Seychelles-based crypto exchange KuCoin ramps up KYC policies
KuCoin has announced an enhancement of its Customer Identification and Verification Program in response to increasing regulatory pressure on crypto exchanges. Starting from July 15, new customers will be required to complete KYC in order to access the exchange’s products and services. Existing customers who haven’t completed KYC will be limited to spot trading and derivatives, with deposits also being prevented. The announcement has received mixed reactions from the crypto community, with some expressing disappointment and others highlighting the growing trend of KYC enforcement among larger exchanges.
KuCoin faces backlash as it introduces KYC requirements
- KuCoin is strengthening its KYC policies due to regulatory pressures
- New customers will need to complete KYC from July 15
- Existing customers without KYC will have limited access to services
- Some users express disappointment and plan to switch to alternative exchanges
- KuCoin’s native token, KCS, has experienced a decline in price
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