•KuCoin exchange is introducing KYC (Know Your Customer) checks for all users.
•The process starts from July 15, with limited access to certain features available to non-KYC users.
•Fund withdrawals will remain unaffected by the KYC process.
KuCoin Introduces Mandatory KYC Checks For All Users
Seyshelles-based crypto exchange KuCoin announced an upgrade of its KYC authentication rules and systems, mandating all newly registered users to complete KYC starting July 15 in order to access its full suite of products and services.
What Does This Mean For Existing KuCoin Users?
Existing users failing to complete the KYC process will be offered limited access to certain features like spot trading sell orders, futures trading deleveraging, margin trading deleveraging, KuCoin Earn redemption, and ETF redemption but will not have access to deposit services. Fund withdrawals will remain unaffected for users with non-KYC status.
Why Did KuCoin Introduce These Changes?
The company has taken this step in a bid to embrace global compliance requirements and ensure a “high level of accountability and transparency” within the platform as its competitors face regulatory challenges across various jurisdictions.
What Did The CEO Have To Say?
KuCoin CEO Johnny Lyu said that the platform has been closely monitoring digital asset policies of various countries and compliance requirements. He went on to add that “with the development of the cryptocurrency industry, crypto has gradually moved from a geek towards mass adoption” however this process has brought about certain security issues concerning on-chain assets leading them to take this decision in light of this situation.
Overall, KuCoin’s introduction of mandatory KYC checks will help provide more transparency and security for their customers while ensuring they comply with global regulations at the same time