When KuCoin management announced its return to the Indian market and announced that the exchange complies with the FIU requirements for financial institutions, it aroused suspicion among users. There were rumors that in order to register with FIU, the exchange shared user data with the Indian government. However, KuCoin hastened to dispel these fears.
“We prioritize protecting the assets and privacy of our users,” a KuCoin representative assured.
He explained that KuCoin operates as an offshore international exchange that complies with regulatory requirements. The trading platform is ready to cooperate with law enforcement agencies to obtain forensic evidence in strict accordance with international protocols, as well as applicable laws and regulations.
KuCoin's announcements come at a time when it is under scrutiny from US regulators. At the end of March, the US Department of Justice accused KuCoin management of running an unlicensed business and violating the Bank Secrecy Act (BSA). Within a day after the accusations from the Ministry of Justice, $800 million worth of crypto assets were withdrawn from the exchange.
Let us recall that earlier the CEO of KuCoin (Johnny Lyu) called India the main market for the development of the trading platform, despite regulatory uncertainty.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
