Topic: Kucoin to introduce mandatory KYC (Read 483 times)

Kukoin switched to full KYC today, and now requires all non-verified users to go through this procedure:



Despite the fact that the inscription says that I need to verify in order to access the deposit function, creating addresses for the deposit still works:

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Now the verification levels look like this:



As I and said earlier, if you used to send fake data to get basic verification, then with the current passing verification, these data allow you to edit or re-enter:

There are still few that kinda meet those criteria like OkX and Mexc, but the list of solid exchanges with no mandatory KYC is getting shorter as we speak.


Problem with Bisq is that it is only good if you want to buy/sell smaller amounts of bitcoin and if you are not in a hurry. Then again, if more people start using it that woulnd't be a such a big problem anymore and it would be possible to do bigger trades faster without loosing too much money while doing that.

Wow I just saw the news. Kucoin was probably the only fairly big and popular exchange that wasn't enforcing KYC on its users and now they are gone too. Nowhere to run or hide anymore, crypto exchanges became just like banks. They will know the identity of every customer they have and that'a against the fundamentals of crypto. Crypto means freedom and anonymity and these pro-KYC exchanges are not. People should learn to use decentralized exchanges like bisq asap. (don't waste your time on the pseudo/fake decentralized exchanges) R.I.P. Kucoin it was a good ride.

I agree with this, and from what i've noticed, though i may be wrong, the number of people who use BTC in this way are more than those that don't, so Kucoin will surely lose many of their privacy conscious user base, but the majority would continue using them because they don't care about privacy.

Kucoin is also a centralized exchange, so the user base that traded on the exchange because kyc was not compulsory before, knew that one day Kucoin will make it mandatory, so they may not be surprised or upset at the decision of the exchange and some of them may just continue to trade there. But if it were to be a p2p decentralized exchange that implemented kyc, like Localbitcoins for example, they would lose most of their user base as all their customers trade with them because there is no kyc requirement and they never expected that any should ever be added.

I think that situation with Kucoin is a little bit different because many people used that exchange specifically for no KYC feature, myself included. Well, at least people around me.


That's true, but I think those would already use Binance, Coinbase or other similar "reputable" exchange.

I thought that this would happen to Binance after imposing KYC, but the number of their users continued to grow, so it seems that an estimated number of people do not have problems with identity verification and may use Kucoin (the same company that runs OKX) as an alternative, so it is true that the number of users will decrease, but I see OKX is advertised in many places so the number of users will continue to grow.

Those who use Bitcoin as an investment are a large number and they do not care about privacy, on the contrary, they may keep their currencies in centralized platforms.

Judging by the people around me that I know used Kucoin until they introduced mandatory KYC, I would say that they will loose a lot of customers (me included). I mean, no KYC was the main reason why so many people used Kucoin and once you remove that, people will rather use Binance/Coinbase (at least people I know) or just try to find decentralized solutions.

Bitget is a scam exchange that @ananyabushra has been shilling for on this forum with AI generated posts, you can check this post where that user was exposed: https://bitcointalksearch.org/topic/m.62617454
I don't have any statistics or facts on how much users they have lost after they made kyc mandatory, but they are surely going to lose their customers who don't want to submit kyc info to centralized exchanges because of privacy concerns, and they have only been using Kucoin because kyc isn't mandatory, this section of their user base will go for either p2p exchanges or kyc-free centralized exchanges. It happened with localbitcoins, which eventually made them shutdown, they lost most of their customers after they made kyc compulsory, though localbitcoins was a p2p exchange from the start, unlike Kucoin that has always been a centralized exchange, but there are some similarities in the situations.

I could have sworn that even mexc had withdrawal limits for non-verified customers--but I could be thinking of some other exchange; there's so many of them, each with different terms of service and everything else.  Never heard of Bitget, btw.  Are they some fly-by-night kind of exchange or have I been missing something right under my nose all this time?

And as I already posted in this thread, I don't have more to say about Kucoin and its new KYC policy but I do wonder how many customers they've lost because of the change.  Seriously, KYC is no small thing in the world of crypto, and with there being so many alternatives (for the moment at least) I have a hard time believing they haven't taken a big hit.  Not that we'll ever know since they don't report their balance sheet like a publicly traded company, but has anyone noticed a drop in volume or any other sign that their user base has started jumping ship?

Well, This was expected from the start. It is an inevitable expectation.

