Crypto Exchange KuCoin to Introduce Mandatory ID Checks Next Month

CoinDesk
CoinDesk

28 Jun 2023 10:59 AM

As of July 15, new customers will be required to complete identification checks to use KuCoin's services....

  • Cryptocurrency exchange KuCoin will implement mandatory know-your-customer (KYC) checks starting July 15.
  • New customers will need to complete the KYC process to use KuCoin's services.
  • Existing customers who do not complete KYC will be unable to trade or make deposits.
  • Regulators have criticized crypto exchanges for weak KYC checks, which can facilitate fraud, money laundering, and terrorist financing.
  • KuCoin has over 27 million users and is one of the world's largest crypto exchanges with a 24-hour trading volume of $531 million.

The article highlights KuCoin's decision to introduce mandatory KYC checks, which is seen as a positive step towards addressing concerns about lax security measures in the cryptocurrency industry.

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You May Ask

What is the purpose of the mandatory KYC checks introduced by KuCoin?When will the KYC checks become mandatory for new customers?What will happen to existing customers who do not complete the KYC process?Why have crypto exchanges faced criticism for their KYC checks?How does KuCoin's user base and trading volume compare to other crypto exchanges?

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