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

KuCoin announced today that it has filed an appeal against the recent decision of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to uphold its violation notice and impose a substantial fine. KuCoin claims the company was not designated as a "foreign money services business," that the fine is excessive and punitive, and that it will appeal the decision to the Federal Court of Canada, as per its legal rights. KuCoin CEO BC Wong emphasized that this move is intended to safeguard the rights of the company and its users and 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 progress.