IS kucoin as safe as Binance with non-kyc VPN accounts?

joniboini

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Kucoin and Binance has close resemblance in operation with same years of operation, prioritize users in most decisions.

Not really sure about that 'user priority' decision. IMO Kucoin ' copies' a lot of Binance features but they're not operating in the same way, at least I don't see a lot of reports stating that they move their headquarter regularly. Who knows for how long though, if Binance can't avoid regulation I bet others will follow.

Anyway, the risk is always there. Might as well be prepared to use a P2P platform to trade at this point.

Findingnemo

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Quote from: Husires on July 30, 2021, 11:33:04 AM

My country IP is banned from using Binance, but I have an account for about two years and I use a dedicated VPN IP address to access that account. I never had a problem in this whole time.

with recent Binance Dramatically Reduces Daily Withdrawal Limits, I thought of trying another platform. Is kucoin safe as Binance in terms of accessing accounts using VPN? Have you had any problems before?

If Kucoin doesn't allow your country residents to use their platform then it is never safe no matter you are using VPN and keep the limits as low as possible because every centralized exchanges may as you for KYC at any time even if there is no need for it and if you can't verify it then you can never get back to your funds.

Darker45

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Quote from: DavideBaldini on August 02, 2021, 01:23:33 PM

Quote from: Darker45 on July 30, 2021, 09:53:25 PM

Not only did Binance reduce its withdrawal limit, it also required verification even to users with the lowest withdrawal threshold.

How far can an unverified account go if the user is from a friendly jurisdiction, in terms of withdrawal caps and access to derivatives?

Actually I'm still confused whether Binance will still allow access to its products and services to users who avoid even basic verification. It seems the direction is toward imposing KYC to all its users as a basic requirement. However, it is also stated that "unverified users can only withdraw a maximum of 0.06 BTC daily."^[1] At the same time, "daily withdrawal limits will be adjusted to 0.06 BTC for accounts which have completed only basic account verification."^[2] So I guess it is the same as before, 2BTC for unverified but still 2BTC for basic verification, only that the new version is 0.06BTC for unverified and 0.06BTC for basic verification.

As to jurisdiction, I think everything is limited to friendly countries. Outside of it are the restricted and banned territories. However, the same policy of varying deposit and withdrawal caps depending on the user's country of residence still applies.

I'm not into derivatives but I think there is no additional requirement for spot users to get access to the derivatives market.

[1] https://www.binance.com/en/blog/421499824684902130/%E2%80%8BWhat-is-KYC-and-How-Is-it-Increasingly-Important-for-Crypto
[2] https://www.binance.com/en/support/announcement/9df8225c061b455da5c7cc293cd08a70

hosseinimr93

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The OP never mentioned the country he is residing, which make a little difficult to precise in commenting.

That doesn't really matter. OP is going to use kucoin with VPN.
And even if you login to Kucoin with an IP address associated with a country which is not included on their KYC list at all, they will still allow you to use their service and make withdrawals up to 5 BTC per day.

DavideBaldini

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Quote from: Darker45 on July 30, 2021, 09:53:25 PM

Not only did Binance reduce its withdrawal limit, it also required verification even to users with the lowest withdrawal threshold.

How far can an unverified account go if the user is from a friendly jurisdiction, in terms of withdrawal caps and access to derivatives?

Husires

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Thanks everyone, I will give it a try with small amounts and since there are no reports of account closure or identity verification request, it might be a good alternative to Binance because I think they will start banning accounts soon. Embarrassed

The limits of 5 bitcoins seem too much I hope they succeed in moving away from regulatory opinions.

dkbit98

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Quote from: Husires on July 30, 2021, 11:33:04 AM

Is kucoin safe as Binance in terms of accessing accounts using VPN? Have you had any problems before?

Kucoin exchange is not safe in similar way like Binance and I think they had at least one or more hacks, but I hear from other people that is is working fine with vpn, until they reduce withdrawal limit same way like Binance did, so better don't talk so much about it Wink

I don't like their concept of separate accounts for trading and holding, that in my opinions makes pointless transfer of coins and waste of time.

traderethereum

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If you earn a lot of money than the withdrawal limit, you should move your funds to the other exchange or verify your account to increase your limit.
But in your case, I think it should be better to move your funds to the other exchange because using a VPN to access the exchange can be a risk as the exchange can block your account or the access.
Otherwise, you can still use Binance and be happy with reducing the withdrawal for your account.

