Kraken is shifting its kBTC token to Chainlink’s CCIP, a cross-chain protocol, as blockchain security risks rise. The exchange will phase out its current cross-chain provider and use CCIP for kBTC and future wrapped assets. kBTC is a 1:1 Bitcoin-backed token used on Ethereum and OP Mainnet. The move follows recent DeFi bridge attacks, with projects like Solv and Re also adopting CCIP.

<html><body><p>Kraken is moving its wrapped Bitcoin (kBTC) to Chainlink CCIP as bridge-security fears continue spreading across DeFi, turning the bridge-security debate into a decision about wrapped-Bitcoin infrastructure.</p><p>In a <a href="https://x.com/krakenfx/status/2054941472512717301">recent announcement</a>, the exchange said it is deprecating its existing cross-chain provider and moving all Kraken Wrapped Bitcoin to Chainlink's Cross-Chain Interoperability Protocol. CCIP will become the exclusive cross-chain infrastructure for kBTC and future Kraken Wrapped Assets.</p><p>The move adds a <a href="https://cryptoslate.com/crypto-exchanges/">centralized exchange</a>‘s Bitcoin wrapper to the migration wave that followed the KelpDAO exploit. It places exchange-issued BTC distribution inside the same risk debate that has already pushed DeFi-native projects to reassess how tokens move between chains.</p><p>The asset itself is the difference. kBTC is Kraken's 1:1 Bitcoin-backed wrapper, designed to make BTC usable across networks outside Bitcoin's native environment.</p><p>Kraken says kBTC can be used on Ink, Unichain, <a href="https://cryptoslate.com/coins/ethereum/">Ethereum</a>, OP Mainnet, and other DeFi ecosystems, with Bitcoin backing held through Kraken Financial and public reserve and contract links available for verification.</p><div class="cs-article-embed"><a href="https://cryptoslate.com/kraken-launches-kbtc-as-competition-heats-up-in-wrapped-bitcoin-market/" class="cs-article-embed__link"><div class="cs-article-embed__media"><img src="https://img.staticimg.com/news_flash/ef42553c-3b8e-4b92-95ab-85ed86f6f5f6.jpg" alt="Kraken launches kBTC as competition heats up in wrapped Bitcoin market" loading="lazy" decoding="async"></div><div class="cs-article-embed__body"><span class="cs-article-embed__related-reading">Related Reading</span><h3 class="cs-article-embed__title">Kraken launches kBTC as competition heats up in wrapped Bitcoin market</h3><div class="cs-article-embed__summary">Kraken's kBTC has around 100 tokens in supply, with the majority held on the Ethereum blockchain.</div><div class="cs-article-embed__meta"><span class="cs-article-embed__meta-item">Oct 17, 2024</span><span class="cs-article-embed__meta-divider">·</span><span class="cs-article-embed__meta-item">Oluwapelumi Adejumo</span></div></div></a></div><p>That structure creates a trust stack with several layers. Users face a stacked decision involving Kraken custody, the wrapper's smart contracts, cross-chain messaging, destination networks, and DeFi venues where kBTC is used.</p><p>Kraken's CCIP decision addresses one part of that stack, while also showing why wrapped Bitcoin distribution is now a market-structure question rather than a simple product expansion.</p><p><a href="https://img.staticimg.com/news_flash/11bba417-3766-49c3-9853-60a8c840cc53.jpg"><img fetchpriority="high" decoding="async" class="aligncenter wp-image-536480 size-full" src="https://img.staticimg.com/news_flash/11bba417-3766-49c3-9853-60a8c840cc53.jpg" alt="Kraken wrapped Bitcoin kBTC moves from bridge risk toward Chainlink CCIP infrastructure" width="1280" height="720" srcset="https://img.staticimg.com/news_flash/11bba417-3766-49c3-9853-60a8c840cc53.jpg 1280w, https://cryptoslate.com/wp-content/uploads/2026/05/kbtc-chainlink-ccip-300x169.jpg 300w, https://cryptoslate.com/wp-content/uploads/2026/05/kbtc-chainlink-ccip-1024x576.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2026/05/kbtc-chainlink-ccip-768x432.jpg 768w, https://cryptoslate.com/wp-content/uploads/2026/05/kbtc-chainlink-ccip-480x270.jpg 480w, https://cryptoslate.com/wp-content/uploads/2026/05/kbtc-chainlink-ccip-1200x675.jpg 1200w" sizes="(max-width: 1280px) 100vw, 1280px"></a></p><h2>Why kBTC makes the migration different</h2><p>Wrapped Bitcoin exists because BTC remains the dominant crypto asset, while the Bitcoin network connects poorly with most DeFi applications.</p><p><em>CryptoSlate</em> data <span style="box-sizing: border-box; margin: 0px; padding: 0px;">shows Bitcoin trading below <a href="https://cryptoslate.com/coins/bitcoin/" target="_blank" rel="noopener">$80,000 on May 15</a>, with a market value of nearly</span> $1.6 trillion, about 60% market dominance, and $45 billion in 24-hour volume. Even amid the dip, that scale explains why exchanges and protocols keep trying to move Bitcoin liquidity into smart-contract environments.</p><p>Kraken's answer is kBTC. The exchange's <a href="https://www.kraken.com/kbtc">product page</a> describes the token as fully backed and exchangeable for BTC, with each kBTC collateralized by Bitcoin held in Kraken's custody.</p><p>Its <a href="https://www.kraken.com/en-ca/kbtc/whitepaper">whitepaper</a> says that eligible Kraken users can deposit or withdraw kBTC at a 1:1 rate with BTC, with applicable fees deducted, and that BTC backing is held at Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution.</p><p>The same materials point users to reserve and contract data, including the SPDI custody wallet and kBTC smart contracts on Ink, Unichain, OP Mainnet, and Ethereum. That transparency is important because wrapped assets depend on the market believing that the issued token remains redeemable for the asset it represents.</p><p>The remaining risk remains even with transparency. Kraken's whitepaper lists smart contract vulnerabilities, possible peg divergence on third-party platforms, regulatory changes, and problems on third-party blockchains or protocols as risks tied to kBTC.</p><p>It also says that Kraken effectively controls token management functions through a Kraken-controlled wallet.</p><p>That is the tension Kraken's CCIP decision brings into focus. Wrapped Bitcoin needs distribution to matter in DeFi.</p><p>Every added chain and venue can increase utility, but it also makes cross-chain infrastructure choices more visible to users, integrators, and risk teams.</p><table><thead><tr><th>Risk layer</th><th>Known facts</th><th>What remains to watch</th></tr></thead><tbody><tr><td>Custody and reserves</td><td>kBTC is backed 1:1 by BTC held at Kraken Financial, with reserve links published by Kraken.</td><td>Whether future Kraken Wrapped Assets use the same level of public reserve transparency.</td></tr><tr><td>Smart contracts and token control</td><td>Kraken cites internal reviews, a Trail of Bits audit, and Kraken-controlled token management functions.</td><td>How users and protocols assess issuer control alongside contract security.</td></tr><tr><td>Cross-chain messaging</td><td>Kraken is moving kBTC and future wrapped assets to Chainlink CCIP as exclusive cross-chain infrastructure.</td><td>The exact CCIP configuration, migration timing, and rate-limit or attestation design.</td></tr><tr><td>Market peg and liquidity</td><td>Kraken says kBTC is redeemable 1:1 through eligible Kraken accounts, while third-party markets can diverge.</td><td>Whether kBTC liquidity grows across DeFi while peg stress stays limited.</td></tr><tr><td>Destination-chain and protocol risk</td><td>Kraken discloses technical risks on third-party chains and protocols where kBTC may be used.</td><td>Whether broader distribution increases exposure to weak DeFi venues or chain incidents.