KuCoin has decided to improve its security measures, in the absence of a definitive crypto governance system, to be more in sync with global anti-money laundering regulations. The crypto exchange said on Thursday, June 28, that all its users, new and existing, will have to complete their KYC formalities to unlock access to all KuCoin services and products. KYC or Know Your Customer is a digital identity of oneself, often backed by some government certified ID proof.
From 15th July all new registered users will have to complete this KYC To access the comprehensive suite of products and services of the Exchange.
“As people exchange, KuCoin has always given priority to the safety of users’ assets. As a global exchange, KuCoin closely monitors crypto policies of different countries and respects compliance requirements, providing users with enhanced asset protection. johnny lew the CEO of KuCoin told Gadgets 360.
In a recent report, coingeco named KuCoin as the third most trusted exchange in the world after Coinbase and Bybit.
Despite the excellent reputation of the market, this year alone the exchange has had to go through chaotic situations at least twice.
For example, in April, Seychelles-based crypto exchange Identified that one of its users was a serial scammer. the said user will issue memecoins Mint investment, and then carry out a typical ragpull scam, irking the stakeholders.
At the time, the exchange had to wait for approval from the Seychelles authorities before it could stop the alleged scamster.
With this improved KYC system, the platform seeks to enhance its self-reliance on security provisions in terms of better identification of its users and timely reporting of suspected potential criminals.
“Users who are registered before July 15, and fail to complete the KYC process, will have restricted access to certain features. These users will only be able to access services such as spot trading sell orders, futures trading deleveraging, margin trading deleveraging, KuCoin Earn redemption and ETF redemption. Deposit services will not be available, however withdrawals will remain unaffected,” the company said
During the upgrade period, users’ assets will be safe, KuCoin has confirmed.
Launched in September 2017, the exchange currently sits at a valuation of $10 billion (roughly Rs. 82,000 crores).