KuCoin to introduce mandatory KYC, ending deposits for non-verified users (2024)

FAQs

KuCoin to introduce mandatory KYC, ending deposits for non-verified users? ›

New KYC rules begin in July

As a leading global exchange, KuCoin has required Identity Verification (also known as Know Your Customer, or KYC) for our users since November 1, 2018. To pass KYC, you'll need to submit your ID documents and complete face verification.

A reliable VPN can help you bypass these geo-restrictions by changing your location and IP address, granting you access to KuCoin without the rules that apply to US users. Additionally, a VPN offers the following benefits: Data security. A VPN is the best way to protect your information online.

However, with a reliable VPN, you can avoid restrictions and trade on KuCoin when you're traveling to the US. Just bear in mind that KuCoin requires all accounts to be KYC-verified, so you won't have access to its services if you haven't completed the verification process.

I. Why Complete Identity Verification. Identity Verification represents KuCoin's commitment to aligning with regulations within the cryptocurrency industry, and to mitigate activities such as fraud, money laundering, scams, and terrorist financing.

According to a press release, non-KYC users will only be able to use “spot trading sell orders, futures trading deleveraging, margin trading deleveraging, KuCoin Earn redemption, and ETF redemption.” Withdrawals will still be available, but deposit services will not.

As existing users who haven't completed identity verification will have their account permissions temporarily changed to access to services such as Spot trading sell orders, Futures trading deleveraging, Margin trading deleveraging, KuCoin Earn redemption, ETF redemption, etc.

Unfortunately, US customers don't have access to the full version of KuCoin because it lacks a local license, preventing KYC (Know Your Customer) verification. That means you'll have fewer trading options and abysmal withdrawal limits.

Peer-to-peer trading platforms facilitate direct transactions between buyers and sellers without the involvement of intermediaries. These platforms often provide options for users to buy cryptocurrency using cash, bank transfers, or other payment methods without requiring extensive KYC verification.

Is KuCoin legal in the USA? ›

As mentioned, KuCoin is not licensed in the U.S. This means U.S.-based users may sign up for accounts, but they will remain “unverified,” which limits access to certain features.

Withdrawing on the Web

Log into your KuCoin account. From the navigation bar, select Assets → Overview → Withdraw to enter the withdrawal page. 2. From there, select the cryptocurrency you wish to withdraw from the dropdown (Example: USDT).

The maximum leverage available on KuCoin Futures is 100x, while the default leverage is 20x. Users can enter the leverage they want or drag the slider to set the leverage. Users need to pass KYC first. How to KYC?

As a leading global exchange, KuCoin has required Identity Verification (also known as Know Your Customer, or KYC) for our users since November 1, 2018. To pass KYC, you'll need to submit your ID documents and complete face verification.

Unverified accounts on Kucoin often have lower trading limits, which can be restrictive for users who wish to engage in larger transactions. By verifying your account, you gain access to higher trading limits, enabling you to buy, sell, or trade digital assets more efficiently and with greater flexibility.

The IRS may still be able to track crypto even if you're using a no KYC exchange. The vast majority of blockchains, excluding privacy coins, are public. That means anyone, anywhere, can view all the transactions on a given blockchain, including wallet address and more.

We now support direct deposits into your Funding Account, Trading Account, and sub-accounts. To learn more about the different account types and their functions, click here. For the KuCoin deposits page with your deposit addresses, click here.

KuCoin is one of the best Singapore-based no-KYC crypto exchanges. It supports over 370 coins, making it one of the most diverse crypto exchanges. People can trade crypto with just an email address because the account verification step is optional.