Crypto exchange KuCoin says it’s looking to re-enter South Korea after being blocked by regulators. The company was removed from app stores in March and April this year. KuCoin’s new CEO, BC Wong, recently confirmed that the company hasn’t left the country for good and is already in talks with local regulators.
On March 21, South Korea’s Financial Services Commission (FSC) told Google Play to block crypto apps that were not registered in the country. Then, on April 11, Apple was ordered to do the same. KuCoin was one of the global exchanges affected by these new rules. South Korea now blocks platforms that don’t meet local rules or aren’t officially registered.
Even though the app is no longer available, KuCoin still wants to operate in South Korea again. In an interview at the Token2049 event in Dubai, Wong confirmed the plan. “The resource is there. We need to go one by one,” Wong said. He added that KuCoin will focus on big countries first, including the United States, European Union, China, India, and Australia, before returning to South Korea.
Wong also said that regulations around the world have gotten much stricter in the last few years. He believes this could be pushing international companies out of local markets. “I’m not so sure that if the regulators’ intention is to regulate the global market or just simply… pave the road for their domestic exchange,” he said.
Meanwhile, KuCoin’s European CEO Oliver Stauber shared the challenges the exchange is facing in Europe. Stauber said even though the EU has introduced a common crypto law called MiCA, things are still tricky.
“MiCA was said to have a level playing field… but it’s getting quite messy and difficult,” Stauber explained. He said that even with a license, some countries argue it was “wrongly assessed,” which makes it harder to operate.
KuCoin has not shared a specific date for its return to South Korea but said the country remains important. The company is now focused on getting clear approval in key countries before making a comeback.
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