The crypto exchange KuCoin has announced an upcoming upgrade in its standard user identity verification procedure. The new upgrade will be enforced from August 31, 2023.
Following the implementation from the said date, users will have to upload their identity documents and complete face verification to complete the standard identity verification.
According to KuCoin, part of the reason for the upgrade is to strengthen compliance. Specifically, the exchange stated that “to fulfill the principle of Know Your Customer (KYC), strengthen compliance with relevant laws and regulations, enhance the security level of user accounts, and better combat illegal and criminal activities such as money laundering and terrorist financing, KuCoin will upgrade its standard user identity verification procedure.”
The procedure will become compulsory from the date of implementation and will be a prerequisite to accessing KuCoin’s products and services.
Moreso, users who register before August 31, 2023, and do not complete the identity verification by that date will only have access to selected services. “They will only be able to use services such as selling coins, closing futures positions, closing margin positions, redeeming earn products, and redeeming ETFs,” KuCoin said.
However, deposits will not be enabled but withdrawals will be active, KuCoin added.
The exchange assured the security of users’ funds during the upgrade and urged users to complete the standard user identity verification as soon as they can.
Also, the update will be done in accordance with legal and regulatory requirements, product characteristics, and network environment, KuCoin said.
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