</td></tr></tbody></table><p><a href="https://img.staticimg.com/news_flash/c412fd21-2f09-4d4b-a2a4-0f774ca9bae9.jpeg" target="_blank" rel="noopener"><img decoding="async" class="aligncenter wp-image-532220 size-full" src="https://img.staticimg.com/news_flash/c412fd21-2f09-4d4b-a2a4-0f774ca9bae9.jpeg" alt="Infographic showing five risk layers in kBTC's trust stack, from Kraken custody and reserves through smart contracts, CCIP messaging, market peg, and destination-chain exposure." width="1122" height="1402"></a></p><h2>How CCIP changes kBTC routing</h2><p>Chainlink markets CCIP as a cross-chain standard for DeFi and institutional use cases. Its materials say CCIP supports Cross-Chain Tokens, uses decentralized oracle networks and risk-management features, and is covered by ISO 27001 and SOC 2 Type 2 security statements.</p><p>Those claims help explain why asset issuers would evaluate it after a major bridge incident.</p><p>The safer interpretation is that Kraken is changing the infrastructure layer it wants kBTC and future wrapped assets to depend on. That may reduce some configuration or vendor-risk concerns, while custody risk, smart contract risk, peg risk, and exposure to destination chains remain outside the bridge-provider decision.</p><p>The move lands in a specific post-KelpDAO context. CryptoSlate previously <a href="https://cryptoslate.com/chainlink-emerges-as-the-unlikely-3b-winner-of-kelpdao-exploit-as-defi-projects-dump-layerzero/">reported</a> that more than $3 billion in DeFi value had moved toward Chainlink CCIP after the $292 million KelpDAO exploit intensified scrutiny of bridge security and LayerZero-linked configurations.</p><div class="cs-article-embed"><a href="https://cryptoslate.com/chainlink-emerges-as-the-unlikely-3b-winner-of-kelpdao-exploit-as-defi-projects-dump-layerzero/" class="cs-article-embed__link"><div class="cs-article-embed__media"><img src="https://img.staticimg.com/news_flash/23a926a1-8df8-4aa4-9972-a93969a11d49.jpg" alt="Chainlink emerges as the unlikely $3B winner of KelpDAO exploit as DeFi projects dump LayerZero" loading="lazy" decoding="async"></div><div class="cs-article-embed__body"><span class="cs-article-embed__related-reading">Related Reading</span><h3 class="cs-article-embed__title">Chainlink emerges as the unlikely $3B winner of KelpDAO exploit as DeFi projects dump LayerZero</h3><div class="cs-article-embed__summary">More than $3 billion in DeFi value is moving toward Chainlink’s CCIP after the KelpDAO exploit exposed weaknesses in bridge verification.</div><div class="cs-article-embed__meta"><span class="cs-article-embed__meta-item">May 11, 2026</span><span class="cs-article-embed__meta-divider">·</span><span class="cs-article-embed__meta-item">Oluwapelumi Adejumo</span></div></div></a></div><p>LayerZero later <a href="https://layerzero.network/blog/an-overdue-apology">said</a> its protocol remained unaffected, but acknowledged that allowing its decentralized verifier network to act as a 1/1 DVN for high-value transactions was a mistake. It recommended stronger multi-DVN configurations and said the affected incident involved a single application.</p><p>That admission frames the issue less as a simple bridge-brand fight and more as a debate over defaults, issuer responsibility, and how much security configuration should sit with the application.</p><p>Kraken's move now brings that debate to exchange-issued wrappers. The exchange is deciding how kBTC moves and signaling which interoperability stack it wants future wrapped assets to inherit.</p><p><a href="https://img.staticimg.com/news_flash/17498929-73bd-4a6f-829b-6ee019736d37.jpeg" target="_blank" rel="noopener"><img decoding="async" class="aligncenter wp-image-532220 size-full" src="https://img.staticimg.com/news_flash/17498929-73bd-4a6f-829b-6ee019736d37.jpeg" alt="Infographic timeline showing the post-KelpDAO bridge-risk reset, including the exploit, LayerZero apology, DeFi migration wave, Solv, Re, and Kraken kBTC move to CCIP." width="1122" height="1402"></a></p><p>Other migrations show why context matters. Solv Protocol <a href="https://insights.solv.finance/solv-protocol-migrates-from-layerzero-to-chainlink-ccip/">said</a> it moved more than $700 million in SolvBTC and xSolvBTC cross-chain infrastructure from LayerZero bridges to CCIP after a security review.</p><p>Re <a href="https://re.xyz/insights/chainlink-ccip">said</a> it moved from LayerZero to CCIP for reUSD after evaluating cross-chain infrastructure, citing $475 million-plus in TVL, $160 million-plus reUSD market cap, 16 independent node operators, native rate limits, and institutional controls.</p><p>Those moves make Kraken part of a broader risk reset. But kBTC adds the Bitcoin and exchange-custody dimension.</p><h2>The test now moves to execution</h2><p>For users, the practical question is whether Kraken's migration gives kBTC holders and DeFi integrators a clearer, more resilient operating model.</p><p>The first signal will be an operational detail. Kraken has said kBTC and future Kraken Wrapped Assets will use CCIP, but the exchange has yet to disclose the migration timeline, chain-by-chain cutover process, and the exact configuration that will apply to kBTC.</p><p>For an asset marketed around reserve transparency and exchange custody, those details matter because infrastructure changes can affect how users evaluate deposits, withdrawals, bridging, and downstream protocol integration.</p><p>The second signal will be liquidity. kBTC's value proposition depends on Bitcoin becoming useful in places outside its native network.</p><p>If the CCIP migration helps Kraken expand kBTC usage across Ink, Unichain, Ethereum, OP Mainnet, and future networks while keeping redemption and reserve visibility clear, the move could strengthen the case for exchange-issued wrapped assets in DeFi.</p><div class="cs-article-embed"><a href="https://cryptoslate.com/kraken-eyes-defi-expansion-with-launch-of-ink-its-new-ethereum-layer-2-network/" class="cs-article-embed__link"><div class="cs-article-embed__media"><img src="https://img.staticimg.com/news_flash/7e86e05f-a9e5-4f3f-9907-d85c78616a76.jpg" alt="Kraken eyes DeFi expansion with launch of Ink, its new Ethereum layer-2 network" loading="lazy" decoding="async"></div><div class="cs-article-embed__body"><span class="cs-article-embed__related-reading">Related Reading</span><h3 class="cs-article-embed__title">Kraken eyes DeFi expansion with launch of Ink, its new Ethereum layer-2 network</h3><div class="cs-article-embed__summary">Kraken's Ink to boost DeFi on Ethereum with Optimism tech.</div><div class="cs-article-embed__meta"><span class="cs-article-embed__meta-item">Oct 24, 2024</span><span class="cs-article-embed__meta-divider">·</span><span class="cs-article-embed__meta-item">Oluwapelumi Adejumo</span></div></div></a></div><p>Lagging usage would make the announcement look more like a vendor rotation than a change in wrapped-Bitcoin market structure.</p><p>Strong usage would sharpen the tradeoff: kBTC may gain more reach, but users will still be relying on Kraken as issuer and custodian, CCIP as cross-chain infrastructure, and third-party chains and protocols as execution venues.</p><p>That is why the migration matters. Kraken is moving more than a token route.</p><p>It is putting a Bitcoin-backed exchange wrapper into the same security debate that has already reshaped DeFi bridge decisions after KelpDAO. The next test is whether that decision turns into safer, clearer BTC distribution across DeFi, or simply shifts wrapped-asset trust to a new set of dependencies.</p><p>The post <a href="https://cryptoslate.com/kraken-bitcoin-kbtc-chainlink-migration/">Kraken moves Bitcoin to Chainlink as bridge fears spread across DeFi</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.</p></body></html>

