Crypto exchange KuCoin has revealed that it is planning to return to South Korea after settling its regulatory issues in major markets. According to company CEO BC Wong, during the Token2049 event in Dubai, the platform is determined to return to the Korean market.
KuCoin initially left South Korea this year after the Financial Services Commission took steps against the platform. In March and April, South Korea’s financial regulator ordered Google and Apple to delist unregistered crypto platforms.
The order led to the removal of apps such as KuCoin from online platforms, freezing new installations and updates. The move hit 22 crypto exchanges, including KuCoin, MEXC, Phemex, and several others, depriving many South Korean users of access.
KuCoin is prioritizing compliance with obligations in major jurisdictions before it returns to operating in South Korea.
Among these are the United States, the European Union, China, and India, in which the firm is taking every effort to comply with local regulations.
BC Wong explained that the exchange has started engaging with the regulators in South Korea regarding a legal return. Wong insisted that having a clean compliance record in all markets first is vital before expanding into new geographies.
He also suggested that South Korean regulations may seek to favor domestic platforms by capping foreign participation. KuCoin feels that compliance with global standards is the best method to restore access to competitive markets.
KuCoin faces MiCA compliance challenges europe-wide
According to KuCoin’s EU Chief Executive Officer, Oliver Stauber, the inconsistent application of MiCA regulations by different countries has resulted in unexpected delays.
Even though the MiCA framework is supposed to harmonize European crypto regulations, each state continues to apply the regulations differently. This has affected licensed companies like KuCoin that have already been cleared in some of the member countries.
Stauber explained that even with licenses, firms are subject to scrutiny in markets with more strict interpretations of MiCA regulations.
National differences have complicated expansion in Europe more than initially anticipated. Meanwhile, in South Korea, the Financial Intelligence Unit (FIU) reaffirmed that non-conforming foreign exchanges may be given sanctions.
The FIU reminded crypto providers that registration under the Specified Financial Information Act remains mandatory.
By late March, 17 out of 22 unregistered platforms had already been removed from major app stores. KuCoin remains optimistic but acknowledges the need to fully resolve global compliance matters before resuming Korean operations.
