Share this article
Crypto Exchange KuCoin to Introduce Mandatory ID Checks Next Month
As of July 15, new customers will be required to complete identification checks to use KuCoin's services.
Jun 28, 2023, 10:59 a.m.
Make us preferred on Google
Cryptocurrency exchange KuCoin said it will introduce mandatory know-your-customer (KYC) checks next month.
Starting July 15, new customers will be required to complete a KYC process to start using KuCoin's services, the exchange said on Wednesday. Existing customers who do not complete KYC will not be able to trade or make deposits.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Crypto exchanges have been met with criticism for perceived lax KYC checks, with regulators saying that these help fuel fraud, money laundering and terrorist financing.
KuCoin, which said it had over 27 million users as of end-2022, is one of the world's largest crypto exchanges with 24-hour trading volume of $531 million, according to data by CoinGecko.
Read More: Binance Users in China, Elsewhere, Evade KYC Controls With Help of 'Angels': CNBC
More For You
More For You
Recapping Consensus Hong Kong
Crypto's role in payments for AI, regulatory changes and the digital asset market dominated conversations on the ground.
What to know:
- Speakers at CoinDesk's Consensus Hong Kong conference said crypto and stablecoins are likely to become the default payment tools for autonomous AI agents in an emerging "machine economy."
- Market participants warned that bitcoin, which has already dropped nearly $30,000 in a month, may fall further, with $50,000 seen as the level to watch.
- Hong Kong regulators are pressing ahead with crypto rules even as others wait to see how U.S. legislation develops.
Top Stories
