KuCoin Strengthens Regulatory Compliance with Mandatory KYC Requirements from July
In Brief
KuCoin will require compulsory KYC effective July 15.
Users who fail to comply with the KYC process will have limited access to certain features.
KuCoin will require compulsory know-your-customer (KYC) from July 15. All newly registered users must complete KYC to access all of KuCoin’s features.
The exchange said that this requirement is to embrace global compliance requirements and to ensure a high level of accountability and transparency within the platform. Users who registered before Jul 15 must complete the KYC process to have unrestricted access to all features.
Those who fail to complete the KYC can only access specific features, such as spot trading sell orders, futures trading deleveraging, margin trading deleveraging, KuCoin Earn redemption, and ETF redemption. While deposit services will be unavailable, users can still proceed with withdrawals.
“As a globalized exchange, KuCoin closely monitors the crypto policies of various countries and respects compliance requirements, providing users with enhanced asset security. With the development of the cryptocurrency industry, crypto has gradually moved from a geek towards mass adoption. However, this process has also brought about certain security issues concerning on-chain assets.”
said Johnny Lyu, CEO of KuCoin, in a statement.
“In light of this, KuCoin has strengthened our KYC system to comply with regulatory requirements worldwide and better protect the asset security of all cryptocurrency users through enhanced KYC rules,”
Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. The platform t offers over 700 digital assets, providing spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending services to its 27 million users in 207 countries and regions.
Last year, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. According to CoinMarketCap, KuCoin is currently one of the top five crypto exchanges.
Kucoin’s move to adopt KYC comes amidst the increased regulatory scrutiny of crypto trading platforms. Two of the other largest crypto exchanges, Binance and Coinbase, are embroiled in an ongoing legal battle with the SEC for allegedly offering unregistered securities. Last year, Binance CEO Changpeng “CZ” Zhao refuted claims that the exchange had a “weak KYC and anti-money laundering regime.”
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
