KuCoin takes proactive steps toward global compliance, bettering user security with a indispensable KYC authentication overhaul.
Johnny Lyu, CEO of KuCoin, explained:
“Crypto has gradually moved from a geek in opposition to mass adoption. Alternatively, this job has also resulted in certain security problems regarding on-chain resources […] KuCoin has reinforced our KYC map to conform with regulatory requirements worldwide and better protect the asset security of all cryptocurrency users by enhanced KYC principles.”
As allotment of the new framework, KYC verification will change into mandatory for all new users from July 15, 2023, onwards. This requirement is designed to protect the accountability and transparency the platform boasts, allowing KuCoin to proceed offering its suite of merchandise and products and companies to a verified user sinful.
It is a ways mandatory to total the KYC job if a user has registered sooner than July 15; in any other case, uncover correct of entry to to certain choices will possible be restricted. Withdraws will remain on hand however deposits will possible be restricted.
These non-KYC-verified users will handiest be ready to “produce the most of products and companies a lot like Self-discipline shopping and selling promote orders, Futures shopping and selling deleveraging, Margin shopping and selling deleveraging, KuCoin Procure redemption and ETF redemption,” the announcement read.