KuCoin Blacklisted by French Financial Regulator Amidst Legal Woes

Added to the blacklist of the French Financial Markets Authority (AMF), crypto exchange Kucoin faces ongoing troubles after being pursued by US authorities. The AMF advises French residents to avoid blacklisted exchanges like Kucoin and use regulated platforms instead.

KuCoin Added to French Financial Regulator AMF's Blacklist Amidst Ongoing Legal Challenges

Paris, France - The Autorité des Marchés Financiers (AMF), the French financial regulatory authority, has added cryptocurrency exchange KuCoin to its blacklist, cautioning French residents against engaging with the platform due to its alleged suspicious activities and lack of regulatory registration in France.

The AMF's website indicates that KuCoin was added to its blacklist on April 15, 2023. The regulator advises individuals to utilize cryptocurrency exchanges that comply with French regulations and avoid those on the AMF's blacklist.

This latest development poses a significant challenge for KuCoin, which has already faced significant customer outflows and the transfer of billions of dollars in assets to exchanges perceived as more secure, such as Binance.

It remains to be seen whether KuCoin will be able to resolve its regulatory issues with American and French authorities. As a result of its blacklisting in France, it is strongly advised that individuals refrain from entrusting their funds with KuCoin. Instead, they should consider transferring their assets to a secure cryptocurrency hardware wallet or utilizing a licensed cryptocurrency exchange such as Binance.

The AMF's blacklist can be accessed at the following link: [AMF Blacklist]

Background on KuCoin's Regulatory Challenges:

KuCoin has been under increased scrutiny from American authorities in recent months. In March 2023, the U.S. Securities and Exchange Commission (SEC) charged the exchange with offering unregistered securities and failing to comply with anti-money laundering regulations. As a consequence, KuCoin agreed to pay a $20 million settlement and register with the SEC.

The AMF's decision to blacklist KuCoin is another blow to the exchange's reputation and credibility. By placing the platform on its blacklist, the AMF effectively dissuades French residents from using KuCoin's services, further limiting its market reach.

It remains unclear how KuCoin will respond to these regulatory challenges and whether it will be able to rectify its compliance issues. In the meantime, individuals are advised to exercise caution when considering trading on the platform.