Crypto Exchange KuCoin to Allow SEPA Payments

In what it calls a bid to “increase its position in the European cryptocurrency market,” crypto exchange KuCoin has begun integrating Single Euro Payment Area (SEPA) payments.

“SEPA transfers are one of the easiest fiat-on-ramp solutions for European users interested in cryptocurrency,” the exchange said in a news release Monday (Jan. 24). “As a single euro payment system created by the European Union, SEPA support is a major milestone for the KuCoin exchange, which is now active in 207 countries worldwide, serving over 10 million users.”

SEPA is an European Union initiative backed by the European Commission, the European Parliament, the European Payments Council and the European Central Bank (ECB). A SEPA payment scheme makes funds (from a credit transfer) available in the recipient’s account within 10 seconds.

Read more: European Payments Council Launches Consultation to Expand EU Direct Payments

KuCoin’s new payment method, which became official Monday (Jan. 24), lets users from the 36 SEPA member states deposit euros into their account or use it to buy cryptocurrency assets with KuCoin’s Fast Buy option.

KuCoin says the advantage of these transfers include ease of use, zero fees, the ability to make single deposits of up to 1 million euros and improved security.

“KuCoin is dedicated to providing all classes of investors with the easiest and fastest crypto trading experience,” KuCoin Global CEO Johnny Lyu said. “The integration of SEPA payment is another huge step forward for KuCoin to facilitate the global free flow of digital value. We’ll continue to add more countries and regions to our fiat on-ramp service list in future.”

The company says its customers can benefit from SEPA transfers by enabling it in their accounts. Users will need to complete a Know-Your-Customer (KYC) procedure before accessing the EUR fiat currency deposit option in their account, KuCoin said.

KuCoin’s announcement comes just days after the European Payments Council said it was looking at expanding the scope of SEPA payments beyond the Euro area.