KuCoin is First Crypto Exchange to Comply with India’s FIU

KuCoin has become the first global crypto exchange to comply with India’s Financial Intelligence Unit (FIU), marking a significant milestone.

KuCoin, a prominent cryptocurrency exchange, has made history by becoming the first worldwide crypto exchange to comply with India’s Financial Intelligence Unit (FIU). Recent regulatory reforms in India’s bitcoin scene have coincided with this achievement. It also shows that KuCoin is serious about expanding its presence in important international regions.

KuCoin Achieves Notable Success in India

In the news release, KuCoin CEO Johnny Lyu emphasized the exchange’s commitment to protecting user assets. He emphasized that the security of user assets is of the utmost concern to KuCoin. We are committed to improving the user experience for Indian users and reiterating our commitment to compliance and security by completing this registration in India.

With an emphasis on user security and trading excellence, Lyu highlighted the significance of this milestone in furthering the discussion on crypto adoption in India. In addition, the CEO of KuCoin was very enthusiastic about investing in and educating the people of India to encourage local innovation and the long-term growth of the country’s blockchain ecosystem.

“Our goal is to make a substantial impact on India’s blockchain ecosystem by fostering local innovation and establishing long-lasting educational partnerships,” Lyu continued. There will likely be far-reaching consequences for India’s cryptocurrency market as a whole if KuCoin becomes the country’s first FIU-compliant global crypto exchange. On top of that, the exchange is always looking for new partners to help grow the cryptocurrency market in India.

Additionally, CoinDCX co-founder and CEO Sumit Gupta commended the KuCoin team on reaching a significant milestone: becoming the first global crypto exchange in India to be FIU-compliant. “I am now glad to see a global exchange registered with FIU-Ind,” Gupta remarked in a post on X, adding that CoinDCX was the first crypto asset exchange to be a FIU-registered firm in December 2023.

Also, CoinDCX CEO said, “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.” In addition, Gupta was optimistic that more international cryptocurrency exchanges would follow KuCoin’s success. He expressed his anticipation of others becoming registered and providing compliant service to Indian customers.

Bybit is no longer available on the App Store.

An important defeat occurred recently in India for Bybit, a well-known international cryptocurrency exchange. Regulators in the country intensified their efforts, leading to the removal of the Bybit iOS app from the App Store on March 22. People on social media are guessing that the lack of clarity from regulators is to blame.

But this is irrelevant; the Bybit Pro software is still available in the software store, and current customers are unaffected. In addition, you can easily browse Bybit’s website. OKX’s plans to end operations in India have also sparked discontent in the Web3 community.

Binance, Gate.io, KuCoin, and Huobi were among the international cryptocurrency exchanges that the FIU sued in late December 2023. They were taken to task by the regulatory agency for allegedly engaging in illicit activities through offshore corporations in violation of the Prevention of Money Laundering Act, 2002. Consequently, these swaps were notified. In addition, Binance, KuCoin, OKEx, and other platforms will have their websites and apps restricted in January 2024.