Major cryptocurrency exchange KuCoin is taking steps to offer enhanced security for all users by introducing new mandatory Know Your Customer (KYC) checks. Announced on June 28, starting from July 15, 2023, all new KuCoin users will be required to complete identity verificationto access the full suite of services available on the platform.
Existing users who succesfully registered prior to this date will still be able to utilize certain functions, however, before they are able to deposit, they will also be required to complete KYC procedures. The new system doesn’t obstruct users from accessing pairs via spot trading, futures trading deleveraging, margin trading deleveraging, as well as redemptions at KuCoin’s staking and earning hub. Therefore, non-KYC users who have registered before the start of this procedure will still be able to take part in reinvesting and exchanging.
This roll out highlights the efficient path that KuCoin exchange is taking to achieve effective global Anti-Money Laundering (AML) compliance. KuCoin CEO, Johnny Lyu, laid out their intentions and aspirations by noting how development of the crypto industry has leads to multiple essential security issue concerning on-chain assets from being brought to light; multiple cryptocurrencies may be at threat of depreciation due to suspicious or fraudulent activities formed with the digital assets. Kyu continued, “passing gradual KYC authentication system checks will not only increase the security of the exchange, these verifications will offer a higher defendancy from passwords and personal information violation.
It is evident that increasing their KYCystem will provide better protections for users internationally overall and surely more exclusivity and safety for offering services at KuCoin in the years to come. Already consisting of 20 million registered users and a reputable name on the market, KuCoin attracts a daily average over 8 million visits in the month of July 2022, not to forget combined global daily trade passes $540 million due to their enticed trading dynamics.
