Kucoin to introduce mandatory KYC - page 2.

hugeblack

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Quote from: OmegaStarScream on June 29, 2023, 04:21:24 AM

Because if they don't do that, and the sell orders and withdrawals remain unaffected, wouldn't that mean that users can still deposit using their previously generated addresses, sell and then withdraw these funds?

No, according to my experience with binance, if you mistakenly deposited to one of your old addresses, you can only withdraw those deposits, you will not be able to place buy/sell orders.

Quote from: hugeblack on April 03, 2022, 05:21:18 AM

Overall, yesterday I took an extra risk and sent $500 to my old USDT TRC20 address that was given to me earlier.
I was able to deposit, exchange, and withdraw up to 4k BUSD.

Therefore, even if the deposit option is not activated, you can send the coins to the deposit addresses, which you will find in the “Deposit History^[1]”

There is another experience after 1 year that I mistakenly deposited to that address, but it seems that I did not create a topic about it (or did not search my posts correctly)
The date of that post was 2022, that is, a long time after KYC was compulsory.

This part seems contradictory to me and may cause some legal problems for them.

Quote

and will not be able to use the deposit service (withdrawals are not impacted).

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Quote from: hugeblack on June 29, 2023, 04:07:05 AM

you won't be able to withdraw your coins if you deposited by mistake to an old Kucoin address or will it not appear as a balance?

I think this KYC policy will not interfere with their system which requires them to changing the user deposit addresses again completely, so there is no old address in this case. Regardless they disabled the request showing the deposit address, if you send to the "old" address, imo it will still be swept to their hot wallet. They should be cooperative enough to accept complaints of unwanted transfers.

Quote from: OmegaStarScream on June 29, 2023, 04:21:24 AM

-snip-
They will most likely reset the deposit addresses (at some point) otherwise what's the point?

Because if they don't do that, and the sell orders and withdrawals remain unaffected, wouldn't that mean that users can still deposit using their previously generated addresses, sell and then withdraw these funds?

I think they simply won't credit your deposit if KYC level <=1.
They seem to still be making concessions to existing users, but have not concluded their policy will remain that way but will be gradually tightened.

OmegaStarScream

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Quote from: ?? on ??

If you somehow recorded your deposit address, then when you send your funds there, you will most likely receive them, and you will only be able to withdraw funds, since withdrawals will be available for previously registered users even after July 15, but other services will not be available.

Quote from: hugeblack on June 29, 2023, 04:07:05 AM

you won't be able to withdraw your coins if you deposited by mistake to an old Kucoin address or will it not appear as a balance?
If they accept deposits to old address and request KYC for withdrawals, then this will look different than:

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while withdrawals will remain unaffected, the announcement notes.

This is from kucoin's blog article:

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For users who registered before July 15, 2023 (UTC), if their KYC is not completed, they will only be able to use services such as Spot trading sell orders, Futures trading deleveraging, Margin trading deleveraging, KuCoin Earn redemption, ETF redemption, and will not be able to use the deposit service (withdrawals are not impacted).

They will most likely reset the deposit addresses (at some point) otherwise what's the point?

Because if they don't do that, and the sell orders and withdrawals remain unaffected, wouldn't that mean that users can still deposit using their previously generated addresses, sell and then withdraw these funds?

hugeblack

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Quote from: ?? on ??

Deposit addresses will be reset and you will need to have verification in order to generate a new address. This was done, for example, at ByBit when they introduced KYC.

you won't be able to withdraw your coins if you deposited by mistake to an old Kucoin address or will it not appear as a balance?
If they accept deposits to old address and request KYC for withdrawals, then this will look different than:

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while withdrawals will remain unaffected, the announcement notes.

hugeblack

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Am I misunderstanding what is being said or is the wording of the article in cointelegraph not accurate, they mentioned:

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The KYC authentication upgrade introduces mandatory KYC checks for all new users at KuCoin starting from July 15, 2023.

Existing users who registered before July 15, 2023, will also have to complete the KYC process to access some features on KuCoin. Such users will not be able to deposit new funds, while withdrawals will remain unaffected, the announcement notes.

What is meant by users will not be able to deposit new funds? I remember that after more than a year of binance KYC, I sent some coins wrongly to my old binance address, I logged in and managed to withdraw, will deposits to an old Kucoin address be considered as lost coins? This will cause legal problems for them.

