KuCoin... We had a Good Run While it Lasted

By Cje95 | Chronic Illness and Crypto | 13 Jul 2023

As most of yall know KuCoin recently enacted a KYC requirement which honestly is not something that I am not too concerned about and I understand from their POV of how they need to err on the side of caution. Honestly, I have nothing but great things to say about them as the user experience was simple and it has a fantastic variety of options. Sadly though, not that it will really affect them business-wise, I won't be able to use them anymore due to the KYC system they have decided to use. 


For those that do not know I am from Texas but I work for Congress in Washington, DC. This allows me to maintain my Texas residency for most things. My bank account though had to be moved to DC because my Chase credit cards kept getting flagged due to never being used in the state. With other exchanges and other different investing platforms that need a KYC (like my high-yield saving account), I should pass with ease because within the KYC rules there is an exception for people with jobs like mine.


KuCoin, though, isn't allowing people to use that exception, so when I have a Texas driver's license and a Washington, DC address, they flag and deny my attempt. Over the last few months, I have reached out to them several times to try and explain it and even have sent them documents that they give Congressional Staff to get the okay without success. It is a super big bummer because I did really like how easy the exchange was to use and how KuCoin had a partnership with Publish0x allowing for transfers under that $5 amount. One thing that was super funny though was when one of KuCoin's employees tried to tell me I was breaking the law and had to get a new Drivers License. I really did try to assure them that I was not breaking the law and I even checked with my Chieg of Staff to make sure and was assured that that was not the case but KuCoin erring on the side of caution never changed their mind so I had to pull all the funds I could as fast as possible.


There was one thing I left and it is because I forgot about it and it only dawned on me once they said I had to go through the KYC again (I did and failed it again I had really hoped it would work though). I left my nice little $10 bag of ADA staked on their platform earning 3.05% APY. If ADA blows up I am sure I am going to regret not moving it but since I do not need to change my address (I would then have to start paying additional taxes because DC has an income tax and Texas doesn't) I will just have to let that little $10 bag sit there and hopefully grow till KuCoin approves my KYC like everyone else already has.


Till then I will miss you KuCoin my friend :( 


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Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_

Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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