Crypto exchange KuCoin is introducing mandatory KYC for all users

The Block
The Block

28 Jun 2023 10:00 AM

Crypto exchange KuCoin is introducing mandatory know-your-customer (KYC) procedures for all clients starting July 15....

  • KuCoin, a cryptocurrency exchange, will require all clients to complete know-your-customer (KYC) procedures starting July 15.
  • Failure to complete KYC will result in limitations on accessing KuCoin's products and services.
  • Users who have not completed KYC can only engage in limited activities such as spot trading sell orders and certain redemptions.
  • The move is in response to regulatory crackdowns, including the recent charges against rival exchange Binance by the U.S. Commodity Futures Trading Commission.
  • KuCoin aims to comply with regulatory requirements and provide users with a wider range of platform products and services by collecting more user information.
  • The exchange currently serves over 27 million users globally but does not operate in countries like the United States, Canada, Singapore, China, and Hong Kong.
  • KuCoin's trading volume this month is over $15 billion, while Binance's volume exceeds $211 billion.
  • The new KYC policy may lead to a short-term decline in trading volume but is expected to benefit the industry in the long run by combating malicious activities and protecting user funds.
  • KuCoin was valued at $10 billion in a pre-Series B funding round last year.

The overall sentiment of the article is neutral. It provides information about KuCoin's new KYC policy and its potential impact on the industry without expressing a positive or negative opinion.

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You May Ask

When will KuCoin mandate KYC procedures for all clients?What limitations will users face if they do not complete KYC?Why is KuCoin implementing the new KYC policy?In which countries does KuCoin currently not serve users?How does KuCoin's trading volume compare to Binance's?Note: The answers to these questions can be found within the article.

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