KuCoin to implement mandatory KYC

KuCoin is upgrading its Know Your Customer (KYC) authentication rules and systems by July 15, 2023, as part of its efforts to embrace global compliance requirements.

Starting from July 15, 2023, all newly registered users must complete KYC to access KuCoin’s suite of products and services. Mandatory KYC is expected to increase accountability and transparency within the platform.

Those who don’t complete KYC process can only sell and deleverage positions

For users who registered before July 15, 2023, failure to complete the KYC process will restrict their access to certain features. Specifically, these users can only utilize services such as Spot trading sell orders, Futures trading deleveraging, Margin trading deleveraging, KuCoin Earn redemption, and ETF redemption.

Deposit services will not be available for those who are already registered but don’t complete the KYC process. Withdrawals will remain unaffected.

Johnny Lyu, CEO of KuCoin, said: “As people’s exchange, KuCoin has always prioritized the security of users’ assets. As a globalized exchange, KuCoin closely monitors the crypto policies of various countries and respects compliance requirements, providing users with enhanced asset security. With the development of the cryptocurrency industry, crypto has gradually moved from a geek towards mass adoption. However, this process has also brought about certain security issues concerning on-chain assets.

“In light of this, KuCoin has strengthened our KYC system to comply with regulatory requirements worldwide and better protect the asset security of all cryptocurrency users through enhanced KYC rules.”

Headquartered in Seychelles, KuCoin offers over 700 digital assets for spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending.

In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion.