KuCoin sees 356% surge in app downloads in May following FIU-IND registration

WhatsApp Group Join Now
Telegram Group Join Now

According to Sensor Tower data, KuCoin noted that it surpassed CoinDCX and CoinSwitch in app download growth, with increases of 26.3% and 15.1% respectively, making it the fastest-growing app.

 KuCoin sees 356% surge in app downloads in May following FIU-IND registration

Crypto exchange KuCoin announced on June 6 that its app downloads in India surged by 356% in May. This increase occurred two months after the offshore exchange registered with the Financial Intelligence Unit-India (FIU-IND) following a regulatory crackdown.

Citing data from Sensor Tower, KuCoin noted that it has surpassed CoinDCX and CoinSwitch in app download growth. CoinDCX saw a 26.3 percent increase, and CoinSwitch saw a 15.1 percent increase, making KuCoin the fastest-growing.

Johnny Lyu, CEO of KuCoin, said, “We are very proud to be the fastest-growing compliant global CEX in India. This shows our dedication to offering secure, reliable, and innovative financial solutions. The Historic Prosperity Carnival is our way of celebrating this achievement with our community, and we aim to continue creating value in the Indian market.”

KuCoin is launching the Historic Prosperity Carnival in India to celebrate with its community. From May 14 to August 11, users can join Weekly Futures Trading Challenges and Margin Events for a chance to win rewards like the Redmi Note 13 Pro 5G, cashback, and airdrops.

To attract more users, the exchange is offering a 2 USDT (Tether) bonus for new registrations starting June 6, plus an extra 2 USDT for completing the first trade.

In December, about nine offshore exchanges like KuCoin, Binance, OKX, and Houbi were discovered to be unregistered with FIU-IND and not compliant with the Prevention of Money Laundering Act (PMLA), 2002. Their website links and apps were blocked in January.

In March, KuCoin was the first of these exchanges to become registered in the country.

Last month, Vivek Aggarwal, Director of FIU-IND and Additional Secretary at the Department of Revenue, Government of India, announced that KuCoin is now fully registered and operational, having paid a penalty fee of Rs 34.5 lakh.

Meanwhile, Binance, a rival exchange, has completed the initial registration process with FIU-IND, but its penalty and compliance procedures are still ongoing.

WhatsApp Group Join Now
Telegram Group Join Now

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top