KuCoin a Top Exchange for New Listings
Crypto exchange KuCoin has been ranked among the top three exchanges for total token listings, according to a 2025 report from Animoca Brands Research. The ranking reflects the exchange's continued high activity in the primary market for new digital assets.
KuCoin's high ranking stems from a 31% year-over-year increase in token listings in 2025. This sustained activity in the primary market signals strong deal flow and project sourcing even as overall market conditions have tightened. The Animoca report highlights a broader market shift where exchange competition is now defined by listing quality and asset diversification, not just volume. The analysis points to a "recalibrated environment" where selective depth is valued over speculative breadth. Liquidity is rotating towards higher-value projects. While trading volumes for micro-cap assets (under $30M FDV) have declined, projects valued above $100M saw first-day trading volumes jump by 1.44x to 1.78x compared to 2024 averages. The $100M–$500M valuation segment saw the fastest 30-day volume growth, hitting 2.12x the prior year's average. Beyond new tokens, KuCoin is also expanding into tokenized real-world assets (RWAs), ranking fifth globally in tokenized gold trading volume. This move aligns with a larger trend of exchanges bridging traditional financial assets with blockchain technology. This listing strategy contributed to significant market share growth. In 2025, KuCoin's spot market share saw a net increase of 5.83%, ranking first in growth among major centralized exchanges. The exchange processed over $1.25 trillion in total trading volume during the year. However, this growth has been paired with significant regulatory challenges. In January 2025, KuCoin pleaded guilty to operating an unlicensed money-transmitting business in the U.S. and agreed to pay $300 million in penalties. The U.S. Department of Justice charged the exchange and its founders with violating the Bank Secrecy Act by failing to implement adequate anti-money-laundering (AML) and know-your-customer (KYC) programs. Prosecutors alleged KuCoin processed over $9 billion in illicit transactions between 2017 and 2024. As part of the settlement, KuCoin agreed to cease its business in the United States for two years. This followed a December 2023 settlement with the New York Attorney General for $22 million over charges of failing to register as a securities broker-dealer.
