Cryptocurrency exchange KuCoin has introduced SEPA payment support to facilitate payment transfers for European users, as announced in today’s press release.

With its global presence in 207 countries, encompassing over 10 million users, KuCoin is looking to leverage the capabilities and convenience of SEPA payments to expand its use case and transfer options. The exchange has announced that the on-ramp will be launched on January 24, 2022, in 33 SEPA states via the KuCoin Fast Buy service.

European users are accustomed to using SEPA transfers when dealing with cryptocurrencies. SEPA was created by the European Union as a single payment system for the Euro.

The main advantages of SEPA payment connection for KuCoin include access to zero fees and the opportunity to deposit up to 1 million Euros as part of a single transaction. In addition, exchange users will be able to enjoy a smoother transaction experience without third-party involvement, as well as improved security based on the SEPA framework.

“The connection of SEPA to KuCoin is part of our effort at making all manner of transfers available for our users. We consider this move as an important milestone and we are determined to continue improving overall service quality and accessibility,” as stated by KuCoin Global CEO, Johnny Lyu.

In order to take advantage of the SEPA transfer option, users will have to undergo a standard KYC, or Know-Your-Client, the procedure using the mobile or web version of the exchange. The successful passing of the procedure will automatically connect user wallets to Euro deposit functions with bank transfer details and comprehensive instructions. 

All SEPA transactions carried out on KuCoin will have to contain the correct Reference Note provided by the exchange. The given measure will help identify deposits and may require up to two business days for transaction processing.