Spot and futures trading
volumes on KuCoin, a Seychelles-headquartered cryptocurrency exchange, peaked
at over $2 trillion dollars in the first half of 2022.
This represents a 180% year-on-year growth for the crypto exchange.
KuCoin’s European market operations led the total half-year turnover with
$481 billion.
The cryptocurrency exchange disclosed these
figures on Thursday in a semi-annual
report highlighting its
performance in the first half of this year.
The exchange in the first quarter of this year had recorded over $1 trillion in its spot and futures trading volumes.
Regional Performance
According to KuCoin,
Europe’s performance was followed by Latin America which turned over $453
billion at a 189% growth rate YoY.
Africa and the Middle
East, on the other hand, saw a 152% increase in volumes to reach $392
billion in six months this year.
“Peak trading volumes
for Spot were recorded at $11 billion, while Futures reached $23 billion,”
KuCoin said.
In terms of user growth,
Asia led the crypto exchange’s 9.75 million new registrations in the first
half of 2022 by accounting for 5.6 million of these new users.
KuCoin said this user
growth is a 659% jump when compared to records from
2021.
Other regions also recorded increases YoY in new user registrations: Latin America (216%), Africa
& the Middle East (152%), and Europe (142%)
Crypto Assets Lands at
700+
Furthermore, KuCoin said
it now has over 700 cryptocurrency assets on its platform after adding 137 new
ones in the first half of this year.
The exchange said 31
assets of the newly listed assets were world premiere listings while five were
exclusive to Spotlight, its token launch platform.
According to KuCoin,
Spotlight serves early-stage crypto projects and initial token
distribution.
The platform provides
users the opportunity to invest in their preferred
projects to gain considerable incomes with low thresholds.
“Over 70 new tokens have
been added, making the total trading options in KuCoin Margin exceed 200,”
KuCoin said.
Moreover, the Seychelles-headquartered company said it invested a total of $20 million in 19
crypto-native projects in six months through KuCoin Labs, its investment and
research arm.
Meanwhile, the Ontario Securities Commission (OSC), a provincial agency responsible for regulating the capital markets in Ontario, Canada, recently took enforcement action against KuCoin and another cryptocurrency exchange, Bybit, for not complying with local regulations.
Finance Magnates reported that operators of the KuCoin brand faced permanent bans and an administrative penalty of CA$2 million in this regard. They were also to shell out CA$96,550 for the cost of investigation.
This article was written by Solomon Oladipupo at www.financemagnates.com.