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KuCoin, a number one cryptocurrency alternate with over 27 million customers around the globe, has announced a direct improve to its Know Your Buyer (KYC) verification protocols. This transfer, efficient from July 15, 2023, is geared toward aligning with international compliance norms, making a safer buying and selling atmosphere and enhancing the safety of person accounts.
Johnny Lyu, CEO of KuCoin, defined:
“Crypto has progressively moved from a geek in the direction of mass adoption. Nevertheless, this course of has additionally led to sure safety points regarding on-chain property […] KuCoin has strengthened our KYC system to adjust to regulatory necessities worldwide and higher defend the asset safety of all cryptocurrency customers via enhanced KYC guidelines.”
As a part of the brand new framework, KYC verification will grow to be obligatory for all new customers from July 15, 2023, onwards. This requirement is designed to take care of the accountability and transparency the platform boasts, permitting KuCoin to proceed providing its suite of services to a verified person base.
It’s obligatory to finish the KYC course of if a person has registered earlier than July 15; in any other case, entry to sure options might be restricted. Withdraws will stay obtainable however deposits might be restricted.
These non-KYC-verified customers will solely be capable of “make the most of companies corresponding to Spot buying and selling promote orders, Futures buying and selling deleveraging, Margin buying and selling deleveraging, KuCoin Earn redemption and ETF redemption,” the announcement learn.