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KuCoin, a number one cryptocurrency alternate with over 27 million customers worldwide, has introduced a right away improve to its Know Your Buyer (KYC) verification protocol. The transfer, efficient July 15, 2023, goals to align with world compliance requirements, create a safer buying and selling atmosphere and improve the safety of consumer accounts.
Kucoin CEO Johnny Lew defined:
“Crypto has slowly moved from geek to mass adoption. Nevertheless, this course of has additionally introduced some safety points concerning on-chain belongings […] KuCoin has strengthened our KYC system to adjust to regulatory necessities worldwide and higher defend the asset safety of all cryptocurrency customers by enhanced KYC guidelines.
As a part of the brand new framework, KYC verification will turn out to be obligatory for all new customers from July 15, 2023. This requirement is designed to keep up the accountability and transparency that the platform prides itself on, permitting KuCoin to proceed providing its services and products to a verified consumer base.
Finishing the KYC course of is obligatory if the consumer has registered earlier than July 15; In any other case, entry to sure options can be restricted. Withdrawals can be obtainable however deposits can be restricted.
These non-KYC-verified customers will solely be capable to use companies comparable to “spot buying and selling promote order, futures buying and selling deleveraging, margin buying and selling deleveraging, KuCoin Earn Redemption and ETF Redemption,” the announcement learn.
