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KuCoin would require obligatory know-your-customer (KYC) from July 15. All newly registered customers should full KYC to entry all of KuCoin’s options.
The trade stated that this requirement is to embrace international compliance necessities and to make sure a excessive stage of accountability and transparency throughout the platform. Customers who registered earlier than Jul 15 should full the KYC course of to have unrestricted entry to all options.
Those that fail to finish the KYC can solely entry particular options, akin to spot buying and selling promote orders, futures buying and selling deleveraging, margin buying and selling deleveraging, KuCoin Earn redemption, and ETF redemption. Whereas deposit providers will probably be unavailable, customers can nonetheless proceed with withdrawals.
“As a globalized trade, KuCoin intently screens the crypto insurance policies of assorted nations and respects compliance necessities, offering customers with enhanced asset safety. With the event of the cryptocurrency business, crypto has regularly moved from a geek in the direction of mass adoption. Nevertheless, this course of has additionally caused sure safety points regarding on-chain belongings.”
stated Johnny Lyu, CEO of KuCoin, in an announcement.
“In gentle of this, KuCoin has strengthened our KYC system to adjust to regulatory necessities worldwide and higher defend the asset safety of all cryptocurrency customers by way of enhanced KYC guidelines,”
Launched in September 2017, KuCoin is a worldwide cryptocurrency trade with its operational headquarters in Seychelles. The platform t affords over 700 digital belongings, offering spot buying and selling, margin buying and selling, P2P fiat buying and selling, futures buying and selling, staking, and lending providers to its 27 million customers in 207 nations and areas.
Final yr, KuCoin raised over $150 million in investments by way of a pre-Sequence B spherical, bringing complete investments to $170 million with Spherical A mixed, at a complete valuation of $10 billion. In response to CoinMarketCap, KuCoin is at present one of many prime 5 crypto exchanges.
Kucoin’s transfer to undertake KYC comes amidst the elevated regulatory scrutiny of crypto buying and selling platforms. Two of the opposite largest crypto exchanges, Binance and Coinbase, are embroiled in an ongoing authorized battle with the SEC for allegedly providing unregistered securities. Final yr, Binance CEO Changpeng “CZ” Zhao refuted claims that the trade had a “weak KYC and anti-money laundering regime.”
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