• The step is being taken to better adhere to international Anti-Money Laundering standards.
• After July 15th, 2023, all new KuCoin users will be subject to KYC verification.

KuCoin, one of the largest cryptocurrency exchanges, is implementing stricter identity verification procedures as part of its ongoing efforts to improve its KYC system. To better adhere to international Anti-Money Laundering standards, KuCoin stated on June 28 that it will be upgrading its Know Your Customer (KYC) system.

After July 15th, 2023, all new KuCoin users will be subject to KYC verification as part of the upgraded authentication process. KuCoin has said that new customers who join without completing KYC will not have access to the company’s goods and services.

Restricted Access for Existing Users

Existing users who signed up for KuCoin before July 15, 2023, would also be required to complete the KYC procedure in order to utilize certain services of the platform. The notice specifies that such customers would be unable to make any further deposits, however, withdrawals will continue as normal.

Existing KuCoin users will still have access to all of the platform’s features. Moreover, existing non-KYC users may also redeem through KuCoin Earn, the staking and lending center, and KuCoin’s ETF redemption.

KuCoin also gathers information on the customer’s company and risk profile in order to comply with the rules and regulations of relevant countries. The risk profile information covers the kind and amount of trading activity, as well as the source of any deposited virtual currency.

Since there is no universal KYC legislation, CEO Johnny Lyu emphasized that KuCoin established its KYC policy in accordance with rules in appropriate countries. Many people all around the globe who use cryptocurrencies will be affected by the new Know Your Customer upgrade.

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