Crypto exchange platform KuCoin is implementing mandatory Know Your Customer (KYC) rules for its customers starting on July 15, 2023. This move is in compliance with federal regulations and aims to enhance security. Customers who fail to comply with KYC regulations will have limited access to KuCoin’s services. The CEO of KuCoin, Jonny Lyu, stated that the platform has prioritized the security of users’ assets and respects compliance requirements. The increased adoption of cryptocurrencies has also brought about security issues, prompting KuCoin to strengthen its KYC system to protect the asset security of all cryptocurrency users. KYC processes were established to counter fraud, money laundering, and other finance-related crimes and were part of the Bank Secrecy Act.
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