They have the right to impose some rules and regulation in their own business, it is like business protocol if you called it, so if they impost some KYC requirement then every user that want to use their site need to follow so if you want to avail them then you need to follow.
I understand that there is a point, but I am very unsure if KYC is well maintained, everyone will feel uncomfortable if sending their personal data, they are afraid that personal data is used for unlawful act 
Topic: KUcoin forcing KYC for every users - page 3. (Read 562 times)
KUCoin has decided to force KYC for every of it's users.
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 think they are looking to upgrade their service to the whole business. That is reasonable because it is highly protective and traders always need it.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/
This is considered a smart strategy to increase the value of Kucoin to a new level. I appreciate this even though the transaction will take more time.
KUCoin has decided to force KYC for every of it's users.
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/
Nothing would be the effect. I feel it is high time people started getting used to this than complaining because with regulations, most of these exchanges will be forced to implement KYC whether anyone likes it or not.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 am not sure how Binance is going to be playing this with its movement to Malta, but that is still giving it a lot of edge asides its low fees, but if time comes that it warrants it, I would not be surprised this would be the same pattern as well. Just get used to it!
That's a bad decision early for the exchange. Binance the leader is not asking for KYC upto 2BTC daily trading.
The move would increase the dependence of Binance.
KYC with it's recent misuses have led negative image of it on every investors and traders.
They always started in a way until they are being forced by regulation anyway.The move would increase the dependence of Binance.
KYC with it's recent misuses have led negative image of it on every investors and traders.
I remembered when bittrex also started until the US regulation required it and the thing is you cannot blame these exchanges as they are subject to those regulation and policies as well.
However, the only thing that would make this stuff change is to start having decentralized exchanges which I believe will reduce the problem most people are having with KYC but I guess we are not even close to getting our hands on a good decentralized exchange for now.
They have the right to impose some rules and regulation in their own business, it is like business protocol if you called it, so if they impost some KYC requirement then every user that want to use their site need to follow so if you want to avail them then you need to follow.
It was Kucoin's mistake to force KYC with him. KYC should only be applied to investors wishing to trade cryptos more than 2 BTC /day. This KYC will make many traders have trouble exchanging cryptos and will leave to move to other exchange floors. I think that KYC is not suitable for investors with the little number of cryptos.
KUCoin has decided to force KYC for every of it's users.
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/
This is logical. I do not see anything surprising in this situation, of course I do not like it, but it is a logical step for the whole market as a whole. 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 do not understand why exchanges want to ruin the very fundamentals of cryptocurrencies by riddling their sites with know your customer protocols. Not everyone is comfortable with giving out their information to people that they do not know and since exchanges are very prone to hacks then hackers can easily make off with our information and sell them.
Personally I don't have problems doing KYC but this decision will make KUCoin down with many positions in exchanges list....
Are you really not afraid of scammers get ypur documents? Do you know that it can ends badly? KUCoin has decided to force KYC for every of it's users.
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/
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/
There will be a negtaive impact on Kucoin. They will have lesser users and these may affect their site as well. KYC is good but not for this moment because many users are still wanting some privacy over their informations. Investors also may find other exchanges aside from Kucoin.
I think that the number of users of this exchange will greatly decrease. On the other hand, this is the beginning of the trend and I would not be surprised if most stock exchanges will make the same decision soon.
KYC is good as it enables the company to know more about their customers. It also helps to cut money laundering and stop criminals from having access to money. I don't see anything bad with it if the company has legit reasons for that. But the problem now with KYC is that people fear their credentials might be sold. If customers can be assured of safety of their data then KYC is good
KYC do really have its advantages and disadvatanges which most people are really aware on that stuff.If a certain exchange would impose such rule then as a user you would really need to comply since you are using their service but if not you do have always the decision on choosing up on what exchange you do like.In most cases,people would really always like for them to be anonymous where no sending out documentations for verifications.
Yes, I heard about this news. This is for newly registered users or for everyone. Somebody already passed Kyc, how long to check?
I dont see a problem in it.
it is for the security of the company and the user as well.
it is for the security of the company and the user as well.
KYC is good as it enables the company to know more about their customers. It also helps to cut money laundering and stop criminals from having access to money. I don't see anything bad with it if the company has legit reasons for that. But the problem now with KYC is that people fear their credentials might be sold. If customers can be assured of safety of their data then KYC is good
They should seriously just ban the US market which is really where all the real regulations are.
But even in America it is still unclear about regulations, only accredited investors can trade securities and a lot of coins haven't been labeled as a security or utility, tons of speculation in regulation world.
Realistically speaking, this is the internet, US customers will find a way around this and use Kucoin even if they were banned (just use a vpn for example).
And then, Kucoin won't be held liable because they have an official policy in place.
With this decision, I think Kucoin will see volume decrease because overwhelmingly the crypto world despises KYC.
It will be very difficult for them to attract new customers.
I feel like so many projects don't have a solid legal team.
How is it that I, with no legal experience whatsoever, can just look stuff up and know more about regulations when these projects are making decisions not based on facts.
But even in America it is still unclear about regulations, only accredited investors can trade securities and a lot of coins haven't been labeled as a security or utility, tons of speculation in regulation world.
Realistically speaking, this is the internet, US customers will find a way around this and use Kucoin even if they were banned (just use a vpn for example).
And then, Kucoin won't be held liable because they have an official policy in place.
With this decision, I think Kucoin will see volume decrease because overwhelmingly the crypto world despises KYC.
It will be very difficult for them to attract new customers.
I feel like so many projects don't have a solid legal team.
How is it that I, with no legal experience whatsoever, can just look stuff up and know more about regulations when these projects are making decisions not based on facts.
It seems to me that in the future all exchanges will require the passage of KYC from all their customers. Governments can not prohibit crypto-currencies, so they will try to control. Therefore, expect in the future such requirements from all crypto-exchange exchanges.
I think that the administration knows what it is doing. Kucoin has a strong team and already rich experience. I think that everything they do is not in vain!
I generally think that it is simply stupid to force such tests to take place. Where is the safety of personal data? If my data gets to which careless manager, then what, will go for a walk around the Internet 
This underscores the importance of decentralization and why DEXs will be the future, just not there yet.
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