KuCoin Introduces Mandatory KYC Norm
KuCoin, a significant cryptocurrency exchange, is aiming to improve its Know Your Customer (KYC) system by adding more required identity checks.
KuCoin has announced the impending KYC system improvement on June 28 in an effort to better comply with international anti-money laundering laws.
Starting on July 15, 2023, all new users at KuCoin will be subject to mandatory KYC checks as a result of the KYC authentication upgrade. According to the company, newly registered users won’t be able to utilise KuCoin’s range of products and services until they have finished the KYC process.
Existing users who signed up before July 15, 2023, will also need to finish the KYC procedure in order to enjoy specific KuCoin features. The notice states that while withdrawals would not be impacted, such users will not be able to make new deposits.
(With inputs from Shikha Singh)
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