KuCoin, a leading cryptocurrency exchange, has achieved a significant milestone by becoming the first global cryptocurrency exchange to be compliant with the Financial Intelligence Unit (FIU) in India. This achievement comes amidst recent regulatory changes in the Indian cryptocurrency scene. Furthermore, it highlights KuCoin's commitment to strengthening its position in key global markets.
KuCoin makes a huge breakthrough in India
In the press release, Johnny Liu, CEO of KuCoin, emphasized the exchange's commitment to the security of user assets. “KuCoin attaches utmost importance to the security of user assets. By successfully completing this registration in India, we are ready to enhance the experience of Indian users and reaffirm our commitment to compliance and security,” he stated.
Liu also highlighted the importance of this achievement in furthering the conversation around cryptocurrency adoption in India, with a focus on user security and business excellence. Moreover, KuCoin CEO expressed his enthusiasm to support local innovation and promote sustainable development of India's blockchain ecosystem through investment and educational initiatives.
“We are keen to support local innovation and build lasting educational partnerships to significantly contribute to the blockchain technology ecosystem in India,” Liu added. KuCoin's emergence 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 join them in promoting the development of the cryptocurrency industry in India.
Furthermore, Sumit Gupta, CEO and Co-Founder of CoinDCX, congratulated the KuCoin team for achieving a milestone by becoming the first FIU-compliant global cryptocurrency exchange in India. “CoinDCX was the first crypto asset exchange to become an FIU-registered entity in December 2023, and I am now thrilled to see a global exchange registered with FIU-Ind,” Gupta said in a post on X.
Additionally, CoinDCX CEO commented, “I believe a compliant cryptocurrency ecosystem with only FIU compliant players in India is good for everyone and also keeps out bad actors.” Furthermore, Gupta expressed optimism about other foreign cryptocurrency exchanges emulating KuCoin's achievements. “I look forward to seeing others also sign up and serve Indian customers in a compatible manner,” he said.
Read also: Bybit app disappears from Apple App Store in India
Bybit disappears from Apple App Store
Bybit, a popular offshore cryptocurrency exchange, faced a major setback in India recently. The Bybit iOS app was removed from Apple's App Store on March 22 amid increasing regulatory scrutiny in the country. Speculation on social media suggests this is due to regulatory uncertainty.
Despite this, Bybit Pro remains on the App Store, and existing users are not experiencing any issues. Moreover, the Bybit website can also be accessed. OKX is also set to cease operations in India, leading to unrest within the country's Web3 community.
Earlier, in late December 2023, the FIU took action against foreign cryptocurrency exchanges, including Binance, Gate.io, KuCoin, and Huobi. The regulator accused them of conducting illegal operations through offshore entities under the Prevention of Money Laundering Act, 2002. Hence, notices were sent to these exchanges. Furthermore, in January 2024, the websites and apps of Binance, KuCoin, OKX, and others were blocked.
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