Benzinga - Crypto exchange KuCoin on Wednesday announced that it will be implementing an upgrade to its Know Your Customer (KYC) authentication protocols that seek to embrace global compliance standards, foster a more secure trading environment, and enhance the security measures for user accounts.
As of July 15, 2023, anyone registering on the KuCoin platform will be required to complete the KYC process in order to gain access to the full range of KuCoin’s products and services.
The exchange says the step is being taken to ensure accountability and transparency on the platform.
Moreover, for the users who have registered before the effective date and have not completed the KYC process, there will be limitations on the services they can access.
Such users will be restricted to using certain services including Spot trading sell orders, Futures trading deleveraging, Margin trading deleveraging, KuCoin Earn redemption, and ETF redemption.
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Notably, non-KYC users will not have access to deposit services, but withdrawals will continue to be available to them.
KuCoin's CEO, Johnny Lyu said, “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. 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."
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