Kraken is moving its wrapped Bitcoin (kBTC) to Chainlink CCIP as bridge-security fears continue spreading across DeFi, turning the bridge-security debate into a decision about wrapped-Bitcoin infrastructure.

, the exchange said it is deprecating its existing cross-chain provider and moving all Kraken Wrapped Bitcoin to Chainlink's Cross-Chain Interoperability Protocol. CCIP will become the exclusive cross-chain infrastructure for kBTC and future Kraken Wrapped Assets.

‘s Bitcoin wrapper to the migration wave that followed the KelpDAO exploit. It places exchange-issued BTC distribution inside the same risk debate that has already pushed DeFi-native projects to reassess how tokens move between chains.

The asset itself is the difference. kBTC is Kraken's 1:1 Bitcoin-backed wrapper, designed to make BTC usable across networks outside Bitcoin's native environment.

Kraken says kBTC can be used on Ink, Unichain, 

, OP Mainnet, and other DeFi ecosystems, with Bitcoin backing held through Kraken Financial and public reserve and contract links available for verification.

Kraken launches kBTC as competition heats up in wrapped Bitcoin market

Kraken's kBTC has around 100 tokens in supply, with the majority held on the Ethereum blockchain.

That structure creates a trust stack with several layers. Users face a stacked decision involving Kraken custody, the wrapper's smart contracts, cross-chain messaging, destination networks, and DeFi venues where kBTC is used.

Kraken's CCIP decision addresses one part of that stack, while also showing why wrapped Bitcoin distribution is now a market-structure question rather than a simple product expansion.

Wrapped Bitcoin exists because BTC remains the dominant crypto asset, while the Bitcoin network connects poorly with most DeFi applications.

 $1.6 trillion, about 60% market dominance, and $45 billion in 24-hour volume. Even amid the dip, that scale explains why exchanges and protocols keep trying to move Bitcoin liquidity into smart-contract environments.

 describes the token as fully backed and exchangeable for BTC, with each kBTC collateralized by Bitcoin held in Kraken's custody.

 says that eligible Kraken users can deposit or withdraw kBTC at a 1:1 rate with BTC, with applicable fees deducted, and that BTC backing is held at Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution.

The same materials point users to reserve and contract data, including the SPDI custody wallet and kBTC smart contracts on Ink, Unichain, OP Mainnet, and Ethereum. That transparency is important because wrapped assets depend on the market believing that the issued token remains redeemable for the asset it represents.

The remaining risk remains even with transparency. Kraken's whitepaper lists smart contract vulnerabilities, possible peg divergence on third-party platforms, regulatory changes, and problems on third-party blockchains or protocols as risks tied to kBTC.

It also says that Kraken effectively controls token management functions through a Kraken-controlled wallet.

That is the tension Kraken's CCIP decision brings into focus. Wrapped Bitcoin needs distribution to matter in DeFi.

Every added chain and venue can increase utility, but it also makes cross-chain infrastructure choices more visible to users, integrators, and risk teams.

kBTC is backed 1:1 by BTC held at Kraken Financial, with reserve links published by Kraken.

Whether future Kraken Wrapped Assets use the same level of public reserve transparency.

Kraken cites internal reviews, a Trail of Bits audit, and Kraken-controlled token management functions.

How users and protocols assess issuer control alongside contract security.

Kraken is moving kBTC and future wrapped assets to Chainlink CCIP as exclusive cross-chain infrastructure.

The exact CCIP configuration, migration timing, and rate-limit or attestation design.

Kraken says kBTC is redeemable 1:1 through eligible Kraken accounts, while third-party markets can diverge.

Whether kBTC liquidity grows across DeFi while peg stress stays limited.

Kraken discloses technical risks on third-party chains and protocols where kBTC may be used.

Whether broader distribution increases exposure to weak DeFi venues or chain incidents.

Chainlink markets CCIP as a cross-chain standard for DeFi and institutional use cases. Its materials say CCIP supports Cross-Chain Tokens, uses decentralized oracle networks and risk-management features, and is covered by ISO 27001 and SOC 2 Type 2 security statements.

Those claims help explain why asset issuers would evaluate it after a major bridge incident.

The safer interpretation is that Kraken is changing the infrastructure layer it wants kBTC and future wrapped assets to depend on. That may reduce some configuration or vendor-risk concerns, while custody risk, smart contract risk, peg risk, and exposure to destination chains remain outside the bridge-provider decision.

The move lands in a specific post-KelpDAO context. CryptoSlate previously 

 that more than $3 billion in DeFi value had moved toward Chainlink CCIP after the $292 million KelpDAO exploit intensified scrutiny of bridge security and LayerZero-linked configurations.

