KuCoin, a leading cryptocurrency exchange, has announced that it will implement mandatory identity verification procedures for all users. The exchange said the move is necessary to comply with global regulations and enhance user security.
KYC, or Know Your Customer, is a process that requires users to provide their personal information, such as name, address, date of birth, and proof of identity, to a service provider.
The purpose of KYC is to verify the identity of the users and prevent money laundering, terrorism financing, fraud, and other illegal activities.
By verifying their identity, users can also access more features and services on the platform, such as higher withdrawal limits, faster transactions, and better customer support.
How to Complete the KYC Process on KuCoin?
According to KuCoin’s announcement, the KYC process will be divided into three levels: Basic Verification, Intermediate Verification, and Advanced Verification.
Each level will have different requirements and benefits for the users;
- Basic Verification:Â Users will need to provide their name, nationality, and ID number. This level will allow users to access basic services such as deposits, withdrawals, trading, staking, and lending. The daily withdrawal limit will be 2 BTC.
- Intermediate Verification:Â Users will need to provide their phone number and a photo of their ID document. This level will allow users to access more services like fiat deposits and withdrawals, margin trading, futures trading, and P2P trading. The daily withdrawal limit will be 100 BTC.
- Advanced Verification:Â Users will need to provide a proof of address document and a selfie with their ID document. This level will allow users to access all services on the platform without any restrictions. The daily withdrawal limit will be 500 BTC.
KuCoin said that the KYC process will be rolled out gradually, and users will be notified via email or SMS when they need to complete it.
Users who have already completed the KYC process before the announcement do not need to repeat it.
KuCoin also assured its users that their personal information will be stored securely and encrypted on the platform.
The exchange said that it respects the privacy of its users and will not disclose their information to any third parties without their consent.
KuCoin’s Commitment to Compliance and Security
KuCoin’s decision to introduce mandatory KYC verification for all users is part of its commitment to comply with global regulatory requirements and enhance user security.
The exchange said that it aims to provide a safe and reliable platform for its users and cooperate with regulators and law enforcement agencies around the world.
KuCoin has been operating since 2017 and has over 10 million registered users in more than 200 countries and regions.
The exchange offers a variety of services and products, such as spot trading, margin trading, futures trading, staking, lending, P2P trading, NFT trading, and more.
KuCoin has also invested in security measures and innovations to protect its platform and users from hacking attacks and other threats.
In September 2020, KuCoin suffered a major security breach that resulted in the loss of over $280 million worth of cryptocurrencies.
However, the exchange managed to recover most of the stolen funds with the help of other exchanges, projects, law enforcement agencies, and its own security team. KuCoin also compensated its affected users with its insurance fund.
