Crypto Analyzer

KuCoin Leads the Way as First FIU-Compliant Global Crypto Exchange in India

In a significant development for the cryptocurrency landscape in India, KuCoin has emerged as the first global crypto exchange to achieve compliance with the Financial Intelligence Unit (FIU) in the country. This achievement comes at a crucial time with recent regulatory changes impacting the industry in India, showcasing KuCoin’s dedication to enhancing user security and compliance standards.

KuCoin’s Milestone in India

According to a press release, Johnny Lyu, the CEO of KuCoin, emphasized the exchange’s commitment to prioritizing 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 further highlighted the significance of this milestone in promoting crypto adoption in India while focusing on user security and trading excellence. He also expressed enthusiasm for supporting local innovation and contributing to the sustainable development of India’s blockchain ecosystem through investments and educational initiatives.

Additionally, CoinDCX CEO and co-founder Sumit Gupta congratulated KuCoin for achieving this milestone, noting the importance of having compliant players in the crypto ecosystem to keep bad actors at bay. Gupta expressed optimism for other foreign exchanges to follow KuCoin’s lead and serve Indian customers in a compliant manner.

Challenges Faced by Other Exchanges

While KuCoin celebrates its compliance achievement, other exchanges like Bybit have faced challenges in India due to increased regulatory scrutiny. Bybit’s iOS app was recently removed from the Apple App Store, with speculations suggesting regulatory uncertainty as the reason behind this action. Similarly, OKX has also announced its decision to cease operations in India, causing unease within the Web3 community in the country.

Earlier regulatory actions by the FIU against foreign exchanges like Binance, Gate.io, KuCoin, and Huobi for alleged illegal operations through offshore entities have added to the regulatory landscape’s complexity. These developments underscore the importance of compliance and regulatory adherence for crypto exchanges operating in India.