Cryptocurrency Exchange KuCoin Introduces Mandatory KYC Rules
Cryptocurrency platform KuCoin has announced that it will be introducing mandatory Know Your Customer (KYC) rules as it looks to embrace regulations. The KYC rules will kick in as early as next month, with customers required to complete several mandatory identification checks to use services offered by KuCoin.
- KuCoin will introduce mandatory Know Your Customer (KYC) rules from July 15th
- Users will be required to complete the KYC process to use the exchange and its services
- Customers that do not complete the KYC process will be unable to trade or make deposits on the exchange
Better Compliance With Federal Regulations
KuCoin’s CEO, Jonny Lyu, stated that introducing mandatory KYC checks would help the exchange better comply with federal regulations and enhance overall security. The exchange aims to protect users’ assets and prevent fraud, terror financing, and money laundering. KuCoin has strengthened its KYC system to meet regulatory requirements worldwide and protect the asset security of all cryptocurrency users.
Growing Numbers
KuCoin had over 27 million active customers at the end of 2022, with 13 million users joining the platform in 2022 alone. The exchange saw significant growth in the Asia-Pacific region, adding over 7 million new users in 2022. Transaction volumes also increased, with trading volumes crossing $3.6 trillion in 2022.
Hot Take: KuCoin’s introduction of mandatory KYC rules shows its commitment to compliance and security. While some users may be inconvenienced, these measures help protect against fraud and money laundering, ultimately benefiting all cryptocurrency users.
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