Although it was pushed out of the South Korean market earlier this year, Crypto Exchange Kucoin is not ready to abandon the region. The new CEO of the platform, BC Wong, clearly indicated that a return is not only possible but planned, but it is only after a larger global compliance effort, took shape, Cointelegraph reported.
The regulators target unregistered crypto platforms
In March and April, the South Korean authorities tightened their grip on cryptographic trading by ordering Google and Apple to block unregistered exchanges. Kucoin was one of the victims, effectively eliminating his services from local users.
However, the company has not officially left the South Korean market. Instead, he waits for the right time and the right legal status come back.
Wong has raised concerns that certain regulators can use compliance executives not only to protect consumers, but to protect local exchanges from global competition. The last development suggests that Kucoin sees more than a simple legal obstacle; He sees a competitive strategy playing under the cover of the regulations.
European entrance is also delivered with a friction
In Europe, Kucoin also faced challenges, despite the promise of uniform rules under the markets in the regulation of crypto-sets (Mica). Oliver Stauber, the CEO of the EU of exchange, noted that although Mica was designed to simplify cross -border operations, reality does not always correspond to theory.
Stauber added that certain local authorities of the EU claim that certain licenses are wrongly evaluated, which has denounced barriers which would have been eliminated by the passport mechanism of the regulations.
In 2022, the South Korean authorities repressed the exchanges of cryptocurrency abroad, alleging that 16 platforms of this type operated in the country without authorization.
Among the affected companies were Kucoin and Mexc, which, according to the Korea Financial Intelligence Unit, would have violated the law on financial information of the peninsula. The regulators mentioned that companies offered cryptocurrency exchange services in the region but have not satisfied any requirement or obligation.
Cryptocurrency Exchange Kucoin appointed BC Wong as a new manager earlier this year and launched the Trump Official Trump token (Trump) on his trading platform. BC Wong, previously as a legal director, occupies the role of the CEO, offering vast experience of the cryptocurrency industry and legal expertise.
Although it was pushed out of the South Korean market earlier this year, Crypto Exchange Kucoin is not ready to abandon the region. The new CEO of the platform, BC Wong, clearly indicated that a return is not only possible but planned, but it is only after a larger global compliance effort, took shape, Cointelegraph reported.
The regulators target unregistered crypto platforms
In March and April, the South Korean authorities tightened their grip on cryptographic trading by ordering Google and Apple to block unregistered exchanges. Kucoin was one of the victims, effectively eliminating his services from local users.
However, the company has not officially left the South Korean market. Instead, he waits for the right time and the right legal status come back.
Wong has raised concerns that certain regulators can use compliance executives not only to protect consumers, but to protect local exchanges from global competition. The last development suggests that Kucoin sees more than a simple legal obstacle; He sees a competitive strategy playing under the cover of the regulations.
European entrance is also delivered with a friction
In Europe, Kucoin also faced challenges, despite the promise of uniform rules under the markets in the regulation of crypto-sets (Mica). Oliver Stauber, the CEO of the EU of exchange, noted that although Mica was designed to simplify cross -border operations, reality does not always correspond to theory.
Stauber added that certain local authorities of the EU claim that certain licenses are wrongly evaluated, which has denounced barriers which would have been eliminated by the passport mechanism of the regulations.
In 2022, the South Korean authorities repressed the exchanges of cryptocurrency abroad, alleging that 16 platforms of this type operated in the country without authorization.
Among the affected companies were Kucoin and Mexc, which, according to the Korea Financial Intelligence Unit, would have violated the law on financial information of the peninsula. The regulators mentioned that companies offered cryptocurrency exchange services in the region but have not satisfied any requirement or obligation.
Cryptocurrency Exchange Kucoin appointed BC Wong as a new manager earlier this year and launched the Trump Official Trump token (Trump) on his trading platform. BC Wong, previously as a legal director, occupies the role of the CEO, offering vast experience of the cryptocurrency industry and legal expertise.
