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The world of cryptocurrencies is constantly changing, seeking new solutions and raising security standards. This is also related to the mandatory user verification (KYC) introduced on the KuCoin cryptocurrency exchange from July 15, 2023, which will significantly affect the trading capabilities of users around the world.
What is KYC and Why is it Important?
What does mandatory verification entail? KYC, short for Know Your Customer, is a form of mandatory identity verification introduced by the KuCoin exchange in the second half of July. This is related, among other things, to the need to increase compliance with international regulations on anti-money laundering and counter-terrorism financing (AML).
Mandatory data verification, announced by the CEO of KuCoin, applies to both new users and those who have already used KuCoin but have not completed identity verification. Failure to complete this process will result in significant limitations on trading capabilities on the exchanges.
What should users who do not complete the mandatory verification expect? They will be able to use a limited package of products and services, such as selling in spot transactions, deleveraging in futures trading, or deleveraging in margin trading. If they want to regain access and restore full functionality, they must undergo full mandatory KYC verification.
KYC and Limitations for EazyBot Users
Users of our EazyBot will also face unfavorable consequences resulting from the implementation of KYC. From mid-July (July 15), people using the exchange from regions where KuCoin is not registered must expect the inability to make spot purchases or deposit their money in already owned KuCoin wallets.
However, as the representatives of the exchange assure, users will still be able to make withdrawals from their wallet and sell in the case of any open positions.
Alternatives to KuCoin from EazyBot
For all users affected by the change introduced by the popular cryptocurrency exchange, EazyBot is trying to prepare facilities for accessing funds and executing new transactions. If people decide not to undergo mandatory verification, they will be able to take advantage of a number of alternatives. The offered options include:
- Binance US – remains fully available for trading, all cryptocurrency pairs have been reactivated,
- Binance.com,
- Kraken Exchange – available for trading after July 15,
- Coinbase Exchange – available for trading after August 1.
Moreover, users will be able to take advantage of the possibility of transferring open sessions between exchanges. The EazyBot team is making every effort to ensure that the changes introduced on KuCoin do not negatively impact the trading activities of our users.