KuCoin App Downloads Skyrocket by 356% in May Post FIU-IND Registration

The crypto exchange KuCoin said on June 6th that its app downloads in India for the month of May had increased by an astounding 356%. This surge comes two months after the offshore exchange registered with the Financial Intelligence Unit-India (FIU-IND), following a regulatory crackdown.

FIU-IND Registration and Regulatory Context

KuCoin was discovered to be in violation of the Prevention of Money Laundering Act (PMLA), 2002, and to be unregistered under FIU-IND, along with other offshore exchanges like as Binance, OKX, and Huobi, in December. Consequently, their URLs and apps were blocked in India in January.

However, KuCoin became the first among these exchanges to complete the registration process in March, allowing it to operate fully in the country.

Competitive Edge in App Downloads

Citing Sensor Tower data, KuCoin highlighted that its app download growth has surpassed rivals CoinDCX and CoinSwitch, which saw increases of 26.3% and 15.1%, respectively. This positions KuCoin as the fastest-growing crypto exchange app in India.

CEO’s Statement on Achievement

Johnny Lyu, CEO of KuCoin, expressed pride in the achievement, stating, "We are immensely proud to be the fastest growing compliant global CEX in India. This achievement underscores our commitment to providing secure, reliable, and innovative financial solutions to our users.

We welcome the opportunity to expand and create more value in the Indian market, and one way we will celebrate this milestone with our community is through the Historic Prosperity Carnival."

Celebratory Initiatives: Historic Prosperity Carnival

To celebrate this milestone, KuCoin is launching the Historic Prosperity Carnival in India, running from May 14 to August 11. This event includes Weekly Futures Trading Challenges and Margin Events, offering participants opportunities to win rewards such as the Redmi Note 13 Pro 5G, cashback, and airdrops.

Incentives for New Users

In an effort to attract more users, KuCoin is offering a bonus of 2 USDT (tether) for new registrations starting from June 6, with an additional 2 USDT provided upon completing the first trade.

Challenges in the Indian Market

Despite these successes, Johnny Lyu pointed out the lack of support from the Indian banking sector as a significant challenge. This lack of support has been a hurdle for many crypto exchanges operating in the region.

Compliance and Penalties

In March, KuCoin completed its registration process with FIU-IND, after paying a penalty fee of Rs 34.5 lakh. Vivek Aggarwal, Director of FIU-IND and Additional Secretary of the Department of Revenue, Government of India, confirmed that KuCoin is now fully registered and operational.

Meanwhile, rival Binance has also initiated its registration process with FIU-IND, with its penalty and compliance procedures still ongoing.

Conclusion

KuCoin's significant growth in app downloads highlights the exchange's successful navigation of regulatory challenges and its commitment to compliance. The launch of celebratory events and user incentives demonstrates KuCoin's strategic efforts to expand its user base and solidify its presence in the competitive Indian market.