KuCoin appeals FINTRAC's decision, calling for clearer and fairer regulation

ChainCatcher news, KuCoin announced today that it has filed an appeal against the recent decision by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to maintain a violation notice and impose a hefty fine. KuCoin stated that the company should not be classified as a "foreign currency service business," the fine is excessively high and punitive, and it has submitted an appeal to the Federal Court of Canada in accordance with its legal rights.

KuCoin CEO BC Wong emphasized that this move aims to protect the rights of the company and its users, and to promote a clearer and fairer regulatory environment. During the appeal process, KuCoin will continue to operate transparently, protect user assets, and keep the community informed of any progress.