Main navigation

KuCoin Enhances Security and Compliance with Mandatory KYC, Boosting User Experience and Trust

Wed, 06/28/2023 - 11:24
article image
Vladislav Sopov
In order to ensure a secure level of regulatory compliance, Tier 1 exchange KuCoin adjusts its "know-your-customer" requirements
KuCoin Enhances Security and Compliance with Mandatory KYC, Boosting User Experience and Trust
Cover image via www.freepik.com
Read U.TODAY on
Google News
Contents

KuCoin, the "people's exchange," is elevating user experience and trust with a mandatory KYC policy for all users  from July 15, 2023.

KuCoin introduces new Mandatory KYC rules, effective from July 15, 2023

According to the statement shared by KuCoin representatives, the exchange introduces compulsory "know-your-customer" procedures. The upcoming upgrade is set to protect users’ assets, combat money laundering, terrorist financing and related financial crimes and promote a safer trading environment, foster a safer trading environment, and advance the security level of user accounts.

KYC verification, a standard practice in the financial industry, involves the collection and verification of personal information from users to confirm their identities. By implementing these measures as mandatory , KuCoin aims to create a more secure and transparent trading environment while adhering to global regulatory standards.

KuCoin has over 27 million users across more than 200 countries and regions, and has always been committed to promoting industry security and transparency.With the rapid growth of the cryptocurrency industry, ensuring the safety and integrity of user accounts and assets has become paramount. By introducing mandatory KYC verification, KuCoin strives to provide enhanced protection for its users' funds and mitigate the risks associated with potential illicit activities.

Starting July 15, 2023, KuCoin's new KYC rules will require both new and existing users to complete KYC procedures to access the platform's full range of features and services without limitations.

Johnny Lyu, CEO of KuCoin, explained the motivation behind the implementation of new user authorization principles and assured that this step will advance the level of services and security offered by his product:

As the 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.

As such, users who have not passed verification to date have more than two weeks to make their accounts compliant with the new rules of the platform.

Those users who registered before July 15, 2023, and are not ready to pass KYC checks, will have limited services available on KuCoin. Namely, they will be able to access spot trading sell orders, futures trading deleveraging, margin trading deleveraging, KuCoin Earn redemption, as well as ETF redemption. At the same time, withdrawal operations will be unaffected even for non-KYC accounts.

For all of them, failure to comply with new KYC requirements will result in the restriction of deposits in all forms

All assets are safe, KuCoin team stresses

In a statement about the upcoming upgrade, the KuCoin team claims that during the entire procedure of new rule implementation, all fiat and crypto assets of the platform's users will be safe.

For any questions regarding the July 2023 KYC policy changes, users should only refer to official communication channels established by KuCoin. The team asks customers to visit the support center for comprehensive information, or join the Telegram group, or contact the online customer service team via KuCoin's official website.

As  covered by U.Today previously, KuCoin is among the largest cryptocurrency trading services globally. As of Q2, 2023, it supports over 700 cryptocurrencies. Its services are available to users in 207 countries globally. Currently, the exchange is trusted by 27 million active customers.

In 2022, KuCoin secured more than $150 million in investments from a clutch of industry-leading VCs through a pre-Series B round. Its valuation smashed through the $10 billion that has made KuCoin the latest decacorn of the Web3 scene.

According to CoinMarketCap tracker, KuCoin is a top five exchange by trading volume among platforms with the best reputation and liquidity metrics.

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)