Chainlink emerges as the unlikely $3B winner of KelpDAO exploit as DeFi projects dump LayerZero

More than $3 billion in DeFi value is moving toward Chainlink’s CCIP after the KelpDAO exploit exposed weaknesses in bridge verification.

Kraken Migrates kBTC to Chainlink CCIP Amid DeFi Bridge Security Concerns

Bitcoin has stalled below $80,000, with the resistance level between $80,600 and $82,500 acting as a key ceiling. A failure to break above this resistance level could trigger a market pullback toward the quarterly open near $68,200. Analyst Minga noted the risk of a deeper market pullback to $65,000 if buyers fail to step in. BTC was trading at $79,820, down 1.8% in the past 24 hours.

<html><body><p>Bitcoin’s latest rally has hit a snag, slipping back below $80,000 in the last 24 hours — a pullback that gives fresh weight to a new quarterly-chart read that places key levels well under today’s price.

What the chart says
Crypto analyst Minga, posting the analysis on X, examined Bitcoin on the 3-month (quarterly) candlestick chart and highlighted a clear resistance band between $80,600 and $82,500. That range sits near the upper edge of the current quarterly structure and coincides with the 200-day simple moving average (around $82,500), which BTC briefly tested earlier in the week before buyers failed to sustain a breakout.

Why this zone matters
According to the analysis, a rejection inside $80,600–$82,500 would signal that this quarter’s price action lacks the conviction needed to push into a fresh price-discovery phase for this cycle. Conversely, if Bitcoin reclaims and closes above that band for the quarter, the resulting quarterly candle would engulf the prior quarterly candle — a development Minga notes hasn’t occurred during a bear market.

Key support levels to watch
On the downside, the quarterly open near $68,200 is the first major support to monitor — a revisit would put BTC at an important decision point on the broader timeframe. The more critical “line in the sand,” per the analysis, is $65,000: lower-timeframe untapped lows cluster around that area, making it a likely liquidity zone. BTC could either find support there and bounce, or break below and open up deeper downside.

Price snapshot
At the time of the analysis, Bitcoin was trading around $79,820, down roughly 1.8% in the past 24 hours.

Bottom line
Traders will be watching whether BTC can clear and hold the $80.6–$82.5k band this quarter — a successful close would strengthen the bullish case, while rejection could steer attention toward $68.2k and the crucial $65k liquidity area.</p></body></html>

Bitcoin’s latest rally has hit a snag, slipping back below $80,000 in the last 24 hours — a pullback that gives fresh weight to a new quarterly-chart read that places key levels well under today’s price. What the chart says Crypto analyst Minga, posting the analysis on X, examined Bitcoin on the 3-month (quarterly) candlestick chart and highlighted a clear resistance band between $80,600 and $82,500. That range sits near the upper edge of the current quarterly structure and coincides with the 200-day simple moving average (around $82,500), which BTC briefly tested earlier in the week before buyers failed to sustain a breakout. Why this zone matters According to the analysis, a rejection inside $80,600–$82,500 would signal that this quarter’s price action lacks the conviction needed to push into a fresh price-discovery phase for this cycle. Conversely, if Bitcoin reclaims and closes above that band for the quarter, the resulting quarterly candle would engulf the prior quarterly candle — a development Minga notes hasn’t occurred during a bear market. Key support levels to watch On the downside, the quarterly open near $68,200 is the first major support to monitor — a revisit would put BTC at an important decision point on the broader timeframe. The more critical “line in the sand,” per the analysis, is $65,000: lower-timeframe untapped lows cluster around that area, making it a likely liquidity zone. BTC could either find support there and bounce, or break below and open up deeper downside. Price snapshot At the time of the analysis, Bitcoin was trading around $79,820, down roughly 1.8% in the past 24 hours. Bottom line Traders will be watching whether BTC can clear and hold the $80.6–$82.5k band this quarter — a successful close would strengthen the bullish case, while rejection could steer attention toward $68.2k and the crucial $65k liquidity area.

Bitcoin Stalls Below $80K as Quarterly Resistance Threatens Pullback to $65K

Bitcoin analysis suggests that if Morgan Stanley allocated 3% of its $7 trillion in client assets to Bitcoin, it could spark a flywheel effect pushing BTC above $150,000 by 2026. Ric Edelman notes regulatory clarity, like the Clarity Act, could allow major firms to add crypto to client portfolios. He also advises investors to consider at least 10% of equity allocations in crypto. Bitcoin chart watchers are closely monitoring potential institutional moves.

<html><body><p>Morgan Stanley manages roughly $7 trillion in client assets. If its advisers redirected just 3% of that into Bitcoin, the inflow would be about $210 billion — a shift Ric Edelman says could kick off a “flywheel effect” that sends Bitcoin far higher, potentially above $150,000 before 2026 ends.

Edelman made the case on the Milk Road podcast with host John Gillen, arguing that big financial firms have largely sat on the sidelines not out of disinterest but because of regulatory uncertainty. He says passage of the so‑called Clarity Act would remove that obstacle, freeing brokerages, wealth managers, and fund companies to add crypto to client portfolios. Morgan Stanley, he noted, has already instructed advisers to start putting small crypto positions into portfolios — a move other Wall Street firms are watching closely.

Why the “flywheel”? Edelman lays out a simple feedback loop: institutional allocations push prices up, higher prices attract more investors, and that new capital pushes prices still higher. If large managers begin shifting even modest percentages of multi‑trillion‑dollar books into Bitcoin, the resultant demand could create an unprecedented rally. Edelman’s shorter‑term target: roughly $150,000 per BTC before the end of 2026. His longer horizon remains bullish as well — he still sees Bitcoin reaching $500,000 before the decade closes.

Edelman ties this thesis into a broader rethink of retirement investing. For decades, the 60/40 portfolio — 60% stocks, 40% bonds — was the default, with bond allocations increasing as people approached retirement. Edelman argues that model assumed shorter lifespans (mid‑80s), whereas research from institutions including the Stanford Center on Longevity and the MIT AgeLab points toward many people living into their 100s. Under traditional approaches, those longer lifespans increase the risk of outliving savings.

His prescription: shift toward an 80/20 framework — keeping 80% in equities and growth assets well into older age. Within that equity bucket, Edelman recommends at least 10% in crypto for typical investors; younger, higher‑risk investors could allocate as much as 40% to the space. He didn’t single out a single token: Bitcoin remains the dominant holding in his view, but he also acknowledged Ethereum and Solana as meaningful parts of the ecosystem.

Investors can gain crypto exposure in different ways: market‑cap weighting that favors Bitcoin while holding smaller positions in altcoins, or indirect exposure through publicly traded crypto companies such as Coinbase and Robinhood, which benefit from broader industry growth.

