Seychelles-based crypto exchange KuCoin to implement mandatory KYC upgrades
KuCoin has announced that it will be upgrading its Know Your Customer (KYC) authentication rules and systems starting next month. The new rules will require all newly registered users to complete KYC in order to access the platform’s full range of products and services. Existing users who fail to complete the process will have limited access to certain features. The move is aimed at ensuring a high level of accountability and transparency within the platform.
- Starting July 15, all newly registered users must complete KYC to access KuCoin’s full suite of products and services.
- Existing users who fail to complete the KYC process will have limited access to certain features.
- Spot trading sell orders, futures trading deleveraging, margin trading deleveraging, KuCoin Earn redemption, and ETF redemption will still be accessible for users with non-KYC status.
- Deposit services will be unavailable for users with non-KYC status.
- KuCoin’s CEO states that the upgrade is in response to global compliance requirements and aims to protect the asset security of all cryptocurrency users.
Hot Take: KuCoin’s move to implement mandatory KYC upgrades is a proactive step towards embracing global compliance requirements. By strengthening their KYC system, they aim to enhance accountability and transparency within their platform. This decision comes at a time when other crypto exchanges, such as Binance, are facing regulatory challenges. Overall, KuCoin’s focus on user security and compliance positions them well in the evolving crypto industry.
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