KuCoin, the well-known crypto exchange, has recently announced a new development to its Know Your Customer (KYC) requirements. The platform took to Twitter to announce that it provides considerable attention to its consumers. For this purpose, the crypto exchange has a strategy to improve the protection of the assets possessed by the clients. In addition to this, the company also focuses on combating the financial crimes being conducted around the globe.
🚨 IMPORTANT: In order to protect users' assets and combat money laundering, terrorist financing and related financial crimes around the world, #KuCoin will enhance our #KYC requirements.
From July 15, 2023 (UTC):
📌 Newly registered users must complete their KYC in order to use… pic.twitter.com/oTZULNqAxd— KuCoin (@kucoincom) June 28, 2023
KuCoin Updates Its Customer Identification and Verification Program, Applies Stringent KYC Requirements
In this respect, the prominent crypto exchange issued an official announcement on this development. While providing details about this move, the company pointed out that the platform has always stressed its core values. It also added that the firm is devoted to fulfilling its obligations related to the Know Your Customer (KYC) requirements. Hence, the company attempts to comply with the implemented regulations. The crypto exchange has declared an enhancement in its Customer Identification and Verification Program.
Apart from shielding the client assets, the program also intends to confront financial crimes taking into account terrorist financing and money laundering. As brought to the front by the company, the respective enhancement will formally be implemented on the 15th of July this year. As a result of this implementation, the latest registered consumers would have to accomplish KYC requirements.
Without accomplishing the respective requirements, the consumers would not have permission to avail themselves of the services and products offered by KuCoin. Customers with a registration before the 15th of the next month, if they have not accomplished their KYC, will be deprived of the services.
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The respective services take into account ETF redemption, KuCoin Earn redemption, Margin trading deleveraging, Futures trading deleveraging, and sell orders of Spot trading. Apart from that, such clients will also have no permission to utilize the deposit service. On the other hand, the withdrawals will have no impact. The platform moved on to disclose that this development will put no effect on the security of the consumer funds.
The Platform Assures Users to Timely Implement Updates to Accomplish Legal Obligations
Nonetheless, to guarantee the normal utilization of their accounts, the consumers must provide the information required for the KYC regulation. In the words of the platform, the assets of the users are categorized as the primary focus thereof. Moreover, KuCoin added, it will implement timely updates to its KYC requirements to complete legal obligations.