- The updated company policy will take effect from July 15
- Without KYC, users will not be able to make a deposit
- The CEO of Kucoin stated that this is being done in order to better comply with current regulatory requirements.
Cryptocurrency exchange KuCoin plans enter obligatory KYC procedure for all its clients, starting from July 15, 2023. The company said that those who fail the verification will face restrictions on the platform.
If the KYC procedure is unsuccessful, users will be able to use only a limited set of services. In particular, they will be prohibited from making deposits, but they will be able to withdraw funds from the exchange.
KuCoin CEO Johnny Liu stated:
“The new KYC policy is aimed at meeting current regulatory requirements. By allowing users to provide more information to complete their profiles, we will be able to offer them an expanded set of platform products and services. The new verification system will not only improve the platform’s compliance, but will also help to better protect the security of the assets of all cryptocurrency users.”
The new update from Kucoin will affect a significant number of users around the world. The exchange reports that as of July 2022, there were over 20 million accounts registered on the platform.
Recently, several other cryptocurrency exchanges have tightened up their KYC policies. For example, in May, the Bybit exchange introduced restrictions for users, without passing KYC, they cannot withdraw more than 20,000 USDT monthly.