Crypto exchange KuCoin announced on June 28 that it will soon implement mandatory know-your-customer (KYC) checks for its users, a significant shift from their past policies
New KYC rules begin in July
KuCoin said that new customers will need to complete KYC checks to access its trading platform and other services starting on July 15, 2023.
Furthermore, KuCoin said that existing users who do not complete the KYC process will have restricted access. Those non-verified users will be able to withdraw funds and access spot trading sell orders, futures and margin trading deleveraging, Earn redemptions, and ETF redemptions. However, they will not be able to deposit funds.
KuCoin CEO Johnny Lyu said that the change in policy represents the firm’s efforts to meet global compliance requirements and ensure the safety of user assets.
The company said that customer assets will remain secure as it upgrades to the new KYC model. KuCoin invited users to contact support with any questions.
Kucoin began to introduce KYC in 2018
KuCoin started introducing KYC checks in 2018, though at the time, they were non-compulsory, only placing withdrawal limits on customers who did not identify themselves
KYC measures are now an almost universal feature among centralized cryptocurrency exchanges and other financial services. The practice typically requires users to submit photographs of ID as well as identifying information.
Kucoin saw $562 million in trading volume over the past 24 hours.
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