The KuCoin exchange is a favourite destination for crypto investors, as it respects "privacy", an important concept associated with the existence of crypto. But now this will be a thing of the past because, as of July 15, 2023, KuCoin will make KYC mandatory.
Some relief to old users
Each newly registered user from July 15, must complete the KYC in order to access KuCoin's products and services. Users who are registered before July 15, will be able to access only few of KuCoin's services.
Spot Trading Sell Order, Futures Trading Deleveraging, Margin Trading Deleveraging, KuCoin Earn Redemption, ETF Redemption.
Withdrawal is open, Deposits need verification
Every platform must meet the need of seamless withdrawal; else, it is deemed a scam. Since Kucoin is a legitimate platform, there are no restrictions on withdrawals; non-KYC users can also withdraw. However, KYC will be required for all new deposits; after a withdrawal, you won't be able to use Kucoin without KYC.
Loss of KuCoin begins with KYC
The loss of Kucoin is beginning, along with KYC. For instance, the US might forbid Kucoin from doing business with its citizens if it serves customers from Cuba, Iran, Russia, and other countries that the US has sanctioned. There will be a KYC issue for customers in many nations with restricted crypto legislation.
