On June 28, KuCoin officially announced the upcoming KYC system upgrade in a move to increase compliance with global Anti-Money Laundering regulations.
Photo by Alesia Kozik: https://www.pexels.com/photo/close-up-photo-of-black-piggy-bank-on-money-6781340/
The KYC authentication upgrade introduces mandatory KYC checks for all new users at KuCoin starting from July 15, 2023. Without completing KYC, newly registered users will not be able to access KuCoin’s suite of products and services, the firm said.
Existing users who registered before July 15, 2023, will also have to complete the KYC process to access some features on KuCoin. Such users will not be able to deposit new funds, while withdrawals will remain unaffected, the announcement notes.
KuCoin’s existing users will still be able to use services like spot trading sell orders, futures trading deleveraging and margin trading deleveraging. Other available services for existing non-KYC users include redemptions at KuCoin’s staking and lending hub, KuCoin Earn, as well as exchange-traded funds’ redemption.
“A complete KYC process requires users to provide their name, identification number, and identification photo, and undergo facial recognition,” KuCoin CEO Johnny Lyu told Cointelegraph. The CEO noted that KuCoin brains and verifies the customer identification and verification data required under the laws and regulations of applicable jurisdictions. He stated:
“Typically, we require customer identification information including information on the customer’s name and further identifiers such as a physical address, date of birth, and national ID number.”
Article Source : https://cointelegraph.com/news/kucoin-crypto-exchange-to-introduce-mandatory-kyc-in-july