completed Know Your Buyer (KYC) requirements in June.
The KuCoin CEO, Johnny Lyu, stressed that while the mandatory KYC protocols may temporarily have an impact on trading volume, they represent an essential long-term strategy to advance the platform’s evolution and protect users’ assets.
Furthermore, according to a statement from KuCoin, the increase in market share seen in July demonstrates the effectiveness of the paradigm change, indicating that the platform is moving in the right direction.
KuCoin released its ninth Proof-of-Reserve (POR) report on August 1 in the interim. This transaction demonstrates the trade’s commitment to upholding a careful 1:1 on-chain reserve assurance for each individual’s possessions.
The data accurately reflects that KuCoin maintains 104% of its reserve ratio for Bitcoin (BTC). It also holds 124% of Circle USD (USDC), 104% of Tether USDT, and 118% of its Ethereum (ETH) reserve.
KuCoin is steadily upholding its promises and creating a secure marketplace for its user base by scrupulously sticking to those self-imposed regulatory procedures.