- KuCoin aims to re-enter South Korea after being blocked for non-compliance.
- CEO BC Wong prioritizes global regulatory compliance before reentry.
- A $2B Trust Project will focus on transparency, compliance, and user protection.
Global crypto exchange KuCoin signaled its intention to re-enter the South Korean market following a recent regulatory block of its platform there.
Announced at the TOKEN2049 event in Dubai on April 30th, the exchange is shifting focus towards regulatory compliance in major global jurisdictions and simultaneously launching a $2 billion “Trust Project” aimed at improving platform transparency and security.
South Korea Regulatory Block
On March 21, South Korea’s Financial Services Commission (FSC) directed Google Play and Apple’s App Store to block crypto exchanges operating without proper registration. Apple complied with the directive regarding KuCoin on April 11th, making the platform unavailable to South Korean users via the App Store. Google Play also reportedly took a similar action.
Despite the regulatory setback, KuCoin has not fully withdrawn from the market. In an interview, KuCoin CEO BC Wong said the exchange intends to reenter the country. However, this will come only after achieving regulatory compliance in key global jurisdictions. Wong outlined a step-by-step approach prioritizing the United States, European Union, China, and India, with Australia potentially following.
Global Compliance Hurdles and KuCoin’s $2B Trust Initiative
Wong added that KuCoin has begun discussions with regulatory bodies. He noted that the current regulatory environment is more stringent than three years ago, suggesting that local regulators may push global platforms out to favor domestic exchanges.
Meanwhile, the exchange also faces challenges in Europe. KuCoin’s EU CEO, Oliver Stauber, cited European regulatory hurdles despite the introduction of the Markets in Crypto-Assets Regulation (MiCA). Though MiCA offers license portability, inconsistent enforcement among countries complicates operations.
“MiCA was said to have a level playing field in crypto all over Europe,” Stauber said. “However, as long as there are players who are not playing by the books, it’s getting quite messy.”
Addressing these trust and compliance concerns head-on, KuCoin used the TOKEN2049 stage to announce its $2 billion Trust Project. This initiative is designed to build a more secure and transparent Web3 ecosystem centered around the exchange.
It focuses on four main pillars: transparency (including Proof of Reserves), enhanced user protection and risk management, regulatory compliance, and long-term sustainability.
“Trust is built by action and the same should be reflected by a platform consistently,” Wong said.
Additionally, the project integrates KuCoin’s native token, KCS, and aims to engage users, partners, and the broader community in shaping the future of crypto.
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