KuCoin Implements Mandatory KYC Authentication Rules
- Bridget Hubbard
- June 29, 2023
- news, Crypto, Crypto Market
- Crypto, KuCoin, KYC, security
- 0 Comments
KuCoin announces mandatory KYC authentication for new users and restricted access for non-KYC users starting July 15, 2023.
Key Points
- KuCoin introduces mandatory KYC authentication for newly registered users from July 15, 2023.
- Non-KYC users registered before July 15 will have restricted access to select services.
- CEO Johnny Lyu emphasizes KuCoin’s commitment to asset security and compliance with global regulations.
- Users can find detailed information and support regarding the KYC changes on KuCoin’s support center and customer service channels.
KuCoin, a prominent global crypto exchange, has announced a significant upgrade to its system, introducing new Know Your Customer (KYC) authentication rules. These changes will come into effect on July 15, 2023.
Kucoin days are over. KYC becomes mandatory July 15.
thats a shame. was a good anonymising service, ill stop using it, no KYC for me.
You still can wash your crypto to a fresh wallet through Kucoin until the 15. pic.twitter.com/IMrEu0e1PZ
— doncrypto (@DonCryptoDraper) June 28, 2023
Mandatory KYC for Newly Registered Users
Starting from July 15, 2023, all newly registered users on KuCoin must complete the KYC process to gain access to the platform’s wide range of products and services. This requirement aims to ensure a higher level of accountability and transparency throughout the platform.
Restricted Access for Non-KYC Users
Users who registered before July 15, 2023, and fail to complete the KYC procedure will be subject to restricted access. These individuals will only be able to utilize select services such as Spot trading sell orders, Futures trading deleveraging, Margin trading deleveraging, KuCoin Earn redemption, and ETF redemption. Deposit services will be unavailable, although withdrawals will not be affected.
Johnny Lyu, the CEO of KuCoin, emphasized the exchange’s commitment to prioritizing asset security for its users. As a global platform, KuCoin closely monitors crypto regulations worldwide and adheres to compliance requirements, offering enhanced asset protection.
Lyu highlighted the increasing adoption and use of cryptocurrencies, which has led to heightened security concerns. In response, KuCoin has proactively strengthened its KYC system to meet global regulatory demands and ensure the safety of users’ assets through robust KYC protocols.
During the upgrade period, users can rest assured that their assets will remain secure while KuCoin continues to enhance its services.
Accessing Detailed Information
For detailed information or any inquiries concerning the KYC authentication adjustments, users are encouraged to visit the support center, join the Telegram group, or contact the online customer service team.
KuCoin currently boasts over 27 million users spread across 207 countries, providing access to over 700 digital assets. In 2022, the exchange secured $150 million in investments, resulting in a valuation of $10 billion, and it is recognized as one of the top five crypto exchanges by CoinMarketCap.
