Citing Sensor Tower data, KuCoin highlighted that it has crossed CoinDCX and CoinSwitch’s app download growth, which saw an increase of 26.3 percent and 15.1 percent respectively, to become the fastest growing.
In a remarkable turn of events, KuCoin, a leading cryptocurrency exchange, has experienced a 356% increase in app downloads in India during May. This surge comes just two months after the exchange registered with the Financial Intelligence Unit-India (FIU-IND), a move prompted by regulatory pressures.
According to data from Sensor Tower, KuCoin has not only seen a significant rise in downloads but has also outpaced competitors like CoinDCX and CoinSwitch, whose app downloads grew by 26.3% and 15.1%, respectively. This makes KuCoin the fastest-growing cryptocurrency exchange app in India.
Johnny Lyu, CEO of KuCoin, expressed his excitement over this achievement:
“We are immensely proud to be the fastest-growing compliant global CEX in India. This achievement underscores our commitment to providing secure, reliable, and innovative financial solutions to our users. The Historic Prosperity Carnival is one way to celebrate this milestone with our community, and we look forward to building and creating more value in the Indian market.”
To celebrate this milestone, KuCoin is launching the Historic Prosperity Carnival in India. Running from May 14 to August 11, users can participate in various campaigns, including Weekly Futures Trading Challenges and Margin Events. Participants stand a chance to win exciting rewards such as Redmi Note 13 Pro 5G, cashback, and airdrops.
To attract even more users, KuCoin is offering new registrants a bonus of 2 USDT (tether) starting from June 6. Additionally, users will receive another 2 USDT upon completing their first trade.
This surge in activity follows a period of regulatory challenges. In December, KuCoin, along with other offshore exchanges like Binance and OKX, was found to be non-compliant with the Prevention of Money Laundering Act (PMLA), 2002, leading to the blocking of their URLs and apps in India in January. However, KuCoin was the first to become fully registered in the country by March, paying a penalty fee of Rs 34.5 lakh to do so.
Vivek Aggarwal, Director of FIU-IND and Additional Secretary of the Department of Revenue, Government of India, confirmed last month that KuCoin is now fully operational after meeting all regulatory requirements.
Meanwhile, Binance has also started its registration process with FIU-IND, though its compliance procedures and penalty payments are still in progress.Read More
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