Cryptocurrency exchange KuCoin announced new rules for verification (KYC) of users. They will come into force in the second half of July.
🚨 IMPORTANT: In order to protect users’ assets and combat money laundering, terrorist financing and related financial crimes around the world, #KuCoin will enhance our #KYC requirements.
From July 15, 2023 (UTC):
📌 Newly registered users must complete their KYC in order to use… pic.twitter.com/oTZULNqAxd— KuCoin (@kucoincom) June 28, 2023
After July 15, the exchange:
- introduce mandatory verification of new users;
- will restrict access to a number of services to existing clients without KYC.
The latter will only be available for spot sell and withdrawal orders. KuCoin will block deposits, as well as impose restrictions on margin and futures accounts, KuCoin Earn services and ETFs.
“We closely monitor the regulation of cryptocurrencies in the jurisdictions where we provide our services. The KYC system upgrade aims to meet regulatory requirements and improve the security of users’ assets,” commented KuCoin CEO Johnny Liu.
Instructions for passing KYC are published on the platform website in the section “Help Center”.
KuCoin is a cryptocurrency exchange with support for spot, margin and P2P trading. The platform is actively developing its own ecosystem — the KuCoin Community Chain blockchain with the native KCS token, the KuCoin Wallet wallet, the Windvane NFT marketplace, and a number of DeFi applications.
Earlier, KuCoin analysts spoke about promising projects that develop services at the intersection of AI and blockchain.
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