• Measures have been taken to raised adjust to worldwide anti-money laundering requirements.
• After July 15, 2023, all new KuCoin customers can be topic to KYC verification.

KuCoin, one of many largest cryptocurrency exchanges, has launched stricter id verification procedures as a part of its ongoing efforts to enhance its KYC system. To strengthen its compliance with worldwide anti-money laundering requirements, KuCoin introduced on June 28 that it’ll improve its Know Your Buyer (KYC) system.

From fifteenth July 2023, all new KuCoin customers can be topic to KYC verification as a part of our upgraded verification course of. KuCoin mentioned new clients who be part of with out finishing KYC will be unable to entry its services and products.

Entry restrictions for present customers

Current customers who signed up for KuCoin earlier than July fifteenth, 2023 may also be required to finish a KYC process with the intention to make the most of sure providers of the platform. The discover clearly states that such clients will be unable to make any additional deposits, however that withdrawals will proceed as regular.

Current KuCoin customers will proceed to have entry to all options of the platform. As well as, present non-KYC customers can even redeem by means of KuCoin Earn, a staking and lending middle, and KuCoin’s ETF redemption.

KuCoin additionally collects details about its clients’ firms and threat profiles with the intention to adjust to related nation guidelines and laws. Danger profile info consists of the kind and quantity of buying and selling exercise and the origin of deposited cryptocurrencies.

As there isn’t any common KYC legislation, CEO Johnny Lyu emphasised that KuCoin has established a KYC coverage in response to the relevant nationwide laws. Many individuals around the globe who use cryptocurrencies can be affected by the brand new Know Your Buyer improve.

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