• KuCoin, a leading cryptocurrency exchange, is introducing mandatory KYC authentication rules and systems which will be effective July 15, 2023.
• The upgraded KYC framework requires all newly registered users to complete KYC to access KuCoin’s products and services. Non-KYC users may face limited services such as Spot trading sell orders, Futures trading deleveraging, Margin trading deleveraging, KuCoin Earn redemption, and ETF redemption.
• This move is intended to foster a safer trading environment and bolster the security level of user accounts.
KuCoin Introduces Compulsory KYC
KuCoin, a leading cryptocurrency exchange, is pleased to announce the upcoming upgrade of its Know Your Customer (KYC) authentication rules and systems, effective July 15th 2023.
Aim of Upgraded KYC Framework
This strategic move aims to embrace global compliance requirements, foster a safer trading environment, and bolster the security level of user accounts.
Mandatory for New Users
Starting from July 15th 2023, all newly registered users must complete KYC in order to access KuCoin’s comprehensive suite of products and services. This requirement ensures a high level of accountability and transparency within the platform.
Limited Services for Non-KYC Users
For users who registered before July 15th 2023 failure to complete the KYC process will restrict their access to certain features. Specifically these users can only utilize services such as Spot trading sell orders, Futures trading deleveraging, Margin trading deleveraging ,KuCoin Earn redemption and ETF redemption; however deposit services will not be available although withdrawals will remain unaffected.
Reasons Behind Upgrade
Johnny Lyu , CEO of KuCoin emphasized that this upgrade is in light with the crypto policies of various countries as well as providing better asset security for all cryptocurrency users through enhanced KYC rules.