KUcoin forcing KYC for every users - page 2.

Duallimit

newbie

Activity: 56

Merit: 0

Quote from: Nalbo on May 11, 2018, 08:19:44 AM

KUCoin has decided to force KYC for every of it's users.

Quote

In an attempt to remain as one of the most trustworthy and transparent exchanges in operation, KuCoin will start enforcing KYC checks on users. This measure is to ensure KuCoin remains compliant with the developing regulations in the crypto industry.

Forcing KYC was the one of the reason for once number one exchange Bitrex to move down to 7th position at current time.
KUCoin is not even in top 30. What will be the effect of such move be on the exchange and cryptocurrency overall?

https://news.kucoin.com/en/kucoin-will-enforce-kyc-for-users/

I agree with your thoughts. This will scare off a large number of users. The most important thing is that this will kill multi-accounting. Not the smartest decision, but I think that this decision was dictated by security measures, it is still better to lose place in the top, than to lose the project at all, and go to jail. I think that in the future it is waiting for all centralized exchanges.

boy130

sr. member

Activity: 616

Merit: 263

It's only a matter of time before all major exchanges are forced to comply with anti money laundering and know your customer regulations, in the end it is for the best, as increased compliance with the law reduces the odds that crypto will be banned, and hence increase their ability to dominate the world. Take it on the chin.

Deji87

newbie

Activity: 20

Merit: 0

They have to adhere to the rules and regulations of the country where they are based. I'm sure kucoin doesn't give a hoot about kyc as long as it doesn't stop them from earning fat profits from transaction fees and coin listings. If you can't do kyc then it is time to start thinking of joining a new exchange

Genamant

full member

Activity: 730

Merit: 102

Trphy.io

Quote from: Nalbo on May 11, 2018, 08:19:44 AM

KUCoin has decided to force KYC for every of it's users.

Quote

In an attempt to remain as one of the most trustworthy and transparent exchanges in operation, KuCoin will start enforcing KYC checks on users. This measure is to ensure KuCoin remains compliant with the developing regulations in the crypto industry.

Forcing KYC was the one of the reason for once number one exchange Bitrex to move down to 7th position at current time.
KUCoin is not even in top 30. What will be the effect of such move be on the exchange and cryptocurrency overall?

https://news.kucoin.com/en/kucoin-will-enforce-kyc-for-users/

KYC on kucoin though is not compulsory, it is only if you want to use fiat gateway then you will have to do KYC. But yes i agree, kucoin announcing KYC and in a vague type of announcement had a big negative impact in the community. I understand it's being compliant and all but most coins in kucoin are fresh from ico, and most traders there are small time traders trying to get their hands on cheap alts, that move will make more people move to decentralized exchanges.

BitcoinMarshal

hero member

Activity: 756

Merit: 504

KYC is not problem for many but in recent time many members have serious troubles with this just because of this not like this KUcoin is forcing for this which is not good decision for them as rivals Binance is not forcing members those who have withdrawal less then 2 bitcoin they need to do create some policy like this for competition in this crypto world

Umkar

member

Activity: 364

Merit: 10

I am very saddened by this news. Kucoin as a relatively young exchange has always done a lot to attract more users. And then such a sharp step that will help reduce them. In my opinion, the Hong Kong authorities do not force the exchanges located on their territory to such a step. Well, let's see what happens next.

Alohadanc3

member

Activity: 1050

Merit: 10

Martian Swap - Anti Whale Measures New Yield Farmi

KYC is not a problem for me. I can do it any time. But it's a bad decision to force all user to do KYC. It will cost them big. Maybe their ranking goes down and more people lose their interest on kucoin exchange. that's why I think binance is better . But day by day kyc will be must cause gegulators want them all to under regulation and a company have to obey that rules for sure.No one wants unallocccated money so KYC will be must to every exchanges soon in my opinion.

kinki32

member

Activity: 266

Merit: 10

That bad news because I've account on kucoin. I don't understand why they cannot move to another country without rules about KYC.

zero4five

sr. member

Activity: 518

Merit: 250

I also heard this news and I think that in future all exchanges will force their users to pass the KYC procedure. Thus, it will be easier for authorities to control transfers of crypto currency from one owner to another. And this will increase and simplify the collection of taxes from numerous participants in the crypto market.

