The KuCoin exchange is bringing in added compulsory know-your-customer (KYC) rules for all clients from 15 July.
KuCoin users must pass KYC procedures to access all products and services, or they will face restrictions, according to the exchange today, 28 June.
KuCoin have announced the move to increase compliance with global Anti-Money Laundering regulations.
If KYC is not carried out, KuCoin users will only be able to access spot trading sell orders, futures trading deleveraging, margin trading deleveraging, ‘earn’ product redemptions and ETF redemptions. Users will also not be able to make deposits but they can withdraw.
KuCoin’s new KYC update will affect a large number of crypto users worldwide. KuCoin has stated that it has more than 20 million registered accounts on its platform as of July 2022.
Founded in September 2017, KuCoin is the world’s eighth-largest crypto exchange by trading volumes. At present, it is not available in the US, Canada, Singapore, China, and Hong Kong.
Other crypto exchanges have also increased their KYC policies of late. In May, Bybit restricted non-KYC users from withdrawing more than 20,000 Tether monthly. Last month it was reported that crypto-criminals have seized on KYC rules by selling hacked and verified accounts on the ‘dark web’ for $30.