- KuCoin will enforce mandatory KYC authentication rules starting from July 15, 2023.
- Newly registered users must complete the KYC process to access KuCoin products.
- Non-KYC users registered before July 15, 2023, will face restricted access.
KuCoin, a leading global crypto exchange, has announced a significant upgrade to implement new Know Your Customer (KYC) authentication rules and systems, set to take effect from July 15, 2023.
This strategic move aims to align with global compliance standards, foster a more secure trading environment and strengthen user account protection.
Starting July 15, 2023, all newly registered users must complete the KYC process to access KuCoin’s comprehensive range of products and services. This mandate establishes a high level of accountability and transparency within the platform.
However, users who registered before July 15, 2023, and fail to undergo the KYC procedure will face restricted access to specific features. These individuals will only be able to utilize services such as Spot trading sell orders, Futures trading deleveraging, Margin trading deleveraging, KuCoin Earn redemption, and ETF redemption. Deposit services will be unavailable, although withdrawals will remain unaffected.
Johnny Lyu, the CEO of KuCoin, underscored the exchange’s unwavering commitment to prioritizing asset security for its users. As a globalized platform, KuCoin diligently monitors crypto regulations in various jurisdictions and adheres to compliance requirements, thereby offering enhanced asset protection.
Lyu emphasized the rapid evolution of the crypto industry from niche adoption to widespread use, which has consequently raised security concerns for on-chain assets. In response, KuCoin has proactively fortified its KYC system to meet global regulatory demands and ensure the safety of all crypto users’ assets through robust KYC protocols.
During the upgrade period, users can rest assured that their assets remain secure while KuCoin continues its relentless pursuit of improved services.
For detailed information or inquiries about the KYC authentication adjustments, users are encouraged to visit the support center, join the Telegram group, or contact the online customer service team.
With over 27 million users spanning 207 countries, KuCoin provides access to over 700 digital assets. The exchange secured $150 million in investments in 2022, resulting in a valuation of $10 billion, and is recognized as one of the top five crypto exchanges by CoinMarketCap.
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