It seems as though with their new policy changes KuCoin is trying to chase away their American users, giving them no other option but to withdraw their funds and find a new exchange.
KuCoin has recently made verification mandatory to use all functions besides for selling and withdrawing and does not allow Americans to verify.
I don’t understand how this could make sense for them, to want to destroy their American customer base, it’s not like the U.S. is some tiny poor country that it’s not worth the hassle of doing business with, but KuCoin has decided that it’s worth it to restrict all practical functions for American users with no alternative presented.
They make it sound like they are being gracious by not stopping withdrawals while that would be stealing and would destroy any trust that anyone had left in them taking down KuCoin forever.
If this is not reverted or somehow resolved I can definitely see this as being the beginning of the end for KuCoin.
Besides for loosing their entire American market, they have also successfully made it clear to their clientele that anything is subject to change at a moments notice and the customer’s interest are of absolutely no concern to them, destroying any trust people had in KuCoin “the people’s exchange”.
From previous research I have not found another platform that offers even remotely close to the earnings that KuCoin offered, so please comment below if you’re aware of any good alternatives for lending or staking.
Honestly I’m outraged by this sudden turn of events, it makes me fear that one day they can decide no more withdrawals and there’s nothing we can do about it. They can simply say you need to be verified to withdraw and then all American assets on KuCoin will be stuck there.
I’m well aware of the saying in the crypto world “if it ain’t your keys it ain’t your crypto”, but I thought that for high returns it’s worth the risk for part of one’s portfolio, I’m still interested in high yields but even more skeptical, comment below what has been working for you.
#centralizedsucks!