The correct wording is that users who registered before July 15, 2023 will not be able to trade after that date and all their positions will be liquidated on July 15, 2023 at 12:00 UTC.

Why the new KYC are not applied with immediate effect?

OmegaStarScream

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Quote from: jrrsparkles on June 29, 2023, 12:35:56 AM

So we can officially say that there is no more non KYC exchanges for cryptocurrencies or still anything left?

This isn't a big surprise but Kucoin dragged this long to enforce the mandatory KYC requirements when all the other exchanges forced to make those changes years ago.

Question: so this will force the users who never want to comply KYC to use the decentralized exchanges and bring some real volume?

There are still a few ones[1] (which will probably follow the same path sooner or later) but I'm just not sure if they're any good, compared to the exchanges we lost recently (Kucoin, OKX, Bybit) in terms of liquidity, supported coins and network, fees, etc.

[1] https://bitcointalksearch.org/topic/--5414539

NotATether

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One important point that is not getting talked about enough is that US investors will not be able to complete the KYC. It is specifically designed to keep them out.

So the wall around the USA investors are closing.

Soon there will only be P2P services, exchanges which require a US address for KYC such as Coinbase and Binance.US, and scams.

Makes it harder when they travel tbh.

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Quote from: OmegaStarScream on June 28, 2023, 05:07:18 AM

So that's it, as we've all predicted, this was just a matter of time. Kucoin will officially introduce mandatory KYC starting next month (15 of July)[1]

The current users won't be able to deposit anymore but withdrawal will remain unaffected.

[1] https://cointelegraph.com/news/kucoin-crypto-exchange-to-introduce-mandatory-kyc-in-july

So we can officially say that there is no more non KYC exchanges for cryptocurrencies or still anything left?

This isn't a big surprise but Kucoin dragged this long to enforce the mandatory KYC requirements when all the other exchanges forced to make those changes years ago.

Question: so this will force the users who never want to comply KYC to use the decentralized exchanges and bring some real volume?

Husires

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Quote from: Z-tight on June 28, 2023, 12:28:05 PM

There is no lawsuit forcing Kucoin to make kyc mandatory, but as a centralized exchange if they want to be accepted in more countries and jurisdictions they have to make kyc mandatory
After this announcement of compliance, Kucoin will spread to some Jurisdictions where they couldn't operate before because of their previous lack of compliance to KYC regulations.

their desire to expand is the reason. I used to think that they are doing successful business due to the fact that they do not ask for any strick KYC data about customers, but now they are like Binance and I hope they have a better exchange model as their only advantage in my view has been lost.

Quote from: Z-tight on June 28, 2023, 12:28:05 PM

The only way to trade without kyc is by using true p2p exchanges, even if centralized exchanges don't collect data now, they surely will in the long term and they may not give you the option to withdraw without submitting your data first.

I will try to find a new exchange until the last KYCless centralized exchange and I hope to find a decentralized exchange with good liquidity and speed in executing orders.

Darker45

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This was coming, of course, but it's still sad to see one of the last exchanges standing finally go. But I don't agree with others calling KuCoin a non-KYC exchange. KuCoin isn't like AgoraDesk, for example. KYC has already been there as part of KuCoin's ToS long before this announcement. That it offered a certain limit to unverified users didn't make it a non-KYC exchange. I was a KuCoin user because of that feature until I was asked to submit KYC last year.

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First, Binance was the most likeable exchange that didn't enforce KYC until it became mandatory and it's like Kucoin was the only remaining cex that allows no-kyc for their level 1 users but it's come to an end. This is all expected and I've seen an image that US users are probably also out of the exchange, I'm not sure with that but someone who's from there and is a Kucoin user can verify if possible.

Quote from: Z-tight on June 28, 2023, 12:28:05 PM

they surely will in the long term and they may not give you the option to withdraw without submitting your data first.

That's to be expected as well and that's because of the pressure that these exchanges gets from the regulators.

dkbit98

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Quote from: OmegaStarScream on June 28, 2023, 05:07:18 AM

So that's it, as we've all predicted, this was just a matter of time. Kucoin will officially introduce mandatory KYC starting next month (15 of July)[1]

This is obvious push to restrict all centralized exchanges as government puppets are working on canceling cash and introducing their own digital slave currencies aka CBDC.
I don't think this is such a bad thing, mostly because all centralized exchanges showed that users can't really trust them, and Kucoin is not an exception.
Maybe this will push even more users towards decentralized exchanges and P2P trading, that is much safer and nobody can force you to perform any verification.
I just hope more developers will work on improving dex solutions and making them easy to use both on mobile and desktop devices, with more fiat currencies.
Having said all that, I still hope there will be few more cex available to use in next few years.

