KuCoin Becomes First Global Cryptocurrency Exchange to Comply with India’s FIU Regulations

KuCoin, one of the forefront cryptocurrency trading platforms, has recently marked a crucial industry achievement by being the premier international crypto exchange fulfilling the compliance requisites of India’s Financial Intelligence Unit (FIU). This progression is a testament to KuCoin’s commitment to adhering to regulatory standards within the evolving Indian crypto regulatory framework, underscoring its dedication to consolidating its presence in strategic international markets.

KuCoin Secures Compliance Milestone in Indian Market

In an official announcement, Johnny Lyu, the CEO of KuCoin, professed the platform’s relentless focus on safeguarding clients’ assets. He declared, “Foremost in our agenda is the security of our users’ assets. With the compliance registration in India finalized, we’re poised to augment the trading experience for our Indian clientele, reinforcing our pledge to security and compliance in operations.”

Lyu also underlined the criticality of this regulatory achievement in pushing forward the dialogue around cryptocurrency acceptance in India, emphasizing secure and superior trading experiences. He conveyed his excitement towards nurturing local advancements and ramping up the sustainable progression of India’s blockchain infrastructure through investments and educational collaborations.

“Our eagerness extends to fostering local innovation and crafting durable educational partnerships that will meaningfully propel the blockchain milieu of India,” added Lyu. The distinction of KuCoin as India’s first FIU-compliant international crypto exchange is poised to significantly influence the nation’s crypto industry. Additionally, KuCoin is inviting partnerships aiming to forward the growth of the cryptocurrency sphere in India.

Sumit Gupta, the CEO and co-founder of CoinDCX, lauded the KuCoin squad for emerging as the pioneering international crypto exchange compliant with the FIU in India. “CoinDCX became the foremost crypto asset exchange to be a registered entity by FIU in Dec 2023, and it’s heartening to witness a global exchange achieving the same, recognized by FIU-Ind,” Gupta praised in a statement.

Gupta further remarked, “An FIU compliant crypto ecosystem in India, devoid of non-compliant players, benefits all and keeps malicious entities at bay.” Furthermore, Gupta remains hopeful that other foreign exchanges will follow in KuCoin’s footsteps, stating, “I am looking forward to others also acquiring registration and catering to Indian customers in a compliant and transparent manner.”

Related News: Bybit’s Application Vanishes from India’s Apple App Store

Shifts in the App Ecosystem: Bybit’s App Store Removal

Bybit, another distinguished global cryptocurrency exchange, has recently experienced challenges in India. Its iOS application was taken down from the Apple App Store on March 22, amidst growing regulatory scrutiny. Speculation on various platforms hints at regulatory ambiguities being the cause.

Notwithstanding the removal, the Bybit Pro application is still available on the App Store, and no users are reportedly affected. Bybit’s website continues to be reachable. Meanwhile, OKX is reportedly wrapping up its Indian operations which is causing concern within the Indian Web3 community.

In late December 2023, the FIU initiated measures against international crypto exchanges inclusive of Binance, Gate.io, KuCoin, and Huobi for allegedly carrying out illicit activities via offshore companies, which are covered by the Prevention of Money Laundering Act, 2002. Consequently, these exchanges received official notices. Additionally, in January 2024, access to the websites and apps of exchanges like Binance, KuCoin, and OKX was blocked.

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