All new users registering on or after July 15 will be subject to mandatory KYC requirements as the exchange moves to embrace regulation.
Seychelles-based crypto exchange KuCoin has announced that it’s enhancing its Know Your Customer (KYC) requirements through mandatory identity checks. In a June 28 announcement, the company reiterated its commitment to combating “money laundering, terrorist financing and related financial crimes around the world”.
From from July 15, 2023, all new users registering on KuCoin will be required to undergo mandatory KYC checks. Failure to do so will result in the denial of access to KuCoin’s suite of products and services, as stated by the company.
Existing users who registered before July 15, 2023, will also be obligated to complete the KYC process to access certain features on the platform. While withdrawals will remain unaffected, these users will not be able to deposit new funds, according to the announcement.
Existing users will still however retain access to services such as spot trading sell orders, futures trading deleveraging, and margin trading deleveraging.
The update is expected to impact millions of crypto users. KuCoin is one of the most popular crypto exchanges with 27 million users across 207 countries and regions. It currently has a daily trading volume of $500 million, according to CoinMarketCap.
The move demonstrates a willingness to embrace regulation – a move that other exchanges have struggled with.
“As a globalized exchange, KuCoin closely monitors the crypto policies of various countries and respects compliance requirements, providing users with enhanced asset security,” Johnny Lyu, CEO of KuCoin said in a press release. “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.”
He added, “In light of this, KuCoin has strengthened our KYC system to comply with regulatory requirements worldwide and better protect the asset security of all cryptocurrency users through enhanced KYC rules.”
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