- KuCoin is rolling out KYC policies starting July 15, 2023.
- The new policy restricts access to most features without KYC verification.
- Users can still withdraw funds at any time.
As crypto exchanges face increasing scrutiny from regulators worldwide, KuCoin has taken steps to comply. From July 15, KuCoin users must pass mandatory Know Your Customer (KYC) procedures.
This step signifies a shift in crypto industry practices towards greater regulatory compliance. But what does it mean for KuCoin’s users?
What KuCoin Is Doing With KYC
On Wednesday, June 28, KuCoin declared its plan to upgrade its KYC authentication rules and systems. This move is to comply with global compliance requirements, increase the security level of user accounts, and create a safer trading environment.
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With this upgrade, all newly registered users must complete KYC to access KuCoin’s suite of services. For users who registered before July 15, 2023, failing to complete the KYC process will restrict their access to specific features.
What Does Kucoin KYC Mean for Users?
Starting from July 15, 2023, all newly registered users will have to complete the KYC process to unlock full access to KuCoin’s services. This will involve providing identification documents that can verify their identity and address. The documents required could include a passport, driver’s license, or utility bill. KuCoin will clarify the exact steps and requirements.
If you have registered on KuCoin before July 15, 2023, the changes also apply to you. You will need to complete the KYC process to continue accessing all of KuCoin’s services without limitations.
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Failure to do so will restrict your access to certain features such as spot trading sell orders, futures trading deleveraging, margin trading deleveraging, KuCoin Earn redemption, and ETF redemption. Importantly, they will not be able to make new deposits on the platform, which effectively prevents them from adding funds to their accounts for trading.
What Happens If I Miss the Deadline for KYC on Kucoin?
If you’re an existing KuCoin user and you miss the July 15, 2023, deadline for the new KYC procedures, your account will face certain restrictions. Although your account will not be closed, and your assets remain safe, you will be limited to specific services.
You’ll still have access to spot trading sell orders, futures trading deleveraging, margin trading deleveraging, KuCoin Earn redemption, and ETF redemption. However, you won’t be able to make new deposits into your account.
Crucially, you’ll retain the ability to withdraw both fiat and cryptocurrency assets, so your funds are not at risk. You can complete the KYC process at any time after the deadline to restore full access to KuCoin’s services.
Is My Data Safe?
Data security is a fundamental concern for any user submitting personal information for KYC procedures. KuCoin has indicated its commitment to protecting user data, meaning it will likely use encryption and secure storage practices to protect your personal information.
However, it is always wise to review KuCoin’s data protection policy in detail to understand how they handle and secure personal data. If you have any doubts, contact their customer support for further clarification.
What About KuCoin’s Customers From the US?
DailyCoin reached out to KuCoin asking what would happen to users that may have used KuCoin from the United States, where the platform is restricted. They emphasized that KuCoin is taking various measures to prevent users from bypassing its location restrictions. Still, they assured us that all users, regardless of where they are from, will be able to withdraw their funds at any time.
“Please be rest assured that all the accounts and assets are completely safe and secured at KuCoin, and withdrawal services are not impacted,” a KuCoin spokesperson said.
I’m Having Issues with KYC and/or Withdrawals: What Can I Do?
If you encounter problems during the KYC process or withdrawals, you can contact KuCoin support. You can access their support center for information regarding the KYC process and troubleshooting tips.
If your issue persists, join the official KuCoin Telegram group to discuss your problems with other users and support staff. You can also contact the online customer service team directly through the KuCoin website or app.
Remember never to share sensitive account details like passwords or two-factor authentication codes with anyone, even if they claim to be from KuCoin support.
On the Flipside
- Like KuCoin, most other centralized exchanges require KYC verification from their customers.
- Users that prefer to avoid KYC measures can use decentralized exchanges such as Uniswap.
Why This Matters
This move by KuCoin signals a growing trend in the cryptocurrency world towards stricter regulation and compliance measures.
Read more about how scammers are bypassing KYC regulations:
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