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KuCoin Cryptocurrency Exchange Will Force Users to Complete KYCo

Date:2024-07-22 18:36:24 Channel:Wallet Read:


The four most famous international exchanges:

Binance INTL
OKX INTL
Gate.io INTL
Huobi INTL
Binance International Line OKX International Line Gate.io International Line Huobi International Line
China Line APP DL China Line APP DL
China Line APP DL
China Line APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.


Coin Circle (120Btc.com) News: KuCoin announced on the 29th that it will force users to complete real-name authentication (KYC) from July 15th. Newly registered users must complete KYC before they can use KuCoin services. Old users who have not completed KYC after 15 days will be restricted from some functions, and can only use spot trading, contract liquidation, leverage liquidation, KuCoin token redemption, ETF redemption and other functions. They cannot deposit but can withdraw.

KuCoin forces users to complete KYC certification and will also collect users' daily trading behavior

"The complete KYC process requires users to provide their name, ID number and ID photo, and also requires facial recognition." KuCoin CEO Johnny
Lyu pointed out that KuCoin will also collect user account transaction records, such as the nature and amount of trading activities and the source of deposited digital assets. KuCoin said that the reason for strengthening KYC is to comply with global regulatory standards in order to combat money laundering crimes and improve user account security.

The U.S. Securities and Exchange Commission (SEC) recently sued exchanges such as Coinbase. In March this year, the New York Attorney General's Office (OAG) announced that New York Attorney General Letitia
James accused KuCoin of violating New York State regulations because KuCoin did not complete the registration of cryptocurrency exchanges or securities dealers with the SEC or the U.S. Commodity Futures Trading Commission (CFTC), but claimed to be an exchange.

OAG further pointed out that KuCoin users can purchase ETH, LUNA and TerraUSD (UST) through the exchange. OAG determined that these virtual assets all belong to the category of securities. OAG accused KuCoin of selling unregistered securities in the form of pledge and lending products KuCoin
Earn. Attorney General Letitia
James once stated that the IP address, official website and App services of KuCoin will be blocked until the platform completes registration and meets legal compliance standards.

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