KuCoin, a cryptocurrency exchange based in Seychelles, has recently announced an upgrade to its know-your-customer (KYC) procedures. This strategic move comes in the wake of escalating regulatory oversight on crypto exchanges worldwide this year, a trend that has been gaining momentum.
KuCoin Amplifies KYC Amid Regulatory Scrutiny
KYC seems to be an unavoidable requirement as crypto exchanges rush to meet the growing demands of financial regulators.
KuCoin has stated that the enhancement of its Customer Identification and Verification Program is aimed at safeguarding customer assets and combating financial crimes globally. This is a clear indication of the exchange’s commitment to adhere to global financial regulations.
New KuCoin Users Face Mandatory KYC
From July 15 onwards, new KuCoin customers will be required to complete KYC to access the exchange’s offerings. Existing users who have not completed KYC will face limitations on services, including restrictions on deposits until KYC is completed. This is a significant change in policy that will impact both new and existing users.
Crypto Community’s Mixed Reactions to KuCoin’s KYC
The crypto community has expressed mixed feelings about KuCoin’s announcement. While some users are disappointed and plan to stop using the exchange due to the new KYC requirements, others believe that KYC compliance is inevitable for all major exchanges and are prepared to comply. This has sparked a lively debate within the community.
KuCoin’s Native Token KCS Experiences a Dip
In response to the KYC news, KuCoin’s native token, KCS, has seen a 2.4% drop. This contributes to a 15% decrease over the month, and the token is currently trading at $6.40. This dip in value is a clear reflection of the market’s reaction to the new KYC policies.
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