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- KuCoin secures third spot in month-to-month market share surge amongst centralized exchanges.
- CCData assessment underscores KuCoin’s strong development and dedication.
- Beforehand, KuCoin carried out necessary KYC requirements.
KuCoin, a outstanding participant amongst crypto exchanges, has garnered recognition by securing the third place within the month-to-month surge of market share on centralized crypto exchanges.
This achievement comes amid the latest assessment of exchanges by CCData, an FCA-authorized benchmark administrator and a worldwide frontrunner in digital asset information.
CCData meticulously in contrast commerce volumes and market shares throughout numerous centralized exchanges within the July Alternate 2023 Evaluation. It concluded that KuCoin has considerably expanded its market share throughout July, surpassing its efficiency in June.
This strong development alerts KuCoin’s unwavering dedication to solidifying its presence as a formidable contender within the fiercely aggressive realm of cryptocurrency buying and selling. Recall that Coin Version reported KuCoin’s spot and futures market buying and selling exceeding $1 trillion two months in the past.
Furthermore, KuCoin strategically carried out necessary Know Your Buyer (KYC) procedures in June.
The KuCoin CEO, Johnny Lyu, emphasised that though the compulsory KYC protocols may exert transient stress on buying and selling quantity, they represent an indispensable long-term technique to propel the platform’s evolution and safeguard customers’ property.
Moreover, in accordance with an announcement from KuCoin, the surge in market share witnessed in July displays the efficacy of the paradigm shift, signifying that the platform is making constructive strides.
In the meantime, on August 1, KuCoin unveiled its ninth Proof-of-Reserve (POR) report. This transfer displays the alternate’s dedication to sustaining a meticulous 1:1 on-chain reserve assurance for each particular person’s property.
Exactly, the report captures that KuCoin maintains 104% of its Bitcoin (BTC) reserve ratio. Equally, it holds 118% of its Ethereum (ETH) reserve, likewise 104% of Tether USDT (USDT), and 124% of Circle USD (USDC).
By diligently adhering to those self-imposed regulatory measures, KuCoin is progressively fulfilling its guarantees and erecting a safe buying and selling haven for its consumer base.