Crypto exchange KuCoin will begin to enforce know-your-customer (KYC) procedures for all clients starting July 15.

KYC Restrictions and Access to Services

In a bid to ensure compliance and enhance user security, KuCoin announced that customers must complete KYC to gain full access to its products and services, else they will face limitations. If users fail to complete KYC, they will only have access to limited services such as spot trading sell orders and a few others, the crypto exchange stated. However, they won’t be able to make deposits to the exchange, but withdrawals will be permitted.

Regulatory Crackdown in the United States

Kucoin Enforces KYC in the wake of a regulatory crackdown in the United States, with rivals like Binance facing charges by the U.S. Commodity Futures Trading Commission over alleged evasion of compliance controls.

Improved Services with Complete Profiles

The updated KYC policy is aimed at better compliance with the applicable regulatory requirements, KuCoin CEO Johnny Lyu told media outlets. He further added, “As users provide more information to complete their profiles, we will offer users a wider range of platform products and services, including but not limited to higher daily withdrawal limits, more comprehensive trading tools, and a greater variety of user activities.”