KuCoin Introduces Compulsory KYC in Move to Embrace Regulation
28.6.2023 13:00:00 EEST | Business Wire | Press release
KuCoin, a leading cryptocurrency exchange, is pleased to announce the upcoming upgrade of its Know Your Customer (KYC) authentication rules and systems, effective July 15, 2023. This strategic move aims to embrace global compliance requirements, foster a safer trading environment, and bolster the security level of user accounts.
The upgraded KYC framework details are listed below:
Mandatory KYC for New Users: Starting from July 15, 2023, all newly registered users must complete KYC 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 15, 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. Deposit services will not be available, although withdrawals will remain unaffected.
“As people's exchange, KuCoin has always prioritized the security of users' assets. As a globalized exchange, KuCoin closely monitors the crypto policies of various countries and respects compliance requirements, providing users with enhanced asset security. 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.
"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," Johnny Lyu, CEO of KuCoin, emphasized.
Please note that during the upgrade period, users 'assets are all safe during the upgrade period, and KuCoin will strive to deliver better services. For inquiries or concerns regarding the KYC authentication adjustment, users are encouraged to visit the support center for comprehensive information, join the Telegram group, or contact the online customer service team. Please refer to the KuCoin blog for further information.
About KuCoin:
Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform focused on inclusiveness and community action reach, it offers over 700 digital assets. It provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 27 million users in 207 countries and regions.
In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the Best Crypto Exchanges in 2023. In 2022, The Ascent named KuCoin the Best Crypto App for enthusiasts.
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For media inquiries, please contact: media@kucoin.com
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