According to an official release, KuCoin, a cryptocurrency exchange, announced the upgradation of its Know Your Customer (KYC) authentication rules and systems, effective from July 15, 2023. It is expected that this will help to include global compliance requirements and improve the safety of user accounts.
Sources revealed that from July 15, 2023, all newly registered users must complete KYC to access KuCoin’s products and services.
Supposedly, users who registered before July 15, 2023, in case fail to complete the KYC process will only be able to utilise services such as Spot trading sell orders, Futures trading deleveraging, Margin trading deleveraging, KuCoin Earn redemption and ETF redemption, among others. However, the deposit services will not be available but withdrawals will remain unaffected.
Furthermore, it is expected that the “ Addition of KYC will include regulatory requirements and might protect the asset security of all cryptocurrency users through enhanced KYC rules, ” Johnny Lyu, CEO, KuCoin, concluded.