KuCoin Crypto Exchange to Implement Compulsory ID Verification Starting Next Month
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KuCoin, a cryptocurrency exchange, announced that it will implement compulsory know-your-customer (KYC) verifications starting from next month.
On Wednesday, KuCoin stated that beginning July 15, all new customers must undergo a KYC procedure in order to access and utilize the exchange's services. Existing customers who fail to complete the KYC process will be unable to engage in trading activities or make deposits.
Crypto exchanges have faced significant scrutiny due to perceived deficiencies in their KYC checks, as regulators argue that these deficiencies contribute to fraudulent activities, money laundering, and the financing of terrorism.
KuCoin, one of the world's largest cryptocurrency exchanges, reported an impressive user base of over 27 million by the close of 2022. CoinGecko's data further reveals that the exchange enjoys a remarkable 24-hour trading volume of $531 million, cementing its position as a leading player in the crypto market.
