September 25, 2025 – Providenciales, Turks, Caicos Islands
KuCoin, a leading global crypto platform built on trust, today announced that it has formally appealed a recent decision by the director of the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) that upheld a notice of violation issued on March 31, 2025, along with a significant monetary penalty.
While the company respects regulatory compliance, KuCoin strongly disagrees with both the findings and the penalty.
The exchange maintains that it should not be classified as a Foreign Money Services Business under Canadian law and considers the fine to be excessive and punitive.
KuCoin has exercised its statutory right by appealing the decision before the Federal Court of Canada, citing both substantive and procedural grounds.
BC Wong, CEO of KuCoin, said,
“KuCoin has always strived to work constructively with regulators worldwide.
“We disagree with this decision on both substantive and procedural grounds, and we have pursued all available legal avenues to ensure a fair outcome for KuCoin.
“As always, we remain fully committed to transparent operations and compliance with all applicable laws.”
The appeal process provides KuCoin the opportunity to challenge the determination in a formal legal setting.
The company views this as a critical step toward achieving regulatory clarity and fair treatment for global digital asset platforms.
KuCoin emphasized that users will see no change in the company’s commitment to their security, transparency and service during the legal proceedings.
The company will continue to safeguard user assets, operate in compliance with all applicable laws and keep its community informed throughout the process.
About KuCoin
Founded in 2017, KuCoin is a leading global crypto platform built on trust, serving over 40 million users across more than 200 countries and regions.
With established recognition for its reliability, the platform leverages cutting-edge blockchain technology, robust liquidity solutions and advanced user account protections to deliver a secure trading environment.
KuCoin offers access to over 1,000 digital assets and solutions, including Web 3.0 wallet, spot and futures trading, institutional services and payments.
Recognized by Forbes as one of the ‘best crypto apps and exchanges’ and a ‘top 50 global unicorn’ by Hurun, KuCoin holds SOC 2 Type II and ISO 27001:2022 certifications and is committed to security, compliance and innovation under the leadership of CEO BC Wong.
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