Cryptocurrency exchange KuCoin is considering a return to the South Korean market after local regulators forced its exit earlier this year, the company’s CEO confirmed in a recent interview.
In March and April, South Korea’s Financial Services Commission ordered Google and Apple to block access to crypto platforms that had not registered with the government, effectively cutting off services like KuCoin. The move was part of a broader clampdown on unlicensed digital asset exchanges.
Although the platform is currently unavailable in South Korea, KuCoin’s new CEO, BC Wong, says the exchange hasn’t given up on the region. Speaking at the Token2049 event in Dubai, Wong said KuCoin plans to reenter South Korea—but only after securing compliance in several major markets, including the U.S., EU, China, and India.
Wong said KuCoin has already started talks with regulators and likened the process to traditional finance, where having a clean record in each jurisdiction is essential. He also argued about the motives behind some local regulations, suggesting that South Korean authorities may be trying to push foreign players out in favor of domestic exchanges.
In Europe, KuCoin’s EU CEO Oliver Stauber highlighted other hurdles. While the EU’s new MiCA framework is meant to create a unified rulebook, Stauber said national regulators sometimes apply different interpretations of the same rules, slowing down operations even for licensed firms.
“MiCA promises consistency, but reality on the ground doesn’t always reflect that,” Stauber said, adding that some countries still question previously granted licenses.
The FIU said it was reviewing potential sanctions against foreign crypto operators that failed to report to authorities under South Korea’s Specified Financial Information Act. The law requires all virtual asset service providers (VASPs) to register with local regulators before serving Korean users.
By March 26, the Financial Services Commission (FSC) released a list of 22 unregistered exchanges, confirming that 17 of them had already been blocked from Google’s app store. This restriction prevents new downloads and app updates, cutting off key access points for South Korean users.
The blocked exchanges include major platforms such as KuCoin, MEXC, Phemex, XT.com, CoinEx, BitMart, DigiFinex, Poloniex, and Pionex, among others.
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KuCoin Eyes South Korea Comeback After Regulatory Block – FinanceFeeds
