KuCoin has tightened its KYC procedure requirements
KuCoin has tightened its KYC procedure requirements
Crypto exchange KuCoin has informed its clients about the updated Know Your Customer (KYC) identity verification process.
This decision was made by the exchange to ensure legal compliance, increase user security, and better combat money laundering and financing of terrorism.
The new procedure, which will take effect at 00:00 (UTC) on August 31, 2023, will require new users to upload identification documents and undergo facial recognition, according to KuCoin's website.
The cryptocurrency exchange notes that users who register before August 31, 2023, and do not pass the new identity verification process will only be able to access a limited range of platform services, such as selling coins, closing futures positions, closing margin positions, redeeming earn products, and redeeming ETFs. In addition, they will not be able to fund their accounts, but withdrawals will be accessible.
According to KuCoin's announcement, all funds held in client accounts remain safe, but users are advised to immediately comply with standard KYC requirements to ensure continued access to their accounts.
"Safeguarding your funds is our top priority. We will promptly update the identity verification requirements and the associated benefits in accordance with legal and regulatory requirements, product characteristics, and the network environment," the exchange said in a statement.
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