Kucoin, one of the major crypto trading platform has announced it is mandatory to complete Kucoin KYC. Without having an KYC Compliant account, user will not able to perform any trading activity or register on the Kucoin. This update has bee shared officially by Kucoin on their Official Website under announcement page section.
Kucoin KYC has been made mandatory to fulfill ‘Know Your Customer’ obligation in accordance with the applicable regulatory requirements. And also to protect customer’s assets and combat money laundering, terrorist financing and related financial crimes around the world.
| Exchange | Kucoin |
| KYC Mandatory Effective Date | 15th July 2023 |
| Kucoin KYC Verification Eligibility | Existing as well as New Users |
| Kucoin KYC Requirements | Identity Proof Document |
Kucoin Mandatory KYC requirement will take effect from 15th July 2023 (UTC). But there is a relief for few users from fulfilling the Kucoin KYC Mandatory Requirement. So who are those who can bypass the mandatory KYC requirement, you will get to know after reading the further article.
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For Whom Kucoin KYC Is Mandatory
Commencing from July 15, 2023 (UTC), it is a mandatory requirement for newly registered users to successfully fulfill the Know Your Customer (KYC) process in order to access and utilize the range of products and services offered by KuCoin.
Who Can Skip Kucoin KYC & Which Features They Will Miss
For users who completed their registration prior to July 15, 2023 (UTC), failure to complete the Know Your Customer (KYC) process will result in restricted access to certain services. These users will retain the ability to utilize services such as Spot trading sell orders, Futures trading deleveraging, Margin trading deleveraging, KuCoin Earn redemption, and ETF redemption. However, they will be unable to access the deposit service, while withdrawals remain unaffected.
Difference between Kucoin KYC and Non-KYC Account.
| Kucoin KYC Account | Kucoin Non-KYC Account |
|---|---|
| All Features can be accessed | Cannot Deposit |
Below is the official wording for Kucoin Shared through email, on announcement page and social media.
Enhancement of KuCoin Customer Identification and Verification Program
Dear KuCoin Users,
Consistent with KuCoin’s core values, we are dedicated to fulfilling ‘Know Your Customer’ obligation in accordance with the applicable regulatory requirements. We continually protect our customer’s assets and combat money laundering, terrorist financing and related financial crimes around the world, based on this, KuCoin will enhance the Customer Identification and Verification Program.
The enhancement will officially take effect on July 15, 2023 (UTC).
Please take note of the following:
- Starting from July 15, 2023 (UTC), newly registered users must complete their KYC in order to use KuCoin’s products and services.
- For users who registered before July 15, 2023 (UTC), if their KYC is not completed, they will only be able to use services such as Spot trading sell orders, Futures trading deleveraging, Margin trading deleveraging, KuCoin Earn redemption, ETF redemption, and will not be able to use the deposit service (withdrawals are not impacted).
The above enhancement will not impact the security of your funds in your account. However, to ensure the normal usage of your account, please submit KYC required information as soon as possible.
Protect customer’s assets is our primary duty. We will timely update the KYC requirements and corresponding limits according to the relevant legal obligations, integrate with the properties of various products and network environments. Please pay attention to our announcements on the platform so that to consistently be informed the latest information.
Thank you for your understanding and support.
The KuCoin Team
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