KuCoin is one of the most interesting crypto exchanges on the market and has come under a lot of public scrutiny over the years. Now, when the company is dealing with offshore trading only, it has turned its attention to the Singapore market.
In this article, we’ll go over how KuCoin is trying to accelerate the mass adoption of Crypto in Singapore and the success it has had with it. Singapore is a growing market, and many exchanges and crypto-related businesses are looking for ways to tap into it.
Why is KuCoin Operating Abroad?
In one of the most followed crypto-related legal cases, KuCoin settled a lawsuit that New York’s state attorney had brought up against the company. The details of the settlement are public and are also the reason behind the focus on foreign markets.
The exchange has agreed to stop operating in New York and pay $22 million in fines and restitution. Under the terms of the agreement, KuCoin will refund $16.7 million to nearly 178,000 New York-based investors and $5.3 million in fines to the state of New York. It’s still allowed to operate abroad, and the deal won’t affect the users outside the United States.
Why Singapore?
Singapore is a country with a very pro-crypto and pro-business outlook. Combined with an exceptionally tech-savvy and wealthy popularity, the conditions are great for crypto exchanges to move in and provide services. Singapore doesn’t, however, recognize cryptocurrencies as legal tender, as is the case with some countries, mainly in South America.
The Monetary Authority of Singapore (MAS) is responsible for regulating crypto trade in Singapore, and the agency has a reputation for being fair and transparent, which are the qualities traders are looking for.
Relying on Trading Bots
Ever since KuCoin started finding its way into the crypto market, it has relied on the use of trading bots and the best crypto data available to provide a better service. KuCoin offers more than 900 digital assets and uses AI to guide users through the trade and sometimes to automate it completely.
That way, users can get the most out of the marginal changes in crypto price and use them to multiply their profit. The technology is also user-friendly as it works mostly in the background, allowing traders to make their own decisions based on the information the exchange provides.
Accepting New Altcoins
The crypto market has changed a lot in the last couple of years. Bitcoin has become widely accepted by traditional financial markets, but things are also different for altcoins. New altcoins have emerged, and some that have been long forgotten have come back.
There’s also a renewed interest in meme coins, and the overall online crypto culture has become more vibrant. KuCoin has been at the forefront of these changes, and it has added new crypto coins that users can trade with as soon as there is a demand for them on the market.
Taking Part in Industry Events
KuCoin has also taken part in a lot of industry events and educational forums. One such event was just held at OKX Main Stage at TOKEN2049 in Singapore. KuCoin dedicated its presentation at the event to the use of AI and its potential in the near future.
“At KuCoin, we will continue striving to be the driving force in this ever-evolving space to build a more inclusive, decentralized, and prosperous financial future,” said Alicia Kao, the Managing Director.
The event was also an opportunity for KuCoin to showcase its Arcade, offering an engaging and immersive experience with interactive crypto-themed games and activities.
Finding Partners
Key industry players in Singapore and beyond are also partnering up with KuCoin for projects that take into account the best features of all parties. Over the years, KuCoin has already partnered with IDG Capital, Matrix Partners, and Neo Global Capital.
There’s also an interest in expanding to new markets still. Turkie is looking for ways to provide more crypto opportunities and become a bigger player in the market, and chances are KuCoin will take advantage of that opportunity as well. The application process will take a while, but it’s already underway.
To Sum Up
In summary, KuCoin is making significant strides in Singapore by focusing on crypto innovation, education, and partnerships. With its use of AI, trading bots, and a wide selection of digital assets, KuCoin is helping to make crypto more accessible in the region. Singapore’s pro-crypto environment and strong regulatory framework make it an ideal market for KuCoin to expand its influence.
As it partners with key players and participates in industry events, KuCoin continues to shape the future of crypto adoption not only in Singapore but globally, positioning itself as a leader in the evolving digital currency space.