Bottom line: if regulatory clarity arrives and major institutions begin reallocating even a few percentage points of massive asset bases to crypto, proponents like Edelman see the potential for a self‑reinforcing institutional inflow — and a price rally unlike anything the market has seen. As always, such scenarios are speculative and hinge on regulatory developments and institutional behavior.</p></body></html>

Morgan Stanley manages roughly $7 trillion in client assets. If its advisers redirected just 3% of that into Bitcoin, the inflow would be about $210 billion — a shift Ric Edelman says could kick off a “flywheel effect” that sends Bitcoin far higher, potentially above $150,000 before 2026 ends. Edelman made the case on the Milk Road podcast with host John Gillen, arguing that big financial firms have largely sat on the sidelines not out of disinterest but because of regulatory uncertainty. He says passage of the so‑called Clarity Act would remove that obstacle, freeing brokerages, wealth managers, and fund companies to add crypto to client portfolios. Morgan Stanley, he noted, has already instructed advisers to start putting small crypto positions into portfolios — a move other Wall Street firms are watching closely. Why the “flywheel”? Edelman lays out a simple feedback loop: institutional allocations push prices up, higher prices attract more investors, and that new capital pushes prices still higher. If large managers begin shifting even modest percentages of multi‑trillion‑dollar books into Bitcoin, the resultant demand could create an unprecedented rally. Edelman’s shorter‑term target: roughly $150,000 per BTC before the end of 2026. His longer horizon remains bullish as well — he still sees Bitcoin reaching $500,000 before the decade closes. Edelman ties this thesis into a broader rethink of retirement investing. For decades, the 60/40 portfolio — 60% stocks, 40% bonds — was the default, with bond allocations increasing as people approached retirement. Edelman argues that model assumed shorter lifespans (mid‑80s), whereas research from institutions including the Stanford Center on Longevity and the MIT AgeLab points toward many people living into their 100s. Under traditional approaches, those longer lifespans increase the risk of outliving savings. His prescription: shift toward an 80/20 framework — keeping 80% in equities and growth assets well into older age. Within that equity bucket, Edelman recommends at least 10% in crypto for typical investors; younger, higher‑risk investors could allocate as much as 40% to the space. He didn’t single out a single token: Bitcoin remains the dominant holding in his view, but he also acknowledged Ethereum and Solana as meaningful parts of the ecosystem. Investors can gain crypto exposure in different ways: market‑cap weighting that favors Bitcoin while holding smaller positions in altcoins, or indirect exposure through publicly traded crypto companies such as Coinbase and Robinhood, which benefit from broader industry growth. Bottom line: if regulatory clarity arrives and major institutions begin reallocating even a few percentage points of massive asset bases to crypto, proponents like Edelman see the potential for a self‑reinforcing institutional inflow — and a price rally unlike anything the market has seen. As always, such scenarios are speculative and hinge on regulatory developments and institutional behavior.

Edelman: 3% of Morgan Stanley's $7T Could Trigger Bitcoin 'Flywheel' to $150K by 2026

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<ul>
<li>Account creation and management;</li>
<li>Identity verification (KYC);</li>
<li>Execution of trades;</li>
<li>Customer support;</li>
<li>Promotional campaigns;</li>
<li>And any interaction with the Platform (“<bl>Services</bl>”).
</li>
</ul>

<div>This Policy supplements the other policies and is not intended to override them. Terms used within it shall have the meaning(s) given in the Regulation (EU) 2016/679 (General Data Protection Regulation (GDPR)) and the Austrian Data Protection Act (Datenschutzgesetz (DSG)), as applicable.</div>

<div>You may exercise these rights free of charge. However, if your requests are manifestly unfounded or excessive (e.g. due to their repetitive nature), we may:</div>
<ul><li>Charge a reasonable fee based on administrative costs; or</li>
<li>Refuse to act on the request.</li></ul>
<div>We will respond to your request without undue delay and in any case within one month of receipt, in accordance with Article 12(3) GDPR. This period may be extended by up to two additional months where necessary due to the complexity or number of requests. In such cases, we will notify you of the extension and provide the reasons. If we are unable to act on your request, we will inform you without delay, and in any case within one month of receipt of the request and provide reasons for not taking action.</div>
<div>Where we have reasonable doubts about your identity, we may request additional information to verify it (Article 12(6) GDPR). This ensures that your Personal Data is not disclosed to unauthorised individuals.</div>
<div>To exercise your data protection rights, please contact our DPO at <e>privacy@kucoin.eu</e>.</div>

<div>In some cases, we may not be able to fully fulfill your request because:</div>
<ul><li>We are legally required to keep certain Personal Data under laws like anti-money laundering (Section 21 FM-GwG), tax law (Section 132(1) BAO), or commercial law (Sections 190, 212 UGB).</li>
<li>We must retain data to respond to official requests by authorities, including investigations, subpoenas, or other legal actions.</li>
<li>We need to keep data to protect our legal rights when there is an ongoing or expected legal case (but not for hypothetical or unplanned cases).</li>
<li>Your request would reveal confidential or legally protected information. We will provide what is possible without violating these protections.</li></ul>

<div>You have the following rights under the GDPR in relation to your Personal Data:</div>

<ul><li><bl>Right of Access</bl> (Article 15 GDPR): You have the right to obtain confirmation as to whether we process Personal Data concerning you, and, where that is the case, to access such data and related information, including the purposes of Processing, categories of Personal Data, recipients, and retention periods.</li>
<li><bl>Right to Rectification</bl> (Article 16 GDPR): You have the right to request the correction of inaccurate Personal Data and the completion of incomplete Personal Data concerning you.</li>
<li><bl>Right to Erasure</bl> (“Right to be Forgotten”, Article 17 GDPR): You may request the deletion of your Personal Data where, for example, the data is no longer necessary for the purposes for which it was collected, or where you have withdrawn your consent and no other legal basis for Processing applies.</li>
<li><bl>Right to Restriction of Processing</bl> (Article 18 GDPR): You may request that we restrict the Processing of your Personal Data in certain cases, e.g. if the accuracy of the data is contested, or if the Processing is unlawful but you oppose erasure.</li>
<li><bl>Right to Data Portability</bl> (Article 20 GDPR): Where the Processing is based on your consent or a contract and carried out by automated means, you have the right to receive the Personal Data you provided in a structured, commonly used and machine-readable format and to transmit it to another Controller.</li>

