KuCoin Eyes South Korea Comeback After Regulatory Setback

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Despite being pushed out of the South Korean market
earlier this year, crypto exchange KuCoin isn’t ready to give up on the
region. The platform’s newly appointed CEO, BC Wong, has made it clear that a return is not only possible but planned, though only after a broader global compliance effort takes shape, Cointelegraph reported.

Regulators Target Unregistered Crypto
Platforms

In March and April, South Korean authorities tightened
their grip on crypto trading by ordering Google and Apple to block unregistered
exchanges. KuCoin was among the casualties, effectively shutting out its
services from local users.

However, the company has not formally exited the South Korean market. Instead, it is waiting for the right time and legal standing to return.

Wong raised concerns that some regulators may use
compliance frameworks not just to protect consumers, but to shield local
exchanges from global competition. The latest development suggests that KuCoin sees more than just a
legal barrier; it sees a competitive strategy playing out in the guise of
regulation.

European Entry Also Comes With Friction

In Europe, KuCoin has also faced challenges, despite
the promise of uniform rules under the Markets in Crypto-Assets Regulation
(MiCA). Oliver Stauber, the exchange’s EU CEO, noted that while MiCA was
designed to simplify cross-border operations, reality doesn’t always match
theory.

Stauber added that some local authorities in the EU
claim certain licenses are wrongly assessed, throwing up barriers that were
supposed to have been eliminated by the regulation’s passporting mechanism.

In 2022, the South Korean authorities cracked down on
overseas cryptocurrency exchanges, alleging that 16 such platforms operate in
the country without authorization.

Among the affected firms were KuCoin and MEXC, which,
according to the Korea Financial Intelligence Unit, have allegedly violated the
peninsula’s Financial Information Act. The regulators mentioned that the firms offered
cryptocurrency exchange services in the region but did not meet any
requirements or obligations.

Cryptocurrency exchange KuCoin appointed BC Wong as its new Chief Executive Officer earlier this year and launched trading for the Official Trump (TRUMP) token on its spot trading platform. BC Wong, previously serving as Chief Legal Officer, steps into the CEO role, bringing extensive cryptocurrency industry experience and legal expertise.

Despite being pushed out of the South Korean market
earlier this year, crypto exchange KuCoin isn’t ready to give up on the
region. The platform’s newly appointed CEO, BC Wong, has made it clear that a return is not only possible but planned, though only after a broader global compliance effort takes shape, Cointelegraph reported.

Regulators Target Unregistered Crypto
Platforms

In March and April, South Korean authorities tightened
their grip on crypto trading by ordering Google and Apple to block unregistered
exchanges. KuCoin was among the casualties, effectively shutting out its
services from local users.

However, the company has not formally exited the South Korean market. Instead, it is waiting for the right time and legal standing to return.

Wong raised concerns that some regulators may use
compliance frameworks not just to protect consumers, but to shield local
exchanges from global competition. The latest development suggests that KuCoin sees more than just a
legal barrier; it sees a competitive strategy playing out in the guise of
regulation.

European Entry Also Comes With Friction

In Europe, KuCoin has also faced challenges, despite
the promise of uniform rules under the Markets in Crypto-Assets Regulation
(MiCA). Oliver Stauber, the exchange’s EU CEO, noted that while MiCA was
designed to simplify cross-border operations, reality doesn’t always match
theory.

Stauber added that some local authorities in the EU
claim certain licenses are wrongly assessed, throwing up barriers that were
supposed to have been eliminated by the regulation’s passporting mechanism.

In 2022, the South Korean authorities cracked down on
overseas cryptocurrency exchanges, alleging that 16 such platforms operate in
the country without authorization.

Among the affected firms were KuCoin and MEXC, which,
according to the Korea Financial Intelligence Unit, have allegedly violated the
peninsula’s Financial Information Act. The regulators mentioned that the firms offered
cryptocurrency exchange services in the region but did not meet any
requirements or obligations.

Cryptocurrency exchange KuCoin appointed BC Wong as its new Chief Executive Officer earlier this year and launched trading for the Official Trump (TRUMP) token on its spot trading platform. BC Wong, previously serving as Chief Legal Officer, steps into the CEO role, bringing extensive cryptocurrency industry experience and legal expertise.

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