KuCoin Pushes for Greater Compliance with Mandatory KYC Upgrade
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.
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“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”
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.
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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.
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