• KuCoin plans to return to South Korea after being blocked by regulators in March and April.

  • The exchange will reenter the market only after gaining approval in key regions like the US and EU.

  • South Korea now blocks crypto apps that are not registered and demands full compliance from all platforms.

Cryptocurrency exchange KuCoin is preparing to return to South Korea. The platform was blocked earlier this year by regulators.

https://twitter.com/WuBlockchain/status/1918478018315730987

In March and April, South Korea’s Financial Services Commission (FSC) ordered Google and Apple to restrict access to unregistered crypto apps. The action forced major exchanges, including KuCoin, to exit the market temporarily. The ban followed the nation’s stricter enforcement of its Specified Financial Information Act.

KuCoin was among 22 unregistered exchanges named by the FSC. The list included other major platforms such as MEXC, Phemex, and BitMart. Seventeen apps were already removed from digital stores when the list became public. These removals prevented downloads and blocked critical updates for South Korean users.

KuCoin Targets Global Compliance Before Local Return

Despite being barred, KuCoin still views the country as a priority. The company’s CEO, BC Wong, confirmed that South Korea remains on the roadmap. He stated that the exchange plans to return once it gains compliance in several major regions. Those include the United States, the European Union, China, India, and Australia.

The strategy reflects a broader effort by KuCoin to establish credibility in key financial markets. The company is currently engaging with regulators to meet global compliance standards. Executives say this step-by-step approach mirrors traditional finance, where clear records across jurisdictions are essential.

Europe Presents Ongoing Challenges for KuCoin

In Europe, KuCoin’s EU CEO, Oliver Stauber, highlighted issues with the new MiCA framework. While MiCA aims to unify crypto regulation across the EU, inconsistent enforcement has created confusion. Some national regulators still dispute previously granted licenses, adding complexity for exchanges like KuCoin.

South Korean regulators have taken a firm stance. The Financial Intelligence Unit is reviewing potential sanctions against foreign platforms. These platforms did not register under the country’s laws before offering services to Korean users. The FSC continues monitoring digital asset providers for compliance.

Local officials argue the enforcement improves consumer protection and reduces financial crime risks. Critics suggest the measures may protect domestic platforms by limiting foreign competition. South Korea’s crypto rules now demand full registration and oversight for all virtual asset service providers.

High Regulatory Barriers Remain

KuCoin has not announced a timeline for its return. The company remains focused on regulatory alignment in high-priority markets. Officials emphasize that reentry will only happen after full compliance is secured abroad.

The South Korean market continues to attract interest despite increased oversight. Global exchanges see the region as a valuable but heavily regulated environment. KuCoin appears determined to reestablish operations under stricter terms.