On June 5 a new KYC system of crypto exchange KuCoin went live.
«In an attempt to remain as one of the most trustworthy and transparent exchanges in operation, KuCoin will start KYC checks on users. This measure is to ensure KuCoin remains compliant with the developing regulations in the crypto industry», – wrote the exchange in its announcement.
KuCoin also made a notice:
- The KYC is not compulsory, which means if client chooses not to complete his/her KYC, the client could always trade without any restrictions. However there will be a limit of 2 BTC on withdrawal amount in 24 hours. The limit on the withdrawal for KYC unverified account will be implemented on 1st Nov 2018.
- KuCoin strongly suggests client to complete their KYC verifications. To avoid circumstances like forgetting the credentials to access the platform and accounts being taken over by others (information leakage from client side), the verified KYC information will help the client recover his/her account quickly.
- A KYC verified account will have access to the Fiat-Crypto exchange services provided on KuCoin platform in the future.