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Symmetrick

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Yesterday I did research and brought good news to the community, and today KuCoin announced another update regarding the verification of its customers:
Announcement Regarding KuCoin's Upgraded Standard User Identity Verification Procedure.

The essence of the update is that KuCoin will require all customers to upload their documents and scan their faces:

Quote

To fulfill the principle of "Know Your Customer (KYC), strengthen compliance with relevant laws and regulations, enhance the security level of user accounts, and better combat illegal and criminal activities such as money laundering and terrorist financing, KuCoin will upgrade its standard user identity verification procedure (users will need to upload their identity documents and complete face verification to pass the standard identity verification). This upgrade will be officially implemented from 00:00 on August 31, 2023 (UTC).

This requirement will be in effect from August 31, 2023, that is, you can still use my guide, but there is not much time left.

What will happen on August 31st?

Quote

- Starting from 00:00 on August 31, 2023 (UTC), new users must complete the standard user identity verification (KYC) in order to use KuCoin's products and services.

- For users who registered before August 31, 2023 (UTC) but have not completed the identity verification by that date, they will only be able to use services such as selling coins, closing futures positions, closing margin positions, redeeming earn products, and redeeming ETFs. Meanwhile, they will not be able to use the deposit service (withdrawal service will not be affected).

I will make all the necessary marks in my current topics. Sorry.

hugeblack

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Clever idea of them, almost $2000 is the limits for KYC in many services so it is up to $1999 you dont need full KYC but I hope they continue with it because if the authorities find that they are deliberately trying to circumvent the regulatory restrictions they may impose some fines on it.

Thank you. I have an old account. I will try to go back to it and see if it has the same restrictions.

jrrsparkles

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Quote from: Symmetrick on August 07, 2023, 12:01:28 PM

This requirement will be in effect from August 31, 2023, that is, you can still use my guide, but there is not much time left.

What will happen on August 31st?

Quote

- Starting from 00:00 on August 31, 2023 (UTC), new users must complete the standard user identity verification (KYC) in order to use KuCoin's products and services.

- For users who registered before August 31, 2023 (UTC) but have not completed the identity verification by that date, they will only be able to use services such as selling coins, closing futures positions, closing margin positions, redeeming earn products, and redeeming ETFs. Meanwhile, they will not be able to use the deposit service (withdrawal service will not be affected).

That is so sooner than what everyone thought, someone's must have really got them into do it cause they just rolled out their new policies for users who don't want to do KYC and all of the sudden here it is they dropped the hammer on it. but as said its very decent exchange to get KYCed instead of trusting with some new tiny exchange which doesn't have mandatory KYC.

I am really looking forward to see how this is going to benefit for those exchange with no KYC rule especially like Bitget they started out their promotion and how it is supposed to be instead of shilling with newbie accounts.

And thank you for bringing this to the community attention.

Synchronice

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I really appreciate all the effort that you put in this thread, everything is explained well with images but there is a thing that I want to say and I really hope that you won't get me wrong. There is definitely a loophole on KuCoin, a very good loophole which is very easy to find. To my mind, if we talk a lot about this loophole, it will soon be filled and we won't be able to use it. So, I think it will be better for all of us if we delete this thread and if there are such posts in other forums/networks, it will be better if we ask them to remove it because the quiet we will be, the longer we will use that loophole.
That's just my opinion. Please don't think that I don't appreciate your effort to create this detailed thread.

The Sceptical Chymist

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Quote from: ?? on ??

- the ability to edit your specified name, surname and document number after the approval of verification. Why is this needed? Why does the exchange allow editing what has already been approved by the exchange itself?
- the exchange does not check anything from what you send to it, because it, in general, does not care what you send them. They don't care if you sent your real name or a fictitious one. I sent them my driver's license number, consisting of all zeros: 0000000000000, they accepted it and approved it.

All of the above is really silly on the part of Kucoin and any exchange that operates that way--you'd never, ever see a bank allow you to change your date of birth or SS# or any of the important stuff after you've created an account with them. Whether Kucoin wants to retain customers or circumvent regulators, they're going to be in some deep shit if those regulators decide to conduct a compliance audit (though I have no idea what government body would be responsible for that).

And I keep thinking that someone on their team is going to see this thread and cause them to tighten up their registration policies. I'm not hoping for that even though I don't use them. They're a decent exchange and I wouldn't want anyone here to get KYC'ed off their site and onto a shady, non-KYC one.

