KuCoin Empowers Security By Unveiling Enhanced KYC Protocol

Key Points:

• KuCoin reinforces its KYC procedure with ID verification and facial recognition for new users as of August 31, 2023, ensuring tighter security and regulatory alignment.
• Existing users who have not completed KYC by August 31 can sell coins and close positions, but deposits will pause.
• The exchange previously halted Bitcoin and Litecoin mining pools on August 15.

KuCoin has unveiled plans to fortify its Know Your Customer (KYC) policy, signaling a crackdown on illegal activities and a boost in user account security.

The enhanced procedure requires new users to complete KYC, including uploading identification documents and undergoing facial recognition, as part of standard identity verification.

This measure is aimed at meeting compliance with regulations and battling money laundering and terrorist financing. The rollout is scheduled for August 31, 2023, at 00:00 UTC.

In accordance with the announcement, users registered prior to August 31, 2023, who haven’t concluded their identity verification will face limitations.

These individuals can engage only in specific functions such as coin selling, closing futures and margin positions, and redeeming earned products and ETFs. Notably, their ability to deposit funds will be paused, although withdrawals remain unaffected.

KuCoin underscores the importance of this upgrade, emphasizing the unchanged security of account funds during the transition. However, users are strongly urged to promptly fulfill the standard KYC requirements to ensure uninterrupted access to their accounts.

In a separate development, the exchange had previously disclosed its decision to suspend support for Bitcoin (BTC) and Litecoin (LTC) mining pools, effective August 15, 2023. To prepare for this suspension, users are advised to back up and maintain their mining records before August 27, 2023.

KuCoin’s strategic moves aim to align with evolving regulatory demands, fostering a more secure and compliant trading environment for cryptocurrency enthusiasts.

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