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KuCoin, a leading cryptocurrency exchange with over 27 million users worldwide, has announcement an immediate upgrade to its Know Your Customer (KYC) verification protocols. The move, effective July 15, 2023, is intended to align with global compliance standards, create a safer business environment, and strengthen user account security.
Johnny Lyu, CEO of KuCoin, explained:
“Crypto has gradually gone from geek to mass adoption. However, this process has also resulted in some security issues regarding on-chain assets (…) KuCoin has strengthened our KYC system to comply with regulatory requirements worldwide and better protect the asset security of all cryptocurrency users thanks to improved KYC rules.
Under the new framework, KYC verification will become mandatory for all new users from July 15, 2023. This requirement is designed to maintain the accountability and transparency enjoyed by the platform, allowing KuCoin to continue to offer its suite of products and services to a verified user base.
It is mandatory to complete the KYC process if a user registered before July 15; otherwise, access to certain features will be limited. Withdrawals will remain available but deposits will be limited.
These non-KYC verified users will only be able to “use services such as Spot Sell Orders, Futures Deleveraging, Margin Trading Deleveraging, KuCoin Earn Redemption, and ETF Redemption,” it says. the announcement.