<li><bl>Right to Object</bl> (Article 21 GDPR): Where Processing is based on our legitimate interests (Article 6(1)(f) GDPR), you have the right to object on grounds relating to your particular situation. In that case, we will stop Processing your Personal Data unless we can demonstrate compelling legitimate grounds that override your interests, rights, and freedoms, or if the Processing is necessary for the establishment, exercise, or defence of legal claims.</li>
<li><bl>Right to Withdraw Consent</bl> (Article 7(3) GDPR): Where Processing is based on your consent (Article 6(1)(a) or Article 9(2)(a) GDPR), you may withdraw your consent at any time. This does not affect the lawfulness of Processing based on consent before its withdrawal.</li>
<li><bl>Right not to be subject to Automated Decision-Making</bl> (Article 22 GDPR): You have the right not to be subject to a decision based solely on automated Processing, including profiling, which produces legal effects or similarly significantly affects you, unless one of the exemptions under Article 22(2) GDPR applies.</li>
<li><bl>Right to Lodge a Complaint</bl>  (Article 77 GDPR):You may lodge a complaint with the competent data protection authority. In Austria, this is the Datenschutzbehörde (DSB), Barichgasse 40–42, 1030 Vienna (www.dsb.gv.at).</li>
<li><bl>Right to Compensation</bl>: (Article 82 GDPR) If you suffer material or non-material damage due to a breach of the GDPR, you may be entitled to compensation from the responsible Controller or processor. This does not affect any other legal remedies available to you.</li></ul>

<div>Cookies are small files stored on your device when you visit our website. We use them to ensure a secure, user-friendly, and optimised browsing experience when you visit our website.</div><div>Cookies help us to:</div> <ul><li>Maintain user sessions across page requests,</li> <li>Remember your preferences,</li> <li>Improve the usability and performance of our website,</li> <li>Facilitate navigation, and</li> <li>Support essential features such as login functionality and shopping carts.</li></ul> <div>Cookies essential for these functions are processed based on our legitimate interest in maintaining site operation (Article 6(1)(f) GDPR).</div> <div>For all other cookies, including those for analytics, marketing, or personalization, we obtain your clear, informed consent beforehand (Section 165(3) TKG 2021, Article 6(1)(a) GDPR). You can revoke this consent anytime for the future.</div> <div>Types of Cookies we use:</div> <ul><li>Session cookies: These are temporary and are automatically deleted once you close your browser.</li> <li>Persistent cookies: These remain stored on your device until they expire or are manually deleted in your browser settings.</li></ul> <div>You control cookie use via your browser settings, where you can:</div> <ul><li>Block all cookies,</li> <li>Be notified before a cookie is saved,</li> <li>Accept cookies only in specific cases, or</li> <li>Delete all cookies automatically when closing the browser.</li></ul> <div>For example: </div> <ul><li>Microsoft Edge: Settings > Cookies and site permissions</li> <li>Mozilla Firefox: Preferences > Privacy & Security > Cookies and Site Data</li> <li>Google Chrome: Settings > Privacy and security > Cookies and other site data</li></ul> <div>Please note: Disabling certain cookies may limit the functionality of some parts of our website.</div>

<div>We take the security of your Personal Data very seriously and employ a wide range of measures to keep it safe. Our security framework combines administrative, technical, and physical controls designed to prevent unauthorized access, loss, alteration, or misuse of your information.</div>
<div>Some of the key protections we use include:</div>
<ul><li>Encryption technologies to secure data transfers and storage;</li>
<li>Two-factor authentication (2FA) to add an extra layer of account protection;</li>
<li>Regular security assessments and audits to ensure our safeguards remain effective;</li>
<li>Strict access controls limiting personal data access to authorized personnel only;</li>
<li>Data minimization methods such as pseudonymization where applicable;</li>
<li>Procedures for quick recovery of data availability in case of technical failures;</li>
<li>Ongoing staff training and clear IT security policies;</li>
<li>Incident response plans to promptly handle any security breaches.</li></ul>
<div>We encourage you to enable two-factor authentication and keep your account credentials confidential to further enhance your security. Protecting your data is a continuous commitment, and we regularly update our security practices to stay ahead of emerging threats and comply with international standards.</div>

<div>We do not use your Personal Data for automated decision-making, including profiling, within the meaning of Article 22(1) and (4) GDPR. This means that you are not subject to any decision based solely on automated Processing which produces legal effects concerning you or similarly significantly affects you.</div>

<div>Our platform is intended exclusively for users who are 18 years of age or older. We do not offer our services to minors, and therefore, we do not knowingly collect personal information from anyone under 18. If you are under 18, please do not use our services or submit any personal data to us.</div>

<div>In principle, you are not legally required to provide us with your Personal Data. However, the provision of certain Personal Data is necessary to access and use our Platform, to comply with statutory obligations (e.g. under anti-money laundering and counter-terrorism financing laws), or to enter into and perform a contract with us.</div>
<div>In particular, we are legally obliged to collect and process specific categories of Personal Data (such as identification documents and proof of address) before entering into a business relationship, and on an ongoing basis, in accordance with applicable Know-Your-Customer (KYC) and Anti-Money Laundering (AML) requirements. </div>
<div>Without this information, we cannot provide you with access to our Services or might not be able to establish or continue a business relationship with you, or to provide certain features of our Platform.</div>

<div>This Policy is current as of the “Last Updated” date indicated above. We may update or amend this Policy from time to time to reflect changes in legal requirements, our data Processing practices, or the features of our Services. Therefore, we encourage you to review this Policy periodically to stay informed about how we process your Personal Data.</div>

<div>If you have any further questions about the processing of your personal data, please contact our DPO: <e>privacy@kucoin.eu.</e></div>

<div>The following definitions are particularly relevant:</div>
<ul><li>“<bl>Personal Data</bl>” refers to any information relating to an identified or identifiable natural person.</li>
<li>“<bl>Processing”</bl> refers to any operation or set of operations which is performed on personal data or on sets of personal data, whether or not by automated means, such as collection, recording, organisation, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction.</li>
<li>"<bl>Controller</bl>" refers to the natural or legal person, public authority, agency, or other body which, alone or jointly with others, determines the purposes and means of the processing of personal data.</li>
<li>“<bl>Supervisory Authority</bl>” refers to the Österreichische Datenschutzbehörde, Barichgasse 40-42, 1030 Vienna (T +43 1 52 152-0, M dsb@dsb.gv.at).</li>
<li>“<bl>Data Subject</bl>” means an identified or identifiable natural person. An identifiable natural person is one who can be identified, directly, or indirectly, by reference to an identifier, such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural, or social identity of that natural person.</li></ul>

<div>KuCoin EU acts as the Controller of your Personal Data in connection with the Services we provide. This means we are responsible for ensuring the lawful and secure Processing of your Personal Data and for complying with applicable data protection laws and regulatory requirements.</div>
<div>By registering for and using the Platform, you acknowledge that your Personal Data will be processed in accordance with this Policy and the Terms and Conditions applicable to the Platform.</div>
<div>To help us meet these obligations, we have appointed an internal Data Protection Officer (DPO) who oversees our data protection compliance and serves as the main point of contact for both Supervisory Authorities and Data Subjects on all matters relating to privacy.</div>
<div>If you have any questions or concerns about how your Personal Data is being processed, you can contact our DPO at <e>privacy@kucoin.eu</e>. For certain requests, we require further identification data from you (e.g. passport, ID card, etc), in order to ensure that your Personal Data is only shared with you.</div>

