KuCoin introduces forced verification of traders
Cryptocurrency exchange KuCoin announced this Friday that its users will have to verify their accounts.
“To maintain its status as one of the most transparent and reliable exchanges, KuCoin will require KYC checks on its users. These measures are intended to ensure that KuCoin is in compliance with the rapidly changing regulations of the cryptocurrency industry, ”the exchange writes..
When unverified users lose access to the site, the exchange does not specify. Previously, KuCoin did not set limits on transactions depending on the status of the account, as many exchanges do..
To pass the verification, the user must provide documents confirming the address and identity, selfies of the established sample and indicate the source of income.
According to KuCoin itself, verification takes 5-10 business days. One of the users writes that he sent the documents 2 months ago and has not yet been verified. Others wonder why an exchange that does not support fiat pairs needed to verify traders.
UPD: KuCoin clarifies that the user is free to choose whether to verify or not verify the account. From now on, verification will be required for users wishing to withdraw more than 2 BTC per day.
At the same time, the exchange “strongly recommends” to go through verification and reports that verified users will be able to get access to fiat pairs, which it promises to add in the future..
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