Cryptocurrency exchange KuCoin announced that since July 15, every user of the site will have to pass the identification (KYC). Services for users who have not been authenticated will be suspended.
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Crypto exchange KuCoin introduces mandatory identification for all users
In a statement, the exchange said that the KYC (know your customer) procedure is required to pass all. Users who have not been identified will only be able to trade on the spot market, reduce positions on the futures market and reduce positions on the margin market. In addition, they will not be able to use interest earning products or invest in ETFs.
“KYC’s new policies will allow KyCoin to better comply with regulatory requirements. Once customers provide us with the information we need, we will be able to give them a wider range of services, including larger withdrawal limits, more complete trading tools, and different custom activities,” the site said in a statement.
Earlier it was reported that hackers managed to hack KuCoin’s Twitter account.