KuCoin, a cryptocurrency exchange, is working to enhance the strength of its Know Your Customer (KYC) system by introducing new mandatory identity verification measures.
Starting from July 15, 2023, KuCoin will implement mandatory KYC verification for all new users. Failure to complete the KYC process will result in restricted access to KuCoin’s products and services, the exchange announced.
Existing users who registered before July 15, 2023, are also required to complete the KYC process to access certain features on KuCoin. Such users will be unable to make new deposits, while withdrawals will not be affected, according to the announcement.
Existing KuCoin users will still be able to utilize services such as spot trading, canceling futures leverage, and canceling margin trading. Other available services for non-KYC verified existing users include centralized staking and KuCoin Earn.
KuCoin CEO Johnny Lyu stated, “A comprehensive KYC process requires users to provide their name, identification number, and identification photo, while also undergoing facial recognition verification.” The CEO emphasized that KuCoin carefully considers and verifies customer identification and verification data in accordance with current legal and regulatory requirements. He declared:
Typically, we require customer identification information including the customer’s name and other identification details such as physical address, date of birth, and national ID number.