<div>We are committed to Processing only Personal Data that is adequate, relevant, and limited to what is necessary in relation to the purposes for which it is processed, in accordance with the data minimization principle set out in Article 5(1)(c) of the GDPR.</div>
<div>We collect your Personal Data in a variety of ways depending on how you interact with us and our Services, including: </div>
<div><bl>Information you provide to us</bl>, for example:</div>
<ul><li>When you register for an account or use our Platform;</li>
<li>During the Know-Your-Customer (KYC) or account opening process;</li>
<li>When you complete forms or upload documents on the Platform;</li>
<li>When you subscribe to news and updates from us;</li>
<li>When you contact our support or other employees via email or other communication channels;</li>
<li>When you submit support requests, participate in dispute resolution, or request assistance;</li>
<li>When you participate in events, fairs, interviews;</li>
<li>When you visit our offices in person.</li></ul>
<div><bl>From third parties</bl>, such as:</div>
<ul><li>Affiliates and partners who enable or support your access to our Services;</li>
<li>Service providers for identity verification, background screening, PEP and sanctions checks, and fraud prevention;</li>
<li>Credit reference agencies and financial service providers;</li>
<li>Publicly accessible sources (e.g., commercial registers or government databases within the EU);</li>
<li>Licensed data brokers or aggregators, where legally permissible.</li></ul>
<div><bl>By automatic collection</bl>, such as:</div>
<ul><li>WhenThrough your use of our Services and Platform via technical logs, usage tracking, or cookies.</li></ul>

<div>In operating our Platform and providing our Services, we may process the following <bl>categories of Personal Data</bl>:</div>

<ul><li><bl>Identification data</bl>: full name, date and place of birth, nationality, identification number, passport/ID documents.</li>
<li><bl>Contact details</bl>: residential address, email address, phone number.</li>
<li><bl>Financial and transactional data</bl>: source of funds and wealth, bank account information, payment method details (e.g. credit card number, expiration date, security code), tax identification number, employment status, income.</li>
<li><bl>Verification data</bl>: identity documents, certifications (e.g. employment or inheritance documentation), results of PEP/sanctions screening.</li>
<li><bl>Employment-related data</bl>: professional background, education history, employer references (where applicable).</li>
<li><bl>Platform usage data</bl>: login timestamps, device type, interaction history, user preferences.</li>
<li><bl>Device and technical data</bl>: device model, operating system, browser type, crash logs, unique device identifiers.</li>
<li><bl>Log data</bl>: IP address, access location, timestamps, user activity.</li>
<li><bl>Account and transaction data</bl>: wallet addresses, account balances, trading history, deposit records, verification history.</li>
<li><bl>Marketing Data</bl>: data collected through cookies and other marketing technologies to personalize communications.</li>
<li><bl>Multimedia Data</bl>: photos, videos, and audio recordings.</li>
<li><bl>On-site visit data</bl>: video and image recordings captured during visits to our office premises.</li>
<li><bl>Other data</bl>: any additional information you provide when contacting our support or staff.</li></ul>

<div><bl>Please note</bl>: Certain Personal Data may be screened against risk profiles and regulatory watchlists in order to comply with our legal obligations under anti-money laundering (AML) laws and our internal KYC/AML policies. This may include checks against databases of politically exposed persons (PEPs), international sanctions lists, and fraud prevention agencies, including the involvement of credit reference providers where appropriate.</div>

<div>We process your Personal Data where it is necessary to enter into or perform our contractual relationship with you, including:</div>
<ul><li>Providing and managing access to our Services and your user account;</li>
<li>Processing transactions and executing your instructions;</li>
<li>Verifying your identity and authenticating your access;</li>
<li>Providing customer service and technical support;</li>
<li>Sending important service-related updates and notifications.</li></ul>

<div>Personal data processing may be necessary to fulfill various legal requirements, such as those set out in the 5th Anti-Money Laundering Directive (AMLD), the Austrian Money Laundering Act (FM-GwG), the Payment Services Act (ZaDiG 2018), the Trade Regulations Act (GewO 1994), FATF Travel Rule, and others. Examples of processing under these obligations include:</div>
<ul><li>Ensuring compliance and mitigating risks;</li>
<li>Conducting Know-Your-Customer (KYC) procedures, including identity verification and proof of funds;</li>
<li>Managing contracts, invoicing, and accounting;</li>
<li>Monitoring to prevent fraud, illicit use, money laundering, and terrorist financing;</li>
<li>Disclosing information to fiscal or criminal authorities as legally required;</li>
<li>Checking creditworthiness through credit agencies;</li>
<li>Performing appropriateness assessments;</li>
<li>Processing transaction details (e.g., sender and recipient information) to comply with FATF Travel Rule;</li>
<li>Recording telephone and electronic communications when mandated.</li></ul>

<div>We may process your Personal Data to pursue our legitimate interests, provided these interests are not overridden by your rights and freedoms. This includes:</div>
<ul><li>Ensuring the security, integrity, and availability of our systems and infrastructure (e.g. IT security, fraud detection, disaster recovery);</li>
<li>Operating and maintaining our Platform, websites, and applications (e.g. error diagnostics, user interface optimization, device compatibility);</li>
<li>Analysis and improvement of the platform's quality and the general user experience (e.g. performance tracking on the platform);</li>
<li>To provide marketing communications, promotions to you for KuCoin EU own, similar products or services;</li>
<li>Conducting internal audits and investigations;</li>
<li>Responding to requests from authorities, lawyers, or collection agencies during legal proceedings;</li>
<li>Managing and reducing risks by checking credit agencies, debtor lists, or business analysts;</li>
<li>Engaging with you via social media and community channels including responding to user inquiries, moderating content, and maintaining a safe and engaging environment on our official communication channels;</li>
<li>Performing video surveillance at our premises to protect property and ensure the safety of staff, clients, and visitors (subject to Section 12 and 13 DSG).</li></ul>

