The company explained that the measure aims to “improve the security of user accounts and better combat illegal and criminal activities such as money laundering and terrorist financing.”
Starting Aug. 31, users will be required to upload their identity documents and undergo biometric facial verification.
Users who sign up by August 31, 2023, but have not completed their identity verification by that date will only be able to sell coins or close their accounts. They will not be able to use the deposit service, the company added.
“To ensure normal use of your account, be sure to perform standard user identity verification (KYC) as soon as possible,” the company wrote.
KuCoin announced in June that every user of the platform would be required to authenticate themselves. Services for users who have not authenticated their identity will be suspended.
Earlier, the company denied rumors of an impending layoff of 30% of its employees (about 300 people). KuCoin clarified that potential layoffs are a normal organizational process.