KuCoin becomes first FIU compliant global crypto exchange

[pawanjain]

Finally the wait is over and among the global exchanges, KuCoin emerges to take the number 1 spot for becoming the first FIU compliant crypto exchange.
I personally thought it would be binance that would take the number 1 spot but anyway, KuCoin got it first.

What this means for us ?

Now that we have a global crypto exchange which complies with Indian regulatory framework there shouldn't be any issues with getting support from the banks for INR deposits/withdrawals.
We will have the regulatory security and can file legal complaint if there are issues with deposits/withdrawals.

I have personally not used this exchange yet but now that it has become FIU compliant, may be I will give it a try if the need arises.

Source: https://www.prnewswire.com/news-releases/kucoin-pioneers-as-the-first-fiu-compliant-global-crypto-exchange-in-india-302097353.html

P.S: The only issue right now is that we are still unable to access the site. Let's see how that rolls over.

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[TheUltraElite]

This is a good news in the midst of the bad news in the Indian sector.

We should be able to use the above exchange without having to worry about legal troubles or anything or that sort. But the government still needs to unban the website first.

The next thing to target would be the hefty fees.

[Bitcoin Smith]

This is great news, kucoin exited the market and didn't showed any interest too when questions rised to their team but they can back as the first exchange to comply the regulations. Binance still working? They said it's not possible to do that all of a sudden and they are willing to pay penalty due as well but government were strict and didn't allowed.

[pawanjain]

This is great news, kucoin exited the market and didn't showed any interest too when questions rised to their team but they can back as the first exchange to comply the regulations. Binance still working? They said it's not possible to do that all of a sudden and they are willing to pay penalty due as well but government were strict and didn't allowed.

Is it so ?  Where did you get that information from ?
I thought Binance would comply with these regulations prior to any other exchange but that turned out to be the opposite.
I find the UI of Binance quite user friendly and I have become used to it now.
If Binance doesn't comply with the regulations then it will lose a huge user base which will migrate to KuCoin now.

[Bureau]

Finally the wait is over and among the global exchanges, KuCoin emerges to take the number 1 spot for becoming the first FIU compliant crypto exchange.
I personally thought it would be binance that would take the number 1 spot but anyway, KuCoin got it first.

What this means for us ?

Now that we have a global crypto exchange which complies with Indian regulatory framework there shouldn't be any issues with getting support from the banks for INR deposits/withdrawals.
We will have the regulatory security and can file legal complaint if there are issues with deposits/withdrawals.

I have personally not used this exchange yet but now that it has become FIU compliant, may be I will give it a try if the need arises.

Source: https://www.prnewswire.com/news-releases/kucoin-pioneers-as-the-first-fiu-compliant-global-crypto-exchange-in-india-302097353.html

P.S: The only issue right now is that we are still unable to access the site. Let's see how that rolls over.

For me, that means that all my trades will now be monitored and the government can ask Kucoin from where I am getting cryot credited to the exchange wallets. Some users of the WazirX exchange have been approached by the exchange on the same topic. I still will avoid an exchange that is now compliant with the Indian government's compliance framework. If Binance does the same then I have to move to other exchanges like Bitget or those that do not stoop in front of the Indian government.

[kentrolla]

This will be good until and unless you are trading in smaller funds and once you start using huge funds then you will be in trouble because now the government can ask the exchanges to furnish details like the source of fund and all. Bitcoin was created to avoid all these government and third party intervention but we are going back against the logic and I think people need to understand it's the government which has won not us. Be ready for more troubles and letters by the IT department and get ready to justify your source of income which you have invested or traded.

[Bureau]

I accidentally found this topic in a trading discussion and shared it here so that everyone knows the issue with Kucoin. I am not sure whether the reason quoted by OP is good enough to assume that Kucoin is facing some major issue. As Kucoin was the first international exchange to follow the Indian government guidelines, some of the competitors may be trying to defame it by hiring some influencers. In the past, we have seen how these influencers come up with negative narratives to defame exchanges and crypto projects. Please use your due diligence to ascertain your decision about Kucoin and what is happening with it.

Topic:What's happening to kucoin?

[pawanjain]

This will be good until and unless you are trading in smaller funds and once you start using huge funds then you will be in trouble because now the government can ask the exchanges to furnish details like the source of fund and all. Bitcoin was created to avoid all these government and third party intervention but we are going back against the logic and I think people need to understand it's the government which has won not us. Be ready for more troubles and letters by the IT department and get ready to justify your source of income which you have invested or traded.

It shouldn't be an issue justifying the source of income as long as you haven't done anything wrong and you are paying taxes on your profits.
I know bitcoin was mean to be used for P2P transactions and not involve any banks or governments but things have taken a turn.
Now that the government is allowing to trade cryptocurrencies, we should do our due diligence to pay the taxes for it and not get involved in any illicit activities.

[Bureau]

This will be good until and unless you are trading in smaller funds and once you start using huge funds then you will be in trouble because now the government can ask the exchanges to furnish details like the source of fund and all. Bitcoin was created to avoid all these government and third party intervention but we are going back against the logic and I think people need to understand it's the government which has won not us. Be ready for more troubles and letters by the IT department and get ready to justify your source of income which you have invested or traded.

It shouldn't be an issue justifying the source of income as long as you haven't done anything wrong and you are paying taxes on your profits.
I know bitcoin was mean to be used for P2P transactions and not involve any banks or governments but things have taken a turn.
Now that the government is allowing to trade cryptocurrencies, we should do our due diligence to pay the taxes for it and not get involved in any illicit activities.

I have come across a few post where local exchanges are now sending letters asking for the source of the crypto. This kind of fiddling can be expected by Kucoin. Another issue is that TDS has to be calculated & paid by the user as the Kucoin exchange doesn't provide it like local exchanges do whenever a trade is initiated.

[Bitcoin Smith]

This kind of fiddling can be expected by Kucoin. Another issue is that TDS has to be calculated & paid by the user as the Kucoin exchange doesn't provide it like local exchanges do whenever a trade is initiated.

If I am not wrong deduction of TDS at the end of every trade by the exchange itself is one of the policy mandated by the government then how Kucoin can become FIU compliant exchange when they even ignored the very basic stuff.

If they follow such practice and let the users to pay at their taxes on their own then I doubt they can operate too long.

Government doesn't really track every tax payments that's why they try to automate everything and let the revenue flow constant for them by forcing the service platforms to take care of everything.