Crypto exchange KuCoin will require all clients to undergo know-your-customer (KYC) procedures starting July 15. Failure to complete KYC will result in limitations on users’ access to KuCoin’s products and services. They will only be able to use certain services, including spot trading sell orders and withdrawals, but will be unable to make deposits. The move comes as regulators in the United States crack down on the cryptocurrency industry, with rival exchange Binance recently facing charges from the U.S. Commodity Futures Trading Commission. KuCoin CEO Johnny Lyu stated that the updated KYC policy aims to comply with regulatory requirements and will allow for a wider range of platform products and services. Despite the potential short-term decline in trading volume, Lyu believes that mandatory KYC will benefit the industry by combatting malicious activities and protecting user funds. KuCoin, valued at $10 billion last year, serves over 27 million users globally and caters to both institutional and retail clients.
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