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Quote from: Rikafip on June 28, 2023, 05:33:17 AM

Basically they will be able to 'play" with the amount they have left there, but if you can't deposit crypto on an exchange, it will eventually become useless.

Or if they can withdraw what's still in their accounts, they might still find it useful to trade on Kucoin since they do have a ton of altcoins and good liquidity as well.

I'm not exactly saddened by this news, since I haven't used Kucoin in a while and have always found their UI to be annoying, but part of me is disappointed that another exchange is being forced to go the KYC route. I knew it would happen sooner or later with them, and I know the whole landscape for exchanges is going to be completely different within a few years, but still. This is how the spirit of bitcoin/crypto gets broken, by government's influence on the exchanges through which people can acquire it.

Here's hoping that at least a few non-KYC exchanges remain in the next year, even if they're some of the smaller ones. We're exiting the wild west days, my peeps.

Z-tight

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Quote from: Husires on June 28, 2023, 11:16:14 AM

What prompted them to suddenly make this decision, they have held out for a very long time, longer than most platforms, and I have not heard any lawsuits forcing them to do so, so why now?

There is no lawsuit forcing Kucoin to make kyc mandatory, but as a centralized exchange if they want to be accepted in more countries and jurisdictions they have to make kyc mandatory, just as their CEO said:

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Lyu also stressed that KuCoin set their KYC policy to comply with regulations in applicable jurisdictions since there isn’t a unified global KYC regulation.

After this announcement of compliance, Kucoin will spread to some Jurisdictions where they couldn't operate before because of their previous lack of compliance to KYC regulations. The only way to trade without kyc is by using true p2p exchanges, even if centralized exchanges don't collect data now, they surely will in the long term and they may not give you the option to withdraw without submitting your data first.

Stalker22

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When I first read the news I thought that existing accounts would be spared. However, it appears that not only are new accounts required to undergo KYC verification, but it also states that existing users won't be able to deposit funds unless they are KYC-ed too. Bummer, right? Kucoin was like the go-to spot to trade those less-known tokens without dealing with DEXs. I mean, it is always a hassle having to verify your identity and all that shit, not to mention the potential privacy concerns it raises.

Husires

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It's sad news, KYCless exchanges have started to become less and less, and the options offered may not be as good as the previous ones, as OKX seems to be on its way to making identity verification mandatory. What prompted them to suddenly make this decision, they have held out for a very long time, longer than most platforms, and I have not heard any lawsuits forcing them to do so, so why now? The price of bitcoin is not that high and depositors' requests are much lower than it was in the year 2021/2022.

PX-Z

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Yeah, just received the email earlier and its really expected. And just like what i have said previously since it's my first exchange and regular users, i don't mind proceeding their mandatory KYC.

rat03gopoh

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It's very sad that my first and favorite trading platform also can't go against the mainstream of global regulation. It seems that no more privacy-friendly CEXs will last long. Especially for active traders, submitting their sensitive documents is a must.
Glad I found this news earlier before the next signature payment.

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Quote from: BitMaxz on June 28, 2023, 07:40:39 AM

No, this is not the only exchange that doesn't ask for KYC there is also a Coinex exchange run by ViaBTC and also an OKX exchange(as optional) with a withdrawal limit for non-KYC users.

I didn't say that Kucoin was the only exchange that didn't ask for KYC, but that it was one of the most reliable ones without mandatory KYC requirement and there is difference between those two things.

Beside Coinex and OKX, there are few more exchanges that don't ask for KYC like Bitget, Mexc, Ascendex etc but its just a matter of time before they do the same as Kucoin and many other exchanges before them.

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Quote from: Rikafip on June 28, 2023, 05:33:17 AM

This news sucks since Kucoin has been one of the most reliable KYCless exchanges left on the market

No, this is not the only exchange that doesn't ask for KYC there is also a Coinex exchange run by ViaBTC and also an OKX exchange(as optional) with a withdrawal limit for non-KYC users.

I'm sure there are more bad news coming for non-KYC exchange to force people into mandatory KYC.

Topic: Kucoin to introduce mandatory KYC - page 2. (Read 554 times)