KuCoin Crypto Exchange to Require KYC Compliance in July

KuCoin Strengthens KYC Process

KuCoin, a major cryptocurrency exchange, is taking steps to bolster its Know Your Customer (KYC) process by introducing new compulsory identity verifications.

On June 28, KuCoin announced that they would be upgrading their KYC system in order to meet international Anti-Money Laundering standards.

Beginning July 15, 2023, all new users of KuCoin will be required to complete KYC authentication in order to utilize the platform’s products and services. Those who do not fulfill the KYC requirements will be unable to access the full range of KuCoin offerings.

Existing users who registered prior to July 15, 2023, will be required to complete the KYC process to use some features on KuCoin. These users will not be able to deposit new funds, however their ability to withdraw funds will remain unaffected, the announcement notes.

Existing users of KuCoin will still be able to utilize services such as spot trading sell orders, futures trading deleveraging, and margin trading deleveraging. Other services available to existing non-KYC users include redemptions at KuCoin’s staking and lending hub, KuCoin Earn, as well as redemption of exchange-traded funds.

“KuCoin CEO Johnny Lyu declared that, as a worldwide exchange, KuCoin vigilantly watches the crypto regulations of different countries and respects their requirements, offering users improved asset security,” Lyu said. He added that the platform’s new KYC system will not only enhance its compliance, but also aid in safeguarding the “asset security of all cryptocurrency users.”

Lyu has added.

Impact of New KYC System on KuCoin Users

KuCoin did not immediately answer Cointelegraph’s inquiry as to whether the new KYC system applies to all users and the specifics of its current KYC requirements. This article will be modified if more information is acquired.

KuCoin has reported that by July 2022, its platform will have more than 20 million registered accounts, and the new KYC update will have a global impact on a considerable number of cryptocurrency users.

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KuCoin is one of the most significant crypto exchanges globally, based on its trading volumes. At present, the daily trading volumes on KuCoin amount to approximately $540 million, and it has over 8 million monthly visitors, as reported by CoinGecko. To put this into perspective, the prominent US-based exchange Kraken receives about 5 million visits per month and has a daily crypto trading volume of approximately $380 million.

Other crypto exchanges have been augmenting their KYC regulations of late. In May, Bybit limited non-KYC users to a monthly withdrawal of no more than 20,000 Tether (USDT). Allegedly, cybercriminals have taken advantage of KYC requirements, offering hacked and authenticated crypto accounts on the darknet for $30 as of April 2023.

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