- On August 31, 2023, new verification rules on the KuCoin platform will take effect.
- Users must upload documents and undergo biometric face verification.
- Traders without KYC will not be able to make a deposit.
Cryptocurrency exchange KuCoin has announced stricter identity verification rules. Following the Know Your Customer (KYC) principle, it has updated the verification procedure for new and regular users, according to the company’s website.
The new rules will take effect on August 31 at 00:00 UTC. Until then, all customers of the exchange must undergo a basic verification procedure. The company explained that it requires uploading identification documents and performing a biometric facial verification.
“During the upgrade period, your funds are safe and secure. However, to continue using the trading platform’s services, please pass identity verification as soon as possible,” KuCoin said in a statement.
Visitors to the site who have not been verified will have their access to a number of services restricted. They will not be able to sell and buy assets, close margin and futures positions, or fund their accounts.
On July 15, KuCoin introduced mandatory data verification for all users. Starting from this date, some features of the exchange became unavailable to users without KYC. However, they were still able to open orders, repay loans and withdraw funds from staking.
KuCoin representatives emphasized that the mandatory verification will increase account security, help fight illegal and criminal activity, money laundering and terrorist financing.
Some media outlets earlier reported that 30% of the exchange’s employees may be laid off. It was believed that due to the tightening KYC policy, the trading platform’s profits had declined markedly. However, the company’s management has denied the allegation.
The company’s management has denied the allegation.