KuCoin announced today that it has filed an appeal against the recent decision by Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) to uphold a violation notice and impose a substantial fine. KuCoin stated that the company should not have been designated as a "foreign money services business," that the fine was excessive and punitive, and that it would file an appeal in the Federal Court of Canada, in accordance with its statutory 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.