The cryptocurrency exchange KuCoin announced that from the following month, know-your-customer (KYC) inspections will be required. New users will have to go through a KYC procedure starting on July 15 in order to use KuCoin’s services, the exchange announced on Wednesday. Existing customers won’t be allowed to trade or deposit if KYC isn’t completed.
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Individual accounts’ KuCoin verification speeds vary depending on the tier, which is split into “Basic” and “Advanced” verification. Basic verification can be authorized in a matter of hours, but advanced verification calls for more paperwork and may take up to three business days to be approved. According to the official KuCoin website, users’ information is verified within five days after submitting it. The KuCoin staff may need at least a week to assess corporate accounts.
“The safety and security of users’ funds is our first priority as the People’s Exchange. Our collaboration with Mazars is the next step in our mission to make assets more visible to our users, demonstrating our dedication to openness and enhancing industry confidence.”
Since its inception, KuCoin has been dedicated to offering users secure, user-friendly platforms and solutions while advancing user security, transparency, and risk management. “It is a joy to work with Mazars, a reputable audit, tax, and advice business, to give users a solid, legitimate platform in these trying times and to advance the growth of the sector,” Tweet by Johnny Lyu, CEO of KuCoin.
Insert tweet: https://twitter.com/lyu_johnny/status/1645553973427052544?s=20
According to data from CoinGecko, KuCoin, one of the biggest cryptocurrency exchanges in the world with a 24-hour trading volume of $531 million, claimed to have over 27 million users as of the end of the year 2022.
