KuCoin’s Grand Plan to Conquer South Korea Again – Seriously!

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  • KuCoin plans a glorious return to South Korea after complying with every regulation under the sun.
  • South Korea says “no-no” to 22 crypto apps, including KuCoin, due to compliance issues. Oops!

Ah, KuCoin. The cryptocurrency exchange that thought it could conquer South Korea, but alas, compliance stood in its way. Not to be deterred, KuCoin has decided that it’s time for a comeback, having ticked all the right boxes in the land of global regulations. From the United States to the European Union, China to India, it seems KuCoin’s regulatory dance is finally winning over the big players. Naturally, the company is now chatting with South Korean regulators to hatch its next big move.

South Korea Kicks Out the Crypto Party Crashers

Back in early 2022, South Korea decided it was tired of crypto exchanges pretending to be above the law. The Financial Services Commission (FSC) made sure that Google and Apple knew who’s boss, pulling the plug on apps that weren’t registered with the government. And guess who got kicked to the curb? Yep, KuCoin. It was a part of a grand strategy to stop the free-for-all crypto circus and ensure that users were safe from sketchy exchanges. But don’t worry, KuCoin isn’t sulking in a corner somewhere – it’s coming back, bigger and better (they hope).

CEO BC Wong, in his infinite wisdom, says that KuCoin is ready for a South Korean comeback. This declaration came at the Token2049 event in Dubai, where Wong looked very serious about his mission. The company is only planning to return when it has successfully checked off all the regulatory boxes. After all, what’s a little setback when you’re busy saving the world, one compliance report at a time?

Wong also has a carefully thought-out strategy. KuCoin plans to flex its muscles in other regions, showing off its impressive regulatory achievements before re-entering the South Korean market. After all, who wouldn’t want to show the world they’ve been approved by every regulatory body known to man before they make a big re-entry? And besides, Wong suspects that the local regulations might just be a way for South Korea to give its homegrown companies a little advantage. How sweet of them.

Meanwhile, in the European Union, things aren’t all sunshine and rainbows. KuCoin’s EU CEO, Oliver Stauber, shared how tough it can be to navigate the labyrinthine regulations of MiCA (that’s the EU’s “Markets in Crypto-Assets” framework for the uninitiated). Some regulators, he says, are interpreting the rules however they please, leading to delays and confusion. But hey, at least the regulators are trying, right?

South Korea Tightens the Noose on Crypto Outsiders

Back in the land of kimchi, the South Korean government is getting serious about regulating digital assets. The Financial Intelligence Unit (FIU) is hard at work figuring out just how to punish all those naughty unregistered crypto exchanges. And if you’re one of those unregistered platforms operating in Korea, well, bad news – you need to become a Virtual Asset Service Provider (VASP) under the Specified Financial Information Act. Otherwise, enjoy your restricted access to South Korean systems and legal troubles. Fun!

On March 26, the FSC decided to release a list of 22 unregistered crypto platforms. Among the usual suspects were KuCoin, MEXC, Phemex, XT.com, DigiFinex, Poloniex, CoinEx, BitMart, and Pionex. Google, in its infinite wisdom, banned 17 of these platforms from its app store, ensuring that South Korean users couldn’t even download or update these apps. So, in short, no app updates for you! It’s a tough world for crypto exchanges, but someone has to make sure these rules are followed.

But fear not, dear crypto fans, because KuCoin has a grand plan. The company is working hard to meet global compliance standards, all in the hopes of one day reclaiming its place in the South Korean crypto market. With some strategic regulatory engagement and a whole lot of compliance, KuCoin believes it can win back the hearts (and wallets) of South Korean crypto enthusiasts. The journey may be long, but who said compliance was easy?

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2025-05-04 01:20