KuCoin, a prominent cryptocurrency exchange, has reached a notable achievement by becoming the inaugural global crypto exchange to attain compliance with India’s Financial Intelligence Unit (FIU). This milestone arrives amid recent regulatory shifts within India’s cryptocurrency sector, underscoring KuCoin’s dedication to fortifying its foothold in pivotal global markets.
In the press release, Johnny Lyu, CEO of KuCoin, emphasized the exchange’s dedication to user asset security. He stated, “KuCoin places utmost importance on user asset security. By successfully completing this registration in India, we are set to enhance the Indian users’ experience and reaffirm our dedication to compliance and security.”
Lyu also highlighted the importance of this milestone in advancing the conversation on crypto adoption in India, with a focus on user security and trading excellence. Furthermore, the KuCoin CEO expressed enthusiasm for supporting local innovation and boosting the sustainable development of India’s blockchain ecosystem through investment and educational initiatives.
“We are eager to support local innovation and build enduring educational partnerships to contribute significantly to India’s blockchain ecosystem,” Lyu added. KuCoin’s emergence as the first FIU-compliant global crypto exchange in India is expected to have a significant impact on the cryptocurrency industry in the country. In addition, the exchange welcomes partners to join them in promoting the development of the cryptocurrency industry in India.
Furthermore, CoinDCX CEO and co-founder Sumit Gupta congratulated the KuCoin team for achieving a milestone by becoming the first FIU-compliant global crypto exchange in India. “CoinDCX was the 1st crypto asset exchange to be an FIU-registered entity in Dec 2023 and I am now glad to see a global exchange registered with FIU-Ind,” Gupta stated in a post on X.
In addition, the CoinDCX CEO remarked, “I believe that a compliant crypto ecosystem with only FIU compliant players in India is good for everyone and also keeps the bad actors out.” Moreover, Gupta expressed optimism toward other foreign crypto exchanges mimicking KuCoin’s achievement. He said, “Looking forward to see others getting registered too and serving Indian customers in a compliant manner.”
Also Read: Bybit App Disappears From Apple App Store In India
Bybit, a popular overseas crypto exchange, faced a major setback in India lately. The Bybit iOS app was removed from the Apple App Store on March 22 amid increased regulatory scrutiny in the country. Speculations on social media suggest it’s due to regulatory uncertainty.
Despite this, the Bybit Pro app remains on the App Store, and existing users face no issues. Moreover, Bybit’s website is also accessible. OKX is also set to cease operations in India, which has led to unrest within the country’s Web3 community.
Earlier, in late December 2023, the FIU took action against foreign crypto exchanges, including Binance, Gate.io, KuCoin, and Huobi. The regulatory body accused them of illegal operations through offshore entities under the Prevention of Money Laundering Act, 2002. Hence, notices were sent to these exchanges. Moreover, in January 2024, websites and apps of Binance, KuCoin, OKX and others were blocked.
Also Read: Just-In: Bithumb Korea Spin-off Crypto Exchange Business For IPO
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