KuCoin, a leading cryptocurrency exchange, has achieved a significant milestone by becoming the first global cryptocurrency exchange to become Financial Intelligence Unit (FIU) compliant in India. This achievement comes amid recent regulatory changes in India's crypto landscape. Additionally, it highlights KuCoin's commitment to strengthening its position in key global markets.
KuCoin achieves major feat in India
In a press release, KuCoin CEO Johnny Liu highlighted the exchange's commitment to the security of user assets. He said, “KuCoin places the highest importance on the security of our user assets. By successfully completing this registration in India, we intend to improve the user experience in India and reaffirm our commitment to compliance and security.” is.”
Mr. Liu also highlighted the importance of this milestone in advancing the discussion on cryptocurrency adoption in India, with a focus on user security and transaction excellence. Additionally, KuCoin CEO expressed his enthusiasm for supporting local innovation and promoting sustainable development of India's blockchain ecosystem through investment and education initiatives.
“We want to support local innovation and build lasting education partnerships to make a significant contribution to India's blockchain ecosystem,” Liu added. The emergence of KuCoin as India's first FIU compliant global cryptocurrency exchange is expected to have a major impact on the country's cryptocurrency industry. Additionally, the exchange welcomes partners to participate in promoting the development of India's crypto industry.
Additionally, CoinDCX CEO and Co-founder Sumit Gupta congratulated the KuCoin team on achieving the milestone of becoming India's first FIU compliant global cryptocurrency exchange. “CoinDCX is the first crypto exchange to become an FIU-registered entity in December 2023, and we are delighted to have the global exchange registered with FIU-Ind,” said Mr. I mentioned it in my post.
Further, CoinDCX CEO said, “We believe that a compliant crypto ecosystem with only FIU compliant players in India will be beneficial for everyone and will also keep the bad actors out.” Furthermore, Mr. Gupta expressed optimism for other foreign crypto exchanges to emulate KuCoin's achievements. “We look forward to seeing other companies register as well and serve Indian customers in a compliant manner,” he said.
Also read: Bybit app disappears from Apple App Store in India
Bybit disappears from Apple App Store
Bybit, a popular cryptocurrency exchange overseas, recently faced a major setback in India. The Bybit iOS app was removed from the Apple App Store on March 22, amid increased regulatory scrutiny in the country. Speculation on social media suggests regulatory uncertainty is to blame.
Nevertheless, the Bybit Pro app will remain on the App Store and existing users will not face any issues. Additionally, you can also visit his website on Bybit. OKX also plans to cease operations in India, which has caused an uproar within his Web3 community in the country.
Prior to this, in late December 2023, the FIU took action against overseas virtual currency exchanges including Binance, Gate.io, KuCoin, and Huobi. Regulators accused these exchanges of operating illegally through offshore entities under the Anti-Money Laundering Act of 2002. Therefore, notices have been sent to these exchanges. Furthermore, in January 2024, websites and apps such as Binance, KuCoin, and OKX were blocked.
Also read: Just-In: Bithumb Korea spins off crypto exchange business for IPO
