Kucoin requiring KYC now? | Bitcointalksearch.org

aioc

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Quote from: The Sceptical Chymist on February 20, 2020, 01:25:31 PM

I tried to log in to their site and was hit with a KYC requirement--and I don't recall ever getting an e-mail with the news about that. Anyone know the story behind this?

Not surprised, since I've been thinking that anonymous exchanges are going to become extinct for quite some time now, but Kucoin was one of the last ones with a decent reputation.

And by the way, this is another reason why you don't keep coins on exchanges for long. It isn't like they're pulling a scam here, but if you want to pull your funds off Kucoin before having to verify your identity, looks like you'd be out of luck and your coins would be stuck there. Fortunately I just had some dust there.

I just trade my Nano there and there was no notification that I should go for KYC, maybe because I haven't reached my daily limit I only trade and withdraw $150 worth of coins there in the last three weeks, I guess I am still in a safe side and have not yet marked as big traders.

exstasie

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Quote from: The Sceptical Chymist on February 27, 2020, 12:12:57 PM

Just to follow up on this: now there's no problem whatsoever, and I can log into Kucoin and it's like business as usual--very strange. I wasn't kidding when I started this thread; they wouldn't let me access the site without going past a KYC step, and that had never happened before.
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Very weird. Guess I'll lock the thread ~~now~~ soon. I'll keep it open for a little bit in case anyone wants to comment and hopefully people see that I wasn't forced to do the KYC procedures.

I appreciate the update. I'm still left wondering if you were on Kucoin's real site when this happened. If you were, maybe they are testing or rolling out new requirements.

Quote from: The Sceptical Chymist on February 27, 2020, 12:12:57 PM

Quote from: 1Referee on February 25, 2020, 10:00:39 AM

Could also be Kucoin selectively enforcing KYC hoping for people to abandon their accounts with funds in them

Yeah, you always worry about crap like that, but I think Kucoin is a better exchange than that.

They have a strong track record of mimicking what the other big exchanges do. If and when they start doing mandatory KYC, they will probably do like Binance and Deribit, giving people a 1-3 month grace period to withdraw their money.

joniboini

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What a weird case. If that's not a bug, they probably implement a new safety feature that 'enforce' you to do KYC if you log in from different IP addresses every now and then. But there's no news about it either. Strange.

The Sceptical Chymist

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Just to follow up on this: now there's no problem whatsoever, and I can log into Kucoin and it's like business as usual--very strange. I wasn't kidding when I started this thread; they wouldn't let me access the site without going past a KYC step, and that had never happened before. Sometimes they'll want to send a SMS as a security step, but this wasn't that.

Quote from: 1Referee on February 25, 2020, 10:00:39 AM

Could also be Kucoin selectively enforcing KYC hoping for people to abandon their accounts with funds in them

Yeah, you always worry about crap like that, but I think Kucoin is a better exchange than that. Hopefully. I don't know too much about them but have been using them for a while--never for large trades, as I'm not a trader, and I never kept more than dust on Kucoin for longer than an overnight. I don't think they were trying to scam me, but I don't know what they were doing to be honest.

Very weird. Guess I'll lock the thread ~~now~~ soon. I'll keep it open for a little bit in case anyone wants to comment and hopefully people see that I wasn't forced to do the KYC procedures.

1Referee

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Quote from: exstasie on February 25, 2020, 05:43:59 AM

Are you sure this happened on Kucoin? Could it have been a phishing site? I don't see any news about this either.

Could also be Kucoin selectively enforcing KYC hoping for people to abandon their accounts with funds in them, especially when the funds left in the accounts are not worth walking yourself through KYC for. This usually is the first signal of a more structural change that their platform will be subject to.

I would definitely exercise caution. The last thing you want is to send them a whole Bitcoin and then find out that you can't do anything with your funds until you are verified. Most exchanges don't warn you when your account is empty, the bastards that they are. They just want to make sure they gain something from you first.

fortunecrypto

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Quote from: LeGaulois on February 20, 2020, 01:48:59 PM

Kucoin added the KYC verification 1 or 2 years ago, but they didn't offer KYC for users in the USA
Despite this non-verified users have a limit of 2 BTC daily (see the mod comment on the link)

edit: BTW, You won't be able to do the KYC verification since the US isn't on the supported list https://kucoin.zendesk.com/hc/en-us/articles/900000077006-Supported-Country-List

I haven't encountered so far Kucoin asking me to go mandatory KYC because I'm not trading a huge amount of funds, they ask these on whales and big time traders, the highest that I withdraw on KYC was $600 after that all my traders are below $200 so I'm still safe from this KYC thing.

exstasie

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Quote from: The Sceptical Chymist on February 20, 2020, 01:25:31 PM

I tried to log in to their site and was hit with a KYC requirement--and I don't recall ever getting an e-mail with the news about that. Anyone know the story behind this?

Not surprised, since I've been thinking that anonymous exchanges are going to become extinct for quite some time now, but Kucoin was one of the last ones with a decent reputation.

That's strange and also sort of alarming. I've been logging in and out of my account normally for the past couple weeks from a US IP address. I haven't seen a thing about KYC. I still have a 2 BTC/day withdrawal limit listed on my account.

I was also able to withdraw a few thousand USDC just now without issue.

Are you sure this happened on Kucoin? Could it have been a phishing site? I don't see any news about this either.

OmegaStarScream

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I just logged into the app and tried to withdraw. It seems like everything is fine (able to withdraw up to 2 BTC/24hours). I haven't received any emails from them except about their giveaway and partnership with WinPlay.app.

Edit: that's correct, I'm not from the U.S.

The Sceptical Chymist

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Quote from: LeGaulois on February 20, 2020, 01:48:59 PM

Kucoin added the KYC verification 1 or 2 years ago, but they didn't offer KYC for users in the USA
Despite this non-verified users have a limit of 2 BTC daily (see the mod comment on the link)

Yeah, except I can't log in unless I do the KYC step so I think that info is out of date. I bet Kucoin is now being required to do this for US customers, much like Binance was--and I'm wondering if the government is finally cracking down on offshore crypto exchanges.

And again, I didn't get an e-mail about this and I wanted to know if anybody saw this coming or if it's just me and I missed an announcement.

Edit:

Quote from: OmegaStarScream on February 20, 2020, 02:09:54 PM

I just logged it to the app and tried to withdraw. It seems like everything is fine (able to withdraw up to 2 BTC/24hours). I haven't received any emails from them except about their giveaway and partnership with WinPlay.app.

I'm going to assume you're not in the US, but you don't have to verify that if you don't want to.

LeGaulois

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Kucoin added the KYC verification 1 or 2 years ago, but they didn't offer KYC for users in the USA
Despite this non-verified users have a limit of 2 BTC daily (see the mod comment on the link)

edit: BTW, You won't be able to do the KYC verification since the US isn't on the supported list https://kucoin.zendesk.com/hc/en-us/articles/900000077006-Supported-Country-List

The Sceptical Chymist

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I tried to log in to their site and was hit with a KYC requirement--and I don't recall ever getting an e-mail with the news about that. Anyone know the story behind this?

Not surprised, since I've been thinking that anonymous exchanges are going to become extinct for quite some time now, but Kucoin was one of the last ones with a decent reputation.

And by the way, this is another reason why you don't keep coins on exchanges for long. It isn't like they're pulling a scam here, but if you want to pull your funds off Kucoin before having to verify your identity, looks like you'd be out of luck and your coins would be stuck there. Fortunately I just had some dust there.

Topic: Kucoin requiring KYC now? (Read 214 times)