KuCoin Enforces Mandatory KYC Checks: Fund Withdrawals Not Affected

• KuCoin has announced mandatory KYC upgrades for all users starting July 15th.
• Users without KYC will be offered limited access to certain features, but fund withdrawals will remain unaffected.
• The move is a part of the platform’s bid to embrace global compliance requirements and ensure a high level of accountability and transparency.

KuCoin Introduces Mandatory KYC Checks For All Users

KuCoin, the Seychelles-based crypto exchange, has announced an upgrade of its KYC authentication rules and systems from next month onwards. Starting July 15th, all newly registered users must complete their KYC in order to access KuCoin’s full suite of products and services. Existing users who have not completed their KYC process will be offered limited access to certain features, but fund withdrawals will remain unaffected.

Why This Move?

The move by KuCoin is an effort to embrace global compliance requirements and ensure a high level of accountability and transparency within the platform as its competitors face regulatory challenges across various jurisdictions. CEO Johnny Lyu said that the platform has been closely monitoring digital asset policies of various countries and compliance requirements.

What Features Will Be Unavailable?

Users with non-KYC status will not be able to use deposit services, spot trading sell orders, futures trading deleveraging, margin trading deleveraging, KuCoin Earn redemption or ETF redemption on KuCoin. However fund withdrawals will remain unaffected for all users regardless of their KYC status.

Advantages Of Completing The Process

The company said that users who complete the KYC process can enjoy more trust from other members of the community as well as more secure transactions within the platform. They may also benefit from free token rewards available through specific campaigns which are only accessible after completing the verification process.

Conclusion

The new rules set by KuCoin demonstrate how serious they are about complying with global regulations while offering a safe environment for its users in terms of funds security and privacy protection within the cryptocurrency industry.