KuCoin wins AUSTRAC approval, launches Mastercard KuCard

KuCoin registered as a digital currency exchange with AUSTRAC in November 2025 and launched KuCard, a Mastercard-backed virtual debit card available to users in Australia. The card accepts payments in USDC and can be added to Apple Pay and Google Pay for contactless purchases.

The AUSTRAC registration permits KuCoin to offer regulated products across Australia under formal oversight. KuCoin expects the approval will let it reach more than 20 million adult consumers nationally.

KuCard routes transactions through Mastercard’s network and converts USDC to fiat at the point of sale for settlement. At launch the card accepted 37 USDC trading pairs. The virtual card works wherever Mastercard is accepted and supports tap-and-pay via mobile wallets.

KuCoin has increased local investment and opened an office in Sydney’s Central Business District. James Pinch, KuCoin’s Australian managing director, called Australia “an exciting place to be at the moment” and pointed to clearer regulatory rules and a growing consumer base.

BC Wong, KuCoin’s chief executive officer, described securing AUSTRAC registration as “a key milestone in strengthening KuCoin’s global compliance architecture.”

KuCoin’s Australia Market Report found about 22% of Australians hold digital assets. The report showed more than half of respondents fund crypto accounts by bank transfer, just over 40% use credit or debit cards, fewer than one in three use digital wallets, and under a quarter rely on peer-to-peer trading.

KuCoin positioned KuCard as a product to reduce friction when converting between fiat and crypto. KuCoin noted digital assets convert to fiat instantly at the point of sale, removing a manual conversion step for users. The card will be virtual-only at launch and limited to transactions using the supported USDC pairs.

Christian Rau, Mastercard’s senior vice president of digital commercialization, described KuCard as helping make crypto “truly usable in everyday life” by enabling “the spending of digital assets at scale in a safe, secure, and compliant way.”

Australian regulators have increased oversight of virtual assets. KuCoin’s AUSTRAC registration places the exchange among firms operating under Australian rules as it expands product offerings in the country.