International cryptocurrency exchange KuCoin has announced that from July 15 every user of the platform must verify their identity through the KYC ("Know Your Customer") procedure. Services for those who have not been verified will be discontinued.
The exchange said in a statement that passing the KYC process is a mandatory requirement. Users who do not go through the process will only be allowed to transact in the spot market, reduce positions in the futures market and reduce positions in the margin market. Moreover, they will not have access to interest-earning products or ETF investments.
"The new KYC rules will help KyCoin better comply with regulatory requirements. By giving us the information we need, we will be able to offer our users a wider range of services, such as higher withdrawal limits, better trading tools and different types of user activity," the announcement reads.
It was previously mentioned that cybercriminals gained access to the Twitter account of cryptocurrency exchange KuCoin, which could result in some users falling victim to phishing.