PX-Z

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IIRC binance did this kind of level verification before they mandatory required KYC with small limit of withdrawals ^{(for basic info)} and 100 btc limits for full KYC.
For Kucoin, it will be just a matter of time before they ask full KYC, maybe just few months or a year.

jrrsparkles

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It is really good to know that they still paves a way for their users to trade without submitting any IDs. And Ratimov is doing a great work to keep us updated about this existence.

Quote from: Symmetrick on August 06, 2023, 03:43:39 AM

For those who are afraid to work on the exchange under fake data, I can also say that the same mechanism is implemented on KuCoin as on OKX. You can edit your data at any time:

Is that include, we can edit the entered data even when account puts on hold by the exchange for reviewing?

I guess it is not, and if we try to enter random data to pass the level 1 then its a violation of their terms as per article 5

Quote from: https://www.kucoin.com/legal/anti-money-laundering-and-counter-terrorism-financing

.
.
.the User must provide truthful, up-to-date, valid and complete information as is required by the Platform;
.
.

So it is important to keep that in my when we use this loophole, and I think the best way we can get away with that is entering the details close to what is true so if there is a situation where our account get into verification process we can submit KYC and save the funds.

batang_bitcoin

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This makes me wanna go back to my kucoin account since I haven't fulfilled yet the KYC after all the announcements they've made. In fairness to OKX, giving that for life limit. It might be copied by other exchanges once the regulators becomes stricter on them but I don't see it as something that I'll be able to use. I agree you that it's just like that when they've announced the full implementation of compliance for their customers KYC is just for the sake of plain paper and compliance on them but if this feature won't be gone forever, it's a sure thing that they're just giving us the feature that we all want in brilliant way that in no way won't affect their operations and relations to the government and to their customers.

Eternad

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Quote from: BD Crypto on August 06, 2023, 09:12:59 AM

Quote from: Symmetrick on August 06, 2023, 03:43:39 AM

You can enter absolutely random data and press the button Continue. Immediately we get the following notification:

I don't prefer to submit random data for KYC verification because we don't know if we get stucked in our activities or have some issues with any transections platform can ask us for advanced verification. Then we must submit our information according to our basic LVL 1 verification. If we don't provide proper information we may fail to solve the issues.

You didn’t read the whole content of OP. Ratimov mentioned that you can edit your personal information on your settings which means you correct your personal info provided in case Kucoin ask you to verify for lvl 2. This understandable since Kucoin will surely knew that the data is fake while they use the real legal ID for the verification so they will surely allowed change info for fake identity data.

BD Crypto

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Quote from: Symmetrick on August 06, 2023, 03:43:39 AM

You can enter absolutely random data and press the button Continue. Immediately we get the following notification:

I don't prefer to submit random data for KYC verification because we don't know if we get stucked in our activities or have some issues with any transections platform can ask us for advanced verification. Then we must submit our information according to our basic LVL 1 verification. If we don't provide proper information we may fail to solve the issues.

Actually I saw few avarage exchanges and they offer just personal information to submit for basic verification. And they give access to trade with some limitations but in future thay can ask to verify with detailed documents because they are centralized and they have right to implement rules. So I don't support to submit random informations because we may face trouble in future.

The Sceptical Chymist

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Nice experiment and great info, Ratimov. What I don't understand is what you get on Level 0. Can you withdraw anything at all? You said it limits users' access to Kucoin's products, but I'm not seeing an obvious difference between Lv. 0 and 1.

Second, what the hell is Jumio? Please don't tell me they're the new crypto-traders'-info clearinghouse that's either going to end up getting hacked or become an earpiece for whatever government wants info. Then again, if you can up your withdrawal limit by submitting a phony DL number....

One thing, and it's a nitpick but for clarity's sake:

Quote from: Symmetrick on August 06, 2023, 03:43:39 AM

Lv.0 - 0$
Lv.1 - 499$
Lv.0 - 1999$
Lv.0 - 999 999$

For the native English speakers, that bolded number looks very odd with no comma; there ought to be a thousands separator (a comma);and USD amounts should be written with '$' in front of the amount, i.e., $999,999. Again, that's just me being persnickety but I have not yet finished my morning gallon of coffee.

Symmetrick

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