What's yours feelings about Ku-coin recent moves?

Eternad

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Quote from: Crypto Library on June 28, 2023, 05:07:13 PM

According to Kucoin official statement, they are going to take this approach to prevent money laundering, terrorist financing etc. I personally used to like Ku-coin a little because without KYC verification my tasks could be completed but from now on it might not be possible here.
I actually want to know your feeling about this :')---
details in- https://www.bitdegree.org/crypto/news/crypto-exchange-kucoin-adopts-stricter-kyc-rules-for-improved-security

Other top exchange to mediocre exchange already required KYC long time ago. I think this move is inevitable since they will need to follow to AML policy to regulate their customers or else they might have issue with the regulators. Almost all centrlized services is already impementing KYC which makes this kind of move normal already. Actually, I’m still impressed to Kucoin for delaying this update while other competitor is already implementing this feature.

We have no choice and also most of us here surely undergo KYC on some crypto services when we want to convert our crypto to fiat.

sheenshane

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Quote from: Helena Yu on July 02, 2023, 05:53:30 AM

I don't feel anything, as always been expected any centralized exchange will force their users to submit KYC when the time has come, it's similar like we're just waiting any centralized exchange will get hacked since there's always vulnerability for anything run in online.

Yeah, I tend to agree, and what do we expect here about those centralized exchangers regarding the KYC procedure?
All of these are just because of regulatory compliance, our government keeps combating illegal activities mentioned by the OP, and the only way to increase the KYC procedures. Because for them, KYC procedures help exchanges adhere to these regulations and the way to become their business legal.

IMO, as long as there is a decentralized platform that can we use when buying and selling our crypto if our concern is our privacy, go to the P2P exchange which helps you to stay private.

So what next to the Ku-coin exchange?

Helena Yu

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I don't feel anything, as always been expected any centralized exchange will force their users to submit KYC when the time has come, it's similar like we're just waiting any centralized exchange will get hacked since there's always vulnerability for anything run in online.

So this is really normal, if anyone want to trade Bitcoin without KYC, just use decentralized exchange or no KYC P2P, most of them wouldn't ask KYC, only few of them.

eaLiTy

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Quote from: Crypto Library on June 28, 2023, 05:07:13 PM

~
All of us who use ku-coin exchanger may have already received this notification that they are going to make KYC verification mandatory.
And it will start on 15 July 2023. From July 15 onwards, new registrants to ku-coin will