KuCoin crypto exchange is widening its reach in the European cryptocurrency market. The Seychelles-based crypto exchange has introduced support for the Single Euro Payments Area (SEPA).
Ease of Transaction and Zero Fees with KuCoin’s SEPA Integration
The KuCoin SEPA integration will make it easy for European customers to deposit money into the exchange with the advantages of zero transaction fees. Additionally, through SEPA, users will be able to deposit up to €1 million in a single transaction.
To enjoy the services of SEPA via KuCoin, users will have to complete the KYC process. After successful completion, they can access the EUR fiat currency deposit option in their accounts.
The addition of SEPA support is a big deal for KuCoin. The big players such as Coinbase and Binance already have integrated SEPA support. Thus, the move places KuCoin at a competitive level with the other exchanges.
SEPA transfers have proved to be the most user-friendly fiat-on-ramp solutions for European crypto investors. SEPA is a single euro payment system created by the European Union. Commenting on the integration, KuCoin CEO Johnny Lyu stated that the exchange is dedicated to offering easy and fast trading to all investors. Thus, the addition of SEPA support is a “huge step for KuCoin to facilitate the global free flow of digital value.”
KuCoin’s SEPA Integration Only Allows Purchase of USDT for Now
KuCoin crypto exchange is available in 207 countries and serves over ten active million users. CEO Johnny Lyu said that the exchange would continue adding more countries and regions to the fiat on-ramp service list in the future.
Starting January 24, 2022, users from 36 SEPA member states will deposit euros in their KuCoin accounts, which they can use to purchase cryptocurrency.
During the announcement, crypto exchange KuCoin stated that the users could buy USDT with deposits made through the on-site SEPA. The exchange promised to integrate SEPA withdrawals and purchase more cryptocurrencies soon.