Seychelles-based crypto exchange KuCoin has integrated Single Euro Payments Area (SEPA) support into its operations, making it easier for its Europe-based users to fund their exchange accounts and deposit up to EUR 1m (USD 1.1m) in a single transaction.
KuCoin is officially launching the new payment method today, January 24, enabling customers from the 36 SEPA member states to deposit euros into their accounts and use fiat currency to buy crypto assets through the exchange’s Fast Buy option, the company said in a statement.
Per the announcement, KuCoin on-site SEPA currently supports deposits of EUR to buy tether (USDT). They added that they’ll be supporting more cryptoassets, as well as SEPA withdrawal “in the near future.”
“SEPA transfers are one of the easiest fiat-on-ramp solutions for European users interested in cryptocurrency. As a single euro payment system created by the European Union, SEPA support is a major milestone for the KuCoin exchange,” the statement said.
This latest move will allow the Seychelles-based business to compete against larger exchanges which already ensure SEPA support, such as Coinbase and Binance.
KuCoin says it is currently active in 207 countries across the world, serving more than 10m users who can buy and sell more than 600 digital assets.
Johnny Lyu, CEO of KuCoin Global, commented that the exchange is “dedicated” to providing easy and fast trading to all classes of investors, adding that the integration of SEPA payment is a “huge step forward for KuCoin to facilitate the global free flow of digital value.”
Per the CEO, the platform will continue to add more countries and regions to the fiat on-ramp service.
Currently, SEPA transfers are supported by the following European countries: Andorra, Austria, Belgium, Bulgaria, Cyprus, Croatia, The Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, The Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovenia, Slovakia, Spain, Sweden, Switzerland, The United Kingdom, and The Vatican City State.
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