KuCoin Amplifies Regulatory Compliance with Mandatory KYC Verification Starting July 2023

KuCoin is set to ramp up its compliance efforts by enforcing mandatory Know Your Customer (KYC) procedures for all users from July 15, 2023.

KuCoin, a leading cryptocurrency exchange, is reinforcing its compliance efforts by implementing mandatory Know Your Customer (KYC) procedures starting July 15, 2023. This move aims to align with global anti-money laundering regulations and increase the platform’s compliance.

Under this new policy, all new KuCoin users must complete identity verification to access the platform’s products and services. Existing users who registered before the specified date must also undergo the KYC process to continue using some features. Notably, users who haven’t completed KYC will face deposit restrictions, though withdrawals remain unaffected.

Despite these changes, KuCoin assures that non-KYC users can still avail of certain services, including spot trading sell orders, futures trading deleveraging, margin trading deleveraging, and redemptions at the exchange’s staking and lending hub, KuCoin Earn, as well as ETF redemptions.

The firm’s CEO, Johnny Lyu, stated the revised KYC system aims to enhance the platform’s compliance and provide improved asset security to all cryptocurrency users.

This development follows regulatory tightening in the US, where KuCoin’s competitor, Binance, recently faced charges from the U.S. Commodity Futures Trading Commission over compliance control evasion.

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