KuCoin makes mandatory KYC a part of embrace regulation

KuCoin makes mandatory KYC a part of embrace regulation

KuCoin Advocates for Increased KYC Upgrade Compliance.

Leading cryptocurrency exchange KuCoin is happy to announce that, starting on July 15, 2023, its Know Your Customer (KYC) authentication policies and procedures will be upgraded. This tactical step attempts to embrace international compliance regulations, promote a safer trading environment, and increase user account security.

Details of the updated KYC framework are mentioned below:

  • Mandatory KYC for new users: Starting on July 15, 2023, all newly registered users will be required to complete KYC in order to use the full range of KuCoin’s products and services. The platform will operate with a high degree of accountability and openness thanks to this requirement.
  • Limited Services for Non-KYC Users: Users who registered before July 15, 2023 will have limited access to some functions if they do not complete the KYC process. These users are restricted to using services like sell orders for Spot trading, margin trading deleveraging, KuCoin Earn redemption, and ETF redemption. Although deposit services won’t be offered, withdrawals won’t be impacted.

“Security of user assets has always been a top priority for KuCoin as a people’s exchange. Since KuCoin is a global exchange, it closely follows national crypto regulations and complies with legal standards to give consumers more secure assets. With the growth of the cryptocurrency market, crypto has steadily gone from being a niche technology to being widely used. However, this procedure has also resulted in some security concerns with regard to on-chain assets.”

KuCoin CEO Johnny Lyu noted that as a result, “KuCoin has strengthened our KYC system to comply with regulatory requirements across the globe and better protect the asset security of all cryptocurrency users through enhanced KYC rules.”

Please be aware that KuCoin will work to provide improved services during the upgrading phase and that all user assets will be safe. Users are advised to visit the help center for full information, join the Telegram group, or get in touch with the online customer service staff if they have any questions or concerns about the KYC authentication modification. For more information, go visit the KuCoin blog.

Source: Businesswire

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