press release<\/a>, the Sydney office will serve as the exchange\u2019s regional headquarters while it tries to establish its presence in one of the world\u2019s most closely watched and fast-evolving crypto markets.<\/p>\nKuCoin will begin hiring over the next 12 months to build out its local team, with roles across compliance, cybersecurity, operations, and product development.<\/p>\n
To lead the operation, the exchange has appointed James Pinch as the managing director. Pinch is a veteran in the Australian financial services and trading industry through his prior leadership roles at firms such as OKX, CMC Markets, Vantage, and Invast Global.<\/p>\n
\u201cAustralian investors are serious about digital assets, with the market projected to grow nearly 20% to US$1.2bn by 2026. They demand transparency, stability, and innovation, which KuCoin delivers through robust engagement and top-tier security,\u201d Pinch wrote in an accompanying statement.<\/p>\n
<\/p>\n
As a part of its entry into the local market, KuCoin will sponsor this year\u2019s Australian Crypto Convention to engage with the community and support industry growth.<\/p>\n
KuCoin will join its direct competitor, Gemini, which launched just last month and started offering AUD deposits and trading through its local subsidiary.<\/p>\n
Gemini said at the time that it had registered with the Australian Transaction Reports and Analysis Centre to comply with anti-money laundering obligations. For KuCoin to start offering its full range of crypto services in Australia, it must first secure an Australian Financial Services License, which would allow it to support the Australian Dollar, an essential step if it plans to compete in the local fiat-to-crypto market.<\/p>\n
KuCoin\u2019s entry into Australia also comes as the country is mulling a new licensing framework for digital asset platforms, where these entities would be regulated under the Corporations Act.<\/p>\n
As previously reported by crypto.news, once the framework is live, those not in compliance could face steep penalties, including fines of up to 10% of their annual turnover or the equivalent of over A$16.5 million ($10.9 million), whichever is greater.<\/p>\n
KuCoin expands global footprint<\/h1>\n
KuCoin\u2019s Australia expansion follows its entry into Thailand earlier this year, where it secured a full license to offer its services. Subsequently, KuCoin was selected as the lead exchange supporting the government\u2019s tokenized bond initiative, overseeing subscriptions, redemptions, and secondary trading for the new G\u2011Token program.<\/p>\n
Over the past months, the exchange has also secured a partnership with Refillarena to let users spend crypto on mobile recharges, gift cards, and data plans through KuCoin Pay, and launched a cloud mining platform called KuMining that allows anyone to mine Bitcoin, Dogecoin, and Litecoin without using any hardware or managing energy resources.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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