Yamakuna

newbie

Activity: 75

Merit: 0

I see no special reason for concern:

"The KYC is not compulsory, which means if client chooses not to complete his/her KYC, the client could always trade without any restrictions. However there will be a limit of 2 BTC on withdrawal amount in 24 hours. The limit on the withdrawal for KYC unverified account will be implemented on 1st Nov 2018.
We strongly suggest client to complete their KYC verifications. To avoid circumstances like forgetting the credentials to access the platform and accounts being taken over by others (information leakage from client side), the verified KYC information will help the client recover his/her account quickly.
A KYC verified account will have access to the Fiat-Crypto exchange services provided on KuCoin platform in the future."

The limit is similar to that on a Binance.

Osiris0

member

Activity: 266

Merit: 11

This 'ranking doesn't already plays ay role at all since the owners of all exchanges are the same (Goldman&Sachs/JPMorgan/etc). Forget about anonymity! There are too much terrorists/bad guys to think about private life...

trumper

full member

Activity: 406

Merit: 102

That is really bad decision and nothing to do with regulations, if it is something really needed then binance would do it. I think by forcing kyc for every users kucoin will lose lots of its users.

rahul7timt

copper member

Activity: 322

Merit: 0

i do not have any problem in doing kyc, i appreciate this decision for kyc, also they have increased the security of the exchange. however some of the investors will face problem because of this or they may shift the exchange,

ashaksagnis

full member

Activity: 630

Merit: 104

Quote from: nikola22 on May 13, 2018, 03:29:07 PM

it's a matter of time when all cryptocurrency exchanges will require from users to go through KYC procedure. these are demands from regulators and they must obey.

i agree . soon there will be KYC in all exchanges i guess. i saw about Kucoin in telegram chat.

cryptohorsee

full member

Activity: 229

Merit: 100

The Operating System for DAOs

I think they are like binance now. There is no kyc requied for withdrawals that are below 2 btc. So nothing really has changed it is still good exchange and I think they just want to be more legit.

Meraki

full member

Activity: 448

Merit: 110

Quote from: Nalbo on May 11, 2018, 08:19:44 AM

KUCoin has decided to force KYC for every of it's users.

Quote

In an attempt to remain as one of the most trustworthy and transparent exchanges in operation, KuCoin will start enforcing KYC checks on users. This measure is to ensure KuCoin remains compliant with the developing regulations in the crypto industry.

Forcing KYC was the one of the reason for once number one exchange Bitrex to move down to 7th position at current time.
KUCoin is not even in top 30. What will be the effect of such move be on the exchange and cryptocurrency overall?

https://news.kucoin.com/en/kucoin-will-enforce-kyc-for-users/

Well it can't be help because the higher ups instruct them to conduct KYC so that if there will be scam or anything else they could just easy check the user's profile. But still it sucks to let others know your identity because there were alot of cases that a website being breached by something and they can easily collect data of several users.

nikola22

full member

Activity: 1316

Merit: 105

it's a matter of time when all cryptocurrency exchanges will require from users to go through KYC procedure. these are demands from regulators and they must obey.

kingzpro

member

Activity: 756

Merit: 13

DIFX - Digital Finacial Exchange

I think if this news is true kucoin will definitely loose some of their customers but if this was delivered to them by the regulators in their country or place of operations then they had no other option themselves, so i think in the long run it will be good for kucoin but they should give couple of months time for active traders to submit kyc.

rackam

member

Activity: 163

Merit: 10

The revolutionary trading ecosystem

Quote from: Nalbo on May 11, 2018, 08:19:44 AM

KUCoin has decided to force KYC for every of it's users.

Quote

In an attempt to remain as one of the most trustworthy and transparent exchanges in operation, KuCoin will start enforcing KYC checks on users. This measure is to ensure KuCoin remains compliant with the developing regulations in the crypto industry.

Forcing KYC was the one of the reason for once number one exchange Bitrex to move down to 7th position at current time.
KUCoin is not even in top 30. What will be the effect of such move be on the exchange and cryptocurrency overall?

https://news.kucoin.com/en/kucoin-will-enforce-kyc-for-users/

KYC is okay, if you are sending your documents to legal companies and not to fraudsters.
So I have no problem with it and I don´t think that this will cause price fall.

saycryptohello

member

Activity: 574

Merit: 11

If I'm not mistaken, then there is talk about the withdrawal of the transactions over a certain amount, then it is necessary to pass the KYC

Topic: KUcoin forcing KYC for every users - page 2. (Read 562 times)