KuCoin to require mandatory user verification

The cryptocurrency exchange KuCoin announced new user verification (KYC) rules. They will take effect 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:

• will introduce mandatory verification for new users;
• will limit access to a number of services for existing clients without KYC.

Only spot sell orders and withdrawals will be available. KuCoin will block deposits, and will impose restrictions on margin and futures accounts, KuCoin Earn services and ETF.

«We are closely monitoring cryptocurrency regulation in the jurisdictions where we provide our services. The KYC system update is aimed at meeting regulatory requirements and improving the security of users’ assets», — commented KuCoin CEO Johnny Liu.

Instructions for completing KYC are published on the platform’s website in the Help Center.

KuCoin ― a cryptocurrency exchange supporting spot, margin and P2P trading. The platform is actively developing its own ecosystem — the KuCoin Community Chain blockchain with its native token KCS, the KuCoin Wallet, the Windvane NFT marketplace and a number of DeFi applications.

Earlier, KuCoin spoke about promising projects that develop services at the intersection of AI and blockchain.