What's Hot

    Circle Launches EURC on Stellar Network

    September 28, 2023

    Gemini Allocates $24 Million for Indian Expansion

    September 28, 2023

    Kraken Secures EMI License from Ireland and Spain

    September 28, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      Circle Launches EURC on Stellar Network

      News September 28, 2023
      Recent

      Circle Launches EURC on Stellar Network

      September 28, 2023

      Gemini Allocates $24 Million for Indian Expansion

      September 28, 2023

      Kraken Secures EMI License from Ireland and Spain

      September 28, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»KuCoin Enhances KYC System with Mandatory Identity Checks
    News

    KuCoin Enhances KYC System with Mandatory Identity Checks

    Anietie DavidBy Anietie DavidJune 29, 2023Updated:June 29, 2023No Comments3 Mins Read
    KuCoin Enhances KYC System with Mandatory Identity Checks
    Share
    Facebook Twitter LinkedIn Pinterest Email

    In a bid to bolster its compliance with global Anti-Money Laundering (AML) regulations, leading cryptocurrency exchange KuCoin has announced a forthcoming upgrade to its Know Your Customer (KYC) system. The implementation of mandatory KYC checks for all new users will commence on July 15, 2023.

    According to KuCoin’s official announcement on June 28, new users who fail to complete the KYC process will be unable to access the exchange’s range of products and services. Additionally, existing users who registered prior to July 15, 2023, will also be required to complete the KYC authentication in order to access certain features, though withdrawals will remain unaffected.

    To fulfill the KYC requirements, users will be asked to provide personal information such as their name, identification number, and identification photo, along with undergoing facial recognition. KuCoin’s CEO, Johnny Lyu, explained that the exchange diligently verifies customer identification and verification data, adhering to the applicable laws and regulations of the respective jurisdictions.

    Furthermore, KuCoin collects supplementary information pertaining to a customer’s business and risk profile, including trading activity details and the origin of virtual funds deposited.

    Lyu emphasized that KYC has always been a fundamental principle upheld by KuCoin, with identity recognition being an integral part of their existing processes. He stressed that the exchange’s KYC policy is designed to align with regulations in the jurisdictions where they operate, as there is currently no unified global KYC regulation.

    However, it’s worth noting that KuCoin explicitly stated that it does not support KYC based on the regulations of the United States.

    KuCoin: A Prominent Crypto Exchange with Impressive Trading Volumes

    In the realm of cryptocurrency exchanges, KuCoin has emerged as a significant player, boasting remarkable trading volumes. According to the latest data from CoinGecko, KuCoin stands among the largest crypto exchanges globally, facilitating approximately $540 million in daily trading. Additionally, this exchange attracts over 8 million visitors on a monthly basis, further solidifying its position in the market. To provide context, it is worth noting that Kraken, a major United States-based exchange, witnesses around 5 million monthly visits and trades cryptocurrencies worth approximately $380 million daily.

    Recent times have witnessed a surge in Know Your Customer (KYC) policies adopted by numerous cryptocurrency exchanges. In May, Bybit exchange joined the trend by imposing restrictions on non-KYC users, limiting their monthly withdrawals to 20,000 Tether. The purpose behind these stringent measures is to enhance security and compliance within the industry. However, there have been unintended consequences as cybercriminals have seized the opportunity created by KYC requirements. It has been reported that hacked and verified crypto accounts are being illicitly sold on the darknet for as little as $30, as of April 2023.

    KuCoin KYC
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleMicroStrategy Bolsters Bitcoin Holdings with $337 Million Purchase
    Next Article Belarus Ministry Cracks Down on P2P Crypto Exchange to Combat Cybercrime
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    Circle Launches EURC on Stellar Network

    September 28, 2023

    Gemini Allocates $24 Million for Indian Expansion

    September 28, 2023

    Kraken Secures EMI License from Ireland and Spain

    September 28, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    Hong Kong Monetary Authority (HKMA) Issues Warning on Misleading Crypto Banking Claims

    September 18, 2023

    Report Shows that 99% of Nigerians are Crypto Aware

    September 4, 2023

    Hong Kong Report Reveals Positive Impact of Bond Tokenization on Market

    August 26, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.