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Kucoin moves to mandate KYC checks on users

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KuCoin cryptocurrency exchange has announced improvements in its Customer Identification that will be implemented next month, mandatory know-your-customer (KYC) checks will be implemented. 

Starting July 15, 2023 (UTC), all users will be required to complete the Know Your Customer (KYC) process as part of the new policies. Newly registered users must complete their KYC procedures before accessing Kucoin’s products and services.

Users who signed up before July 15, 2023 (UTC) and have not completed their KYC will face certain restrictions. They will still be able to perform tasks such as spot trading sell orders, futures trading deleveraging, margin trading deleveraging, redeeming KuCoin Earn, and redeeming ETFs. They won’t have access to the deposit service, but withdrawals will continue to work as usual.

The Identification and Verification program targets financial crimes such as money laundering and terrorist funding worldwide, according to the KuCoin team.

KuCoin reassures its users that the enhancement of the Customer Identification and Verification Program will not compromise the security of their funds. However, to ensure the,avoid any disruptions in account access,users are encouraged to submit the required KYC information as soon as possible.

KuCoin, is one of the well-known cryptocurrency exchanges, With a steadily growing user base, KuCoin has established itself as one of the trusted and preferred exchanges for crypto enthusiasts worldwide. 

The exchange’s commitment to providing a secure, efficient, and user-friendly trading environment has contributed to its remarkable success. By offering a diverse range of cryptocurrencies and innovative trading features, KuCoin has attracted a large and diverse community of users.

By implementing these mandatory KYC checks, the exchange aims to foster a safer and more secure trading environment for all its users.

Read Also: U.S. Supreme Court Grants Coinbase’s Request to Stall Arbitration

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