KuCoin crypto exchange to introduce mandatory KYC in July

Major cryptocurrency speech KuCoin is moving to fortify its Know Your Customer (KYC) strategy by introducing caller mandatory individuality checks.

On June 28, KuCoin officially announced the upcoming KYC strategy upgrade successful a determination to summation compliance with planetary Anti-Money Laundering regulations.

The KYC authentication upgrade introduces mandatory KYC checks for each caller users astatine KuCoin starting from July 15, 2023. Without completing KYC, recently registered users volition not beryllium capable to entree KuCoin’s suite of products and services, the steadfast said.

Existing users who registered earlier July 15, 2023, volition besides person to implicit the KYC process to entree immoderate features connected KuCoin. Such users volition not beryllium capable to deposit caller funds, portion withdrawals volition stay unaffected, the announcement notes.

KuCoin’s existing users volition inactive beryllium capable to usage services similar spot trading merchantability orders, futures trading deleveraging and borderline trading deleveraging. Other disposable services for existing non-KYC users see redemptions astatine KuCoin’s staking and lending hub, KuCoin Earn, arsenic good arsenic exchange-traded funds’ redemption.

“As a globalized exchange, KuCoin intimately monitors the crypto policies of assorted countries and respects compliance requirements, providing users with enhanced plus security,” KuCoin CEO Johnny Lyu stated. He said that KuCoin’s caller KYC strategy volition not lone summation the platform’s compliance, but besides assistance amended support the “asset information of each cryptocurrency users.”

Lyu added:

“With the improvement of the cryptocurrency industry, crypto has gradually moved from a geek toward wide adoption. However, this process has besides brought astir definite information issues concerning on-chain assets.”

KuCoin didn’t instantly respond to Cointelegraph’s petition to remark connected whether the caller KYC strategy applies to each users and details astir its existent KYC requirements. This nonfiction volition beryllium updated pending further information.

The caller KYC update volition impact a important fig of cryptocurrency users worldwide. KuCoin says it had implicit 20 cardinal registered accounts connected its level arsenic of July 2022.

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KuCoin is besides 1 of the world’s largest crypto exchanges by trading volumes. At the clip of writing, KuCoin’s regular trading volumes magnitude to astir $540 million, with much than 8 cardinal monthly visits, according to information from CoinGecko. To compare, large United States-based speech Kraken has astir 5 cardinal visits per month, with astir $380 cardinal worthy of crypto traded daily.

Some different cryptocurrency exchanges person been expanding their KYC policies precocious arsenic well. In May, Bybit speech restricted non-KYC users from withdrawing much than 20,000 Tether (USDT) monthly. Cybercriminals person capitalized connected KYC requirements, reportedly selling hacked and verified crypto accounts connected the darknet for $30 arsenic of April 2023.

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