I have always been repeating: Do not believe any central platform that claims that it will provide services without verifying the identity of its users, because this is not practically possible unless its team is hidden and no one knows anything about the locations of its servers or where it runs its operations from, which is what can never happen in this type of regulated service.

These platforms provide their services without the need to force identity verification at the beginning of their launch, and as long as the conditions allow for that, but there is no guarantee that they will continue in the same approach. We can find that it has been mentioned in the "terms of use" that any user of the site agrees to. This means that nothing can be objected to, and it is good that Kucoin allowed withdrawals to be made and these conditions are not imposed on those who wish to leave.

No offence, do you work with or for Bitget? Almost all of your posts have something to do with "how good Bitget is".

By the way, Bitget do not allow limitless trading without KYC, there is a daily withdrawal limit of $50,000 and monthly withdrawal limit of $100,000 ^[1] for users who have not completed their kyc.

[1] https://www.bitget.com/support/articles/360053002431

Nowadays, almost all the CEXs are moving towards mandatory KYC. I can only think of a few, like Bitget and Mexc, that still permit limitless trading without requiring KYC.

I think it is a specific display after being verified for withdrawal purposes (it has its own wizard on KYC requests, different from regular verification). If you visit the profile page, maybe your verification level status will also be visible.
Btw, was that captured on the app or the browser version? Up to what point did you verify? Sending ID photos or up to face recognition?

Nahhh I didn't trade but restrictions in relation with mandatory KYC would typically show up on one's withdrawal/deposit page otherwise it'd be a trap and we would see loads of people posting about it all over the communities.

As mentioned above, level one (previously kyc 1 or basic verification) is just filling out information which has been the case even a couple of years ago. I can only guess you were on the special case where in terms of necessary information required to use the service normally, you were moved up.


Typo? Isn't level 0 pretty much unverified?

Do you manage to withdraw your assets without KYC on your newly registered account? I'm new to Kucoin but I don't know what lvl 1 KYC verified looks like because that's what my account shows after I verified it using my valid ID. What's the minimum requirements for lvl 1 KYC verified because submitting 1 valid ID and selfie is the only option I have to verify my account for processing of withdrawal. This is really weird.

Hmm. your situation sounds different, my dude.

Accounts registered before July 15th should still work fine plus when that day pass and the account is still unverified, withdrawals should still be open. Your screenshot does not look level 1 as well which afaik what the mandatory KYC requires.

Nevertheless, I made a test account minutes before posting this just to be sure and everything seem to work normally.

There was no way for that to be possible, under no regulation would that have been possible, all AML requirements are for every single transaction to have a verified sender, so it's not like an old account could bypass this, the moment it made one transaction it breaks this and the user woud need verification, that said they did prolong this as long as they could but probably they've seen the outcome, and rather than losing all clients they decided to go and obey the new rules.

So, does anyone what could have triggered this?
https://www.coingecko.com/en/exchanges/kucoin#statistics
A 500 mils to 6 billion in trade volume


They are letting a door opened for people who have money and don't want do go throw KYC or can't even do it since they are in some banned jurisdiction, so they will allow them to trade and exit, probably a smart way since they would otherwise be swamped with support tickets and less risk for the mess to go public cause when authorities will see tens thousands of users complaining they would probably start asking Kucoin just how many anonymous users and $ they have there.  

And fast forward I guess they will disable the address from the account so you won't be able to generate a new one unless you're verified and if you do the mistake of sending it to the old one they will probably ask for KYC, a win-win for them, either free money or verified user.

I’m surprised to see this news that KuCoin will newly introduced mandatory KYC requirements while they are enforcing it already prior to this announcement. I create my Kucoin account last week and I was forced to do KYC since they don't allow me to withdraw my funds without KYC. As you can see on my account  benefits for KYC verified is the feature to withdraw.



I'm really surprised that there's still user that can withdraw on exchange without KYC because new user is already required to do it in able to withdraw funds.

I don't think that the balance will be reflected after July 15 if someone tried to deposit funds to their old address but we can get clear information only if they update their ToS about this.

Most likely we can see a warning like "Never deposit funds to any of your old addresses or you will lose them'(just my assumption though).

I haven't used the kucoin exchange for a long time, to be honest, I was surprised to read the news about the introduction of mandatory KYC, I thought they had already introduced it. It seems that the next stage will be blocking or restricting verified users by territorial affiliation, I looked at my account and see KYC level 3