KuCoin introduces compulsory KYC

June 28, 2023 -  Crypto Exchange KuCoin, is upping its compliance game to meet international regulatory standards by enforcing KYC for all new users. This move, due to be effective from July 15, 2023, is designed to strengthen user account security, foster a secure trading ecosystem, and meet stringent international compliance requirements.

New users will have to navigate the upgraded KYC framework from their first interaction with KuCoin. Post-July 15, all newcomers to the platform will have to complete their KYC procedures before they can use KuCoin's wide range of services and products. This is a decisive step towards ensuring transparency and accountability on the platform.

Existing users of KuCoin who have not yet completed their KYC procedures will find their service access limited. These users can still perform Spot trading sell orders, Futures trading deleveraging, Margin trading deleveraging, KuCoin Earn redemption, and ETF redemption. However, they will be unable to avail of deposit services, though withdrawals will remain operational.

Johnny Lyu, CEO of KuCoin, emphasized the exchange's commitment to its users' asset security and compliance with international regulations. He stated, "As a globalized exchange, KuCoin has always prioritized the security of users' assets. With the development of the cryptocurrency industry, crypto has gradually moved from a geek towards mass adoption. However, this process has also brought about certain security issues concerning on-chain assets."

According to Lyu, the strengthened KYC rules are a direct response to these emerging security issues and part of a larger effort to ensure the ongoing safety and security of all cryptocurrency users on the platform.

Despite the changes, KuCoin assures its users that their assets will remain secure throughout the upgrade period. The exchange remains committed to improving its services and has urged users with queries or concerns about the KYC adjustments to reach out via their support center, join the Telegram group, or get in touch with the online customer service team.

For further details on this change, KuCoin has asked users to refer to its blog.