Crypto exchange KuCoin said that it may reenter South Korea after its platform was blocked in the country.
On March 21, South Korean regulators ordered Google Play to block access to exchanges that were not compliant with the requirements needed to operate in the country. On April 11, South Korea’s Financial Services Commission (FSC) ordered the Apple Store to block unregistered crypto exchanges.
KuCoin was among those affected by the country’s crackdown on unregistered platforms that were previously available. While the platform is now unavailable to South Koreans, it has not fully abandoned the jurisdiction.
In an exclusive interview with Cointelegraph, KuCoin’s newly appointed CEO, BC Wong, said that the crypto exchange has plans to reenter the country.
Regulators drive global players away from local markets
Wong told Cointelegraph that before the exchange can reenter South Korea, it plans to secure compliance with major jurisdictions first. He said:
“The resource is there. We need to go one by one. Our strategy will always be that major jurisdictions come first, which means the United States, EU, China, India, and maybe after that, Australia.”
Wong confirmed to Cointelegraph that KuCoin representatives had started speaking with regulators. The executive said that operating in crypto is very similar to traditional financial markets, where there’s a need for a clear background in each jurisdiction.
The KuCoin CEO also said that regulators are stricter compared to three years ago. He said that this could be a move to drive global players away from local crypto markets.
“I’m not so sure that if the regulators’ intention is to regulate the global market or just simply, they want to pave the way to get all the global kind of players to be out from their market, and pave the road for their domestic exchange,” Wong added.
Related: Kraken tells how it spotted North Korean hacker in job interview
KuCoin’s EU CEO shares regulatory challenges in Europe
Oliver Stauber, who joined KuCoin as its European Union CEO, told Cointelegraph that there are also difficulties operating in the EU, even with the bloc’s Markets in Crypto-Assets Regulation (MiCA) in place.
Stauber, who previously worked as the chief legal officer of Bitpanda, told Cointelegraph that while MiCA licenses have a passporting feature, which should allow license holders to provide services across the EU, the executive said that some jurisdictions interpret the laws differently.
Stauber said that some jurisdictions may say that licenses were “wrongly assessed,” which gets in the way of operating in some jurisdictions.
“MiCA was said to have a level playing field in crypto all over Europe. However, as long as there are players who are not playing by the books, you know it’s getting quite messy and difficult,” Stauber told Cointelegraph.
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