<div>Where required by law or where we rely on your voluntary agreement, we process your Personal Data based on your consent, including:</div>
<ul><li>Sending newsletters, promotional communications, or marketing offers (in line with Section 174 of the Austrian Telecommunications Act 2021 (TKG 2021));</li>
<li>Using optional cookies and tracking technologies for analytics and advertising;</li>
<li>Certain uses of audio, video and photo data for marketing and other representational purposes;</li>
<li>Carrying out video surveillance in areas where consent is legally required or appropriate;</li>
<li>Offering optional features on the Platform that require your express participation.</li>
<li>You may withdraw your consent at any time with effect for the future.</li>
<li>We will only process your Personal Data to the extent necessary for the purposes for which it was collected, and in accordance with the principles of data minimisation and purpose limitation set out in the GDPR.</li></ul>
<div><bl>Please note</bl>: If you choose not to provide certain Personal Data that is required by law or necessary for the conclusion or performance of a contract, we may not be able to provide you with the related Services.</div>

<div>We process your Personal Data in compliance with all applicable data protection laws, including the EU General Data Protection Regulation (GDPR), the E-Privacy Directive, and relevant national legislation (such as the Austrian Data Protection Act). Your Personal Data is processed solely for the <bl>purposes</bl> described below, and always based on the <bl>legal grounds</bl> set forth in Article 6(1) of the GDPR.</div>

<div>We may share your Personal Data with the following categories of recipients, in accordance with Article 13(1)(e) and 14(1)(e) GDPR:</div>
<ul><li>KuCoin Group Companies and Affiliates - To the extent necessary to respond to your requests, process transactions, secure our platform, or otherwise perform our Services;</li>
<li>IT Service Providers - For hosting, system maintenance, and cybersecurity support;</li>
<li>Card Provider - To issue and maintain card services;</li>
<li>Analytics Providers - To understand how you use our Services;</li>
<li>Payment and Financial Service Providers - To facilitate financial transactions and fund movements;</li>
<li>Customer Support and Communication Vendors - For managing customer inquiries through communication platforms, call centers, or ticketing systems;</li>
<li>Marketing and Promotions Providers - To promote our Services;</li>
<li>Identity Verification and Compliance Providers - For KYC/AML processes, sanction and PEP screenings, and fraud prevention;</li>
<li>Legal Advisors and Auditors - Where required for legal compliance, risk management, or the establishment, exercise or defense of legal claims;</li>
<li>Supervisory and Public Authorities - Where disclosure is required by law or based on lawful requests (e.g. tax authorities, regulators, law enforcement);</li>
<li>Cloud and Data Storage Providers - For secure data hosting and storage services;</li>
<li>External Tax Advisors - Where necessary for fulfilling our tax compliance obligations;</li>
<li>Potential Acquirers or Investors - In the context of mergers, acquisitions, or other corporate transactions, subject to strict confidentiality obligations.</li></ul>

<div>Where we engage third parties to process your Personal Data on our behalf, we do so under a data processing agreement (DPA) in accordance with Article 28 GDPR. These processors are contractually obliged to:</div>
<ul><li>Act only on our documented instructions,</li>
<li>Implement appropriate technical and organizational security measures, and</li>
<li>Refrain from disclosing your data to other third parties unless legally required.</li></ul>
<div>Please note that not all recipients qualify as data processors. In some cases, parties process your Personal Data as independent Controllers under Article 4(7) GDPR. This applies, for instance, to financial institutions (e.g., fiat on-ramp providers) that are independently required to retain certain information for compliance with financial or anti-money laundering laws. In such cases, Processing is carried out based on their own legal grounds under Article 6 GDPR, and no processing agreement under Article 28 GDPR is required.</div>
<div>In specific situations, data may be processed under a joint controllership arrangement pursuant to Article 26 GDPR, where two or more parties jointly determine the purposes and means of Processing. In such cases, we enter into a binding agreement which transparently allocates the respective responsibilities - especially concerning the exercise of Data Subject rights and information obligations under Article 13 and 14 GDPR. The essence of this agreement is available upon request.</div>
<div>Disclosures to public authorities, courts or regulators are strictly based on a legal obligation under Article 6(1)(c) GDPR. Such entities act as independent Controllers.</div>
<div>In the context of corporate transactions (e.g. mergers or acquisitions), potential acquirers may process Personal Data as separate Controllers, depending on the stage and structure of the transaction.</div>

<div>Our business operates internationally, with partners and service providers located in various countries. This means your Personal Data may be transferred outside your country of residence or, for European customers, outside the European Economic Area (EEA). Such transfers occur only when necessary to fulfill your requests, process transactions, or provide our Services.</div>
<li>Your personal information may be processed in countries where data protection laws differ from those in your home country. However, we are committed to protecting your data with the same standards and principles as apply where we first collected it.</li>
<li>To ensure your personal data receives a consistent level of protection, we rely on several legal mechanisms for international data transfers, including:</li>
<li>Transfers to countries recognized by the European Commission as having adequate data protection standards.</li>
<li>Use of European Commission-approved Standard Contractual Clauses (SCCs) for transfers to countries not deemed adequate, including intra-group transfers and transfers to service providers.</li>
<li>Where applicable, other lawful transfer bases such as your consent, compliance with legal requirements, performance of contracts, or important public interest justifications.</li>
<div>We will not transfer your personal data outside your country or, for Europeans, outside the EEA unless one of these legal safeguards or grounds applies.</div>
<div>For more details or to receive a copy of the safeguards we use, please contact our Data Protection Officer at <e>privacy@kucoin.eu</e>.</div>

<div>We retain your Personal Data only for as long as necessary to fulfil the purposes for which it was collected, including complying with legal, accounting, regulatory requirements or defending legal claims. </div>
<div>The specific retention periods vary depending on the legal basis and purpose of processing. In particular, statutory retention periods applicable to KuCoin EU include, but are not limited to, the following:</div>

<ul><li>Personal Data processed to perform a contract is generally stored for the duration of the contractual relationship and until the expiry of applicable statutory limitation periods. Under Austrian civil law (Section 1486 of the General Civil Code (ABGB)), this period is typically three years. In certain cases, such as pending legal disputes or where the extended limitation period under Section 1487 ABGB applies, data may be retained for up to 15 years, based on practical experience with the enforcement of claims.</li>
<li>Tax-relevant data is retained for at least seven years following the end of the relevant calendar year, in line with Section 132 BAO and Section 212 UGB.</li>
<li>Where Processing is based on your consent, Personal Data is retained until consent is withdrawn or the data is no longer necessary for the original purpose. Retention beyond this only occurs where required by law (e.g., tax or civil law retention obligations or retention periods as described above, Section 1486 and 1487 ABGB).</li>
<li>Where Personal Data must be retained by law or to establish, exercise or defend legal claims,retention periods may extend beyond standard durations. For example, transaction data collected under anti-money laundering laws (such as under the FM-GwG) must be retained for 10 years after termination of the business relationship.</li></ul>
<div>Once a retention period expires and no further legitimate purpose for retaining the Personal Data exists, we will securely delete or irreversibly anonymise your Personal Data, in line with applicable data protection laws.</div>

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