Darker45

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On a side note, getting a smooth access from a banned or restricted country by way of VPN might not completely get you off the hook. I would interpret Binance and other exchanges' recent actions and compliance steps as bowing down to the legal demands and tightening government regulations. Not only did Binance reduce its withdrawal limit, it also required verification even to users with the lowest withdrawal threshold. They seem to be shaping up, which might mean a stricter implementation or crack down against users from banned countries might also begin one of these days.

bbc.reporter

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Quote from: JeromeTash on July 30, 2021, 02:59:08 PM

I think it's safe for now but nobody knows for how long as I expect a huge exodus of traders from Binance to closely big exchanges like Kucoin. Their daily withdrawal limit is also huge for unverified accounts (5 BTC daily). This will definitely attract lots of traders. But with more popularity comes more pressure from governments and law enforcement agencies.

Agreed. Those whales who want their identity hidden, use Kucoin now. This offer will not be available indefinitely. All exchanges will in due time be forced to limit no KYC withdrawals to under $10,000 per day to avoid the antimoney laundering rule.

stomachgrowls

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Quote from: hosseinimr93 on July 30, 2021, 03:57:29 PM

I have used kucoin without KYC and with VPN many times. I confirm that I haven't experienced any issue till now.
As stated by OmegaStarScream, they allow all users to withdraw up to 5 BTC per day.
They allow you to use their service even if you are from a country which is not included in their KYC list and your real IP address is disclosed to them.

Just note that you will need to set a trading password when registering an account. As you are not going to verify your identity, it will be very difficult to reset it if it's forgotten. Keep your trading password and the 2FA secret key in a safe place.

Just a default thing to be done since these are the things which you do mainly need to keep it safe and secure because these are the things would be needed if those unexpected situations do happen.

Recently on that withdrawal limit issue on binance then there are lots whom do really react and sees it negatively and based up on experience on using up KUCOIN even though im a die hard
user of Binance.I can say that using up VPN is just good and no issue and the given limit is much more better on what other competitors been offering.
So i can definitely say that it is safe on making use of it.

hosseinimr93

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I have used kucoin without KYC and with VPN many times. I confirm that I haven't experienced any issue till now.
As stated by OmegaStarScream, they allow all users to withdraw up to 5 BTC per day.
They allow you to use their service even if you are from a country which is not included in their KYC list and your real IP address is disclosed to them.

Just note that you will need to set a trading password when registering an account. As you are not going to verify your identity, it will be very difficult to reset it if it's forgotten. Keep your trading password and the 2FA secret key in a safe place.

JeromeTash

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I think it's safe for now but nobody knows for how long as I expect a huge exodus of traders from Binance to closely big exchanges like Kucoin. Their daily withdrawal limit is also huge for unverified accounts (5 BTC daily). This will definitely attract lots of traders. But with more popularity comes more pressure from governments and law enforcement agencies.

OmegaStarScream

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Quote from: https://www.reddit.com/r/kucoin/comments/cf19la/countries_allowed/

Hi there! Please be advised that KuCoin has not made any changes to its policies. You may still be able to access KuCoin on the said location. The only restrictions we had for some certain countries is the KYC verification and you can view the list of countries where it's currently being provided at the time you attempt to process your own KYC; and if the account is not verified, there would be a limit of 2 BTC withdrawal per 24 hours in the account. Please be guided accordingly. Thank you!

Quote

KuCoin has not made any adjustments to our policies. Out of respect to the company's operational requirements, we are only providing service for countries listed in the KYC countries list (US is not included), in order to comply with all applicable laws and regulations. If a user's country is not included in the list, unfortunately, we are temporarily unable to verify the user's KYC. Rest assured that on KuCoin, KYC is not mandatory, you can still do transactions even if you are not verified yet. However, there'll be a withdrawal limit of 5 BTC per 24 hours for unverified accounts. Thank you!

The first user is from Spain while the second is from the U.S.

And from my understanding, you should be able to use the platform as long as you don't verify your identity, even if you're from a sanctioned country.

The Sceptical Chymist

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It's hard to say without knowing what country you're in, and I don't know which countries Kucoin serves off the top of my head. Why not just give it a shot and register? Presumably if you can do that you won't have any troubles doing trades and withdrawing funds, although I believe you have to be able to receive SMS texts in order to do all of that. You might run into problems if the number you provide is from a country on their restricted list (but I think you can also use the Google authenticator app).

In any case, if I were you I'd just go through the steps of registering and also read their rules and what you have to do as far as withdrawing coins. That'll probably help you more than anyone on the forum can.

Husires

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My country IP is banned from using Binance, but I have an account for about two years and I use a dedicated VPN IP address to access that account. I never had a problem in this whole time.

with recent Binance Dramatically Reduces Daily Withdrawal Limits, I thought of trying another platform. Is kucoin safe as Binance in terms of accessing accounts using VPN? Have you had any problems before?

Topic: IS kucoin as safe as Binance with non-kyc VPN accounts? (Read 178 times)