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Finance

Crypto Exchange KuCoin to Introduce Mandatory ID Checks Next Month

As of July 15, new customers will be required to complete identification checks to use KuCoin's services.

By Jamie Crawley
AccessTimeIconJun 28, 2023 at 10:59 a.m. UTC
(Shutterstock)
(Shutterstock)

Cryptocurrency exchange KuCoin said it will introduce mandatory know-your-customer (KYC) checks next month.

Starting July 15, new customers will be required to complete a KYC process to start using KuCoin's services, the exchange said on Wednesday. Existing customers who do not complete KYC will not be able to trade or make deposits.

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    • Crypto exchanges have been met with criticism for perceived lax KYC checks, with regulators saying that these help fuel fraud, money laundering and terrorist financing.

    KuCoin, which said it had over 27 million users as of end-2022, is one of the world's largest crypto exchanges with 24-hour trading volume of $531 million, according to data by CoinGecko.

    Read More: Binance Users in China, Elsewhere, Evade KYC Controls With Help of 'Angels': CNBC

    Edited by Sheldon Reback.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter