KuCoin Signals 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.

Global cryptocurrency exchange KuCoin has signaled its intention to re-enter the South Korean market following a recent regulatory setback.

The exchange is pivoting toward regulatory compliance in major global jurisdictions and unveiling a $2 billion “Trust Project” to boost platform transparency and security.

South Korea Regulatory Setback

On March 21, South Korea’s Financial Services Commission (FSC) instructed Google Play and Apple’s App Store to block crypto exchanges operating without proper registration. Apple adhered to the directive concerning KuCoin on April 11th, rendering the platform inaccessible to South Korean users via the App Store. Google Play reportedly took a similar action.

Announced at the TOKEN2049 event in Dubai on April 30th

However, Apple complied with the directive regarding KuCoin on April 11th, rendering the platform inaccessible to South Korean users via the App Store. Google Play also reportedly took a similar action.

Announced at the TOKEN2049 event in Dubai on April 30th

After U.S. regulatory approval, the exchange will move on to applying for licenses in the EU, China, and India, with Australia potentially following.

Global Compliance Hurdles and KuCoin’s $2B Trust Initiative

Wong added that KuCoin has engaged in discussions with regulatory bodies. He observed that the current regulatory environment is stricter compared to three years ago, implying local regulators may be pushing global platforms to favor domestic exchanges.

Meanwhile, the exchange is encountering difficulties in Europe. KuCoin’s EU CEO, Oliver Stauber, highlighted European regulatory obstacles despite the introduction of the Markets in Crypto-Assets Regulation (MiCA). While MiCA provides for license portability, varying enforcement among nations complicates operations.

“MiCA was said to have a level playing field for crypto all over Europe,” said Stauber. “But as long as there are players who are not playing by the books, it’s getting quite messy.”

To directly address these trust and compliance concerns, 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 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,” said Wong.

The project also integrates KuCoin’s native token, KCS, and aims to engage users, partners, and the broader community in shaping the future of crypto.