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KuCoin Becomes the First FIU-Compliant Global Crypto Exchange in India

Becoming India's first FIU-compliant global crypto exchange, KuCoin unveils initiatives for localized payments, strategic investments, and blockchain education.

Image Source: KuCoin
  • KuCoin becomes the first FIU-compliant global crypto exchange in India, marking a significant step in its global expansion and in the Indian crypto regulatory landscape.
  • The exchange announces plans for localized payment solutions in collaboration with Indian banks, strategic investments in India-focused blockchain projects, and efforts to support a regulated industry environment.
  • KuCoin aims to enhance blockchain education through partnerships with Indian educational institutions and establishes a localized team to cater specifically to the Indian market's needs.

On March 23, the offshore cryptocurrency exchange KuCoin announced that it achieved compliance with the Financial Intelligence Unit (FIU)-India. This follows months after the exchange was issued a show-cause notice for failing to adhere to local anti-money laundering regulations.

“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,” said Johnny Lyu, CEO of KuCoin.

As part of its registration with the FIU, KuCoin has outlined several key initiatives aimed at enhancing its services for the Indian market. These include the introduction of localized payment solutions in partnership with domestic banks and financial entities to facilitate easier access to cryptocurrency trading for Indian users.

The exchange is also planning to launch a partnership enrollment program to expand its network of local partners, further simplifying and improving its service offerings.

In addition to payment innovations, KuCoin is setting its sights on strategic investments to support blockchain projects that focus on the Indian market, thereby contributing to the growth of the local cryptocurrency ecosystem.

The exchange is also dedicated to fostering a secure and regulated industry landscape through continued collaboration with regulatory and government bodies.

Furthermore, KuCoin intends to deepen its ties with educational institutions across India through its KuCoin Campus initiative. This effort aims to promote understanding of blockchain technology and provide access to resources within KuCoin's Web3 ecosystem, supporting the broader development of the blockchain sector in the country.

To ensure a tailored approach to meeting the needs of Indian investors and users, KuCoin is establishing a specialized, localized team. This "Glo-cal" strategy—combining global outreach with a focus on local needs—reinforces KuCoin's dedication to providing nuanced and effective services tailored to the unique demands of the Indian market.

In December 2023, FIU sent out show-cause notices to nine international digital asset services firms,  such as KuCoin, Binance, OKX, Houbi, and others, accusing them of unlawful operations and breaches of Anti-Money Laundering laws. 

Last week another global exchange, OKX,  announced its decision to discontinue services for users in India by April 30, citing the obstacles posed by local regulations.

Edited by Harshajit Sarmah