KuCoin announces mandatory identity verification (KYC) for its users

KuCoin, the crypto exchange in direct competition with Binance, announces a major decision to comply with global regulatory requirements. From July 15, 2023, identity verification (KYC) will be mandatory for new users of the platform.

This measure aims to strengthen transaction security and combat money laundering, terrorist financing and financial crime. KuCoin, true to its core values, is committed to protecting its customers’ assets and complying with KYC standards.

KuCoin adapt to international regulations!

Users existing before July 15, 2023 who choose not to undergo identity verification will be able to continue using their account, but with certain limitations. They will not be able to make deposits to their unverified account.

However, KuCoin specifies that current users will be able to withdraw their funds at any time, even if they decide not to undergo identity verification.

This decision could result in the departure of some users who prefer not to divulge their personal information. They may seek alternatives among crypto exchange platforms that have not yet imposed identity verification.

This decision could result in the departure of some users who prefer not to divulge their personal information. They may seek alternatives among crypto exchange platforms that have not yet imposed identity verification.

Despite these adjustments, KuCoin remains determined to continue its development and serve its millions of users worldwide. Recently, the crypto exchange announced a partnership with crypto bots Kryll, strengthening its service offering for its users.

The implementation of mandatory identity verification (KYC) marks a significant step in KuCoin’s adaptation to international regulations, testifying to its commitment to transparency and compliance to ensure the security of users and their assets on the platform.