Main cryptocurrency trade KuCoin is working to strengthen its Know Your Buyer (KYC) system by introducing new necessary identification checks.
On June 28, KuCoin formally introduced the upcoming KYC system improve in a transfer to extend compliance with international Anti-Cash Laundering laws.
The KYC authentication improve introduces necessary KYC checks for all new customers at KuCoin ranging from July 15, 2023. With out finishing KYC, newly registered customers will be unable to entry KuCoin’s suite of services and products, the agency stated.
Current customers who registered earlier than July 15, 2023, can even have to finish the KYC course of to entry some options on KuCoin. Such customers will be unable to deposit new funds, whereas withdrawals will stay unaffected, the announcement notes.
KuCoin’s current customers will nonetheless be capable to use companies like spot buying and selling promote orders, futures buying and selling deleveraging and margin buying and selling deleveraging. Different obtainable companies for current non-KYC customers embody redemptions at KuCoin’s staking and lending hub, KuCoin Earn, in addition to exchange-traded funds’ redemption.
“As a globalized trade, KuCoin intently displays the crypto insurance policies of varied international locations and respects compliance necessities, offering customers with enhanced asset safety,” KuCoin CEO Johnny Lyu acknowledged. He stated that KuCoin’s new KYC system is not going to solely enhance the platform’s compliance, but additionally assist higher defend the “asset safety of all cryptocurrency customers.”
Lyu added:
“With the event of the cryptocurrency business, crypto has steadily moved from a geek towards mass adoption. Nonetheless, this course of has additionally caused sure safety points regarding on-chain belongings.”
KuCoin didn’t instantly reply to Cointelegraph’s request to touch upon whether or not the brand new KYC system applies to all customers and particulars about its present KYC necessities. This text will likely be up to date pending additional info.
The brand new KYC replace will have an effect on a major variety of cryptocurrency customers worldwide. KuCoin says it had over 20 million registered accounts on its platform as of July 2022.
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KuCoin can be one of many world’s largest crypto exchanges by buying and selling volumes. On the time of writing, KuCoin’s day by day buying and selling volumes quantity to round $540 million, with greater than 8 million month-to-month visits, in line with information from CoinGecko. To check, main United States-based trade Kraken has about 5 million visits monthly, with about $380 million value of crypto traded day by day.
Another cryptocurrency exchanges have been growing their KYC insurance policies just lately as effectively. In Could, Bybit trade restricted non-KYC customers from withdrawing greater than 20,000 Tether (USDT) month-to-month. Cybercriminals have capitalized on KYC necessities, reportedly promoting hacked and verified crypto accounts on the darknet for $30 as of April 2023.
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