Seychelles-based crypto exchange KuCoin has announced that it would make the Know Your Customer (KYC) identity verification measures mandatory for all clients as of July 15. KuCoin CEO Johnny Lyu said the move aims to make the platform better compliant with the applicable regulatory requirements. As of July 15, users will have to provide information regarding KYC measures to fully access KuCoin's products and services. - Otherwise, the clients will face limitations, will not be able to make deposits, and will be only able to withdraw.
- Services that will still be allowed without completing KYC procedures include spot trading sell orders, futures trading deleveraging, and margin trading deleveraging.
- KuCoin, launched in 2017, is currently the eighth-largest crypto exchange by trading volume.
- The platform caters to more than 27 million institutional and retail clients worldwide.
- The exchange does not serve users in several countries, including the U.S., Canada, Singapore, China, and Hong Kong.
KYC is a common regulatory process generally implemented by financial services providers, including banks and crypto exchanges, to identify and verify their customers by asking for some key personal information and documents. - The process aims to improve trust in the industry, help service providers to assess the risks, and combat money laundering and terrorism financing.
- Several other crypto exchanges, including Binance and Bybit, also require customers to complete KYC verification in all services.
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