• KuCoin is introducing KYC authentication rules from July 15, 2023.
• Users registered before this date must complete the KYC process to access all features without restrictions.
• Failure to complete KYC will result in restricted access to certain services and deposits.
What Is KuCoin Doing With KYC?
KuCoin has announced plans to upgrade its Know Your Customer (KYC) authentication process in order to comply with global compliance requirements, increase security levels for user accounts, and create a safer trading environment. Starting from July 15, 2023, newly registered users are required to undergo the KYC process in order to unlock full access to all of KuCoin’s services. Existing users who have registered before this date must also complete the KYC procedure or face restrictions on accessing certain services and deposits.
What Documentation Is Required?
The documents that are required for verification can include a passport, driver’s license or utility bill. KuCoin will give more detail on exactly what steps and requirements need to be taken when it comes time for new users or existing users updating their accounts.
What Are The Restrictions?
If existing users fail to update their account with the mandatory KYC information by July 15th then they will face restrictions on their account. These restrictions include not being able to use spot trading sell orders, futures trading deleveraging, margin trading deleveraging, KuCoin Earn redemption and ETF redemption without completing the KYC process first as well as not being able to make new deposits into their accounts which would prevent them from adding funds for trading purposes.
Is It Possible To Miss The Deadline For KYC On Kucoin?
Yes it is possible for users who have already registered prior to July 15th but failed to update their information with the necessary KYC documentation by that date; though their accounts won’t be closed down nor will they lose access of any assets held within them they will still be limited in regards of which services they can use until such time as they do update their information accordingly.
Conclusion
KuCoin’s upgraded Know Your Customer (KYC) policy aims at creating a safer trading environment whilst complying with global regulations. All newly registered users must go through the mandatory verification process from July 15th onwards while existing members must update their details if they wish to continue using all of KuCoin’s features without restriction – failure in doing so will bring about certain limitations unless updated accordingly in due course of time.