KYC Requirements for Users Announced by KuCoin Crypto Exchange

 





The commencement of Know-Your-Customers (KYC) authentication procedures for its users has been announced by cryptocurrency exchange KuCoin. Beginning on July 15th, all users will be subject to the newly integrated procedure. 


KuCoin CEO Johnny Lyu stated in an interview with The Block that the choice was made to "better comply with applicable regulatory requirements." Additionally, all clients will be required to comply with the requirements, which must be fully satisfied before receiving full access to the exchange.


KYC requirements are implemented by KuCoin


In recent months, there has been a significant change in the regulatory environment around the digital asset market. In fact, several nations are adjusting the way they handle the sector. establishing a reflection of their own position on its presence within their particular borders after that.

With effect from July 15th, cryptocurrency exchange KuCoin will implement new KYC criteria for its users. As the industry continues to develop and change while embracing regulation, the choice is probably related to the always shifting regulatory environment. 

Customers who haven't met the standards for KYC authentication are only able to access a restricted version of the exchange. Users must also fulfill KYC standards in order to explicitly make deposits. While withdrawals are still permitted even without fulfilling the KYC standards.



Johnny Lyu, CEO of KuCoin, discussed the advancement and its necessity. "We will offer users a wider range of platform products and services as users provide more information to complete their profiles," he said. These are further listed as having "higher daily withdrawal limits, more comprehensive trading tools, and a greater variety of user activities." 

According to The Block, the bitcoin exchange is presently in the top ten for trading volume. Indeed, Lyu added that there are more than 27 million users of the exchange worldwide. He added that it now caters to both institutional and retail clients.



However, Singapore, China, Hong Kong, Canada, or the United States do not offer the exchange. On the other hand, the exchange had previously been the target of legal action in the US. in particular with regard to its status as an unlicensed broker of commodities and securities.

Comments

  1. ZardosFX is another non-custodial, Decentralized Crypto Exchange, based in Switzerland with no registration (KYC) required. This DEX was established in 2022 and also offers a free, AI driven automated copy trading service for Forex and Crypto CFD.

    https://www.zardosfx.com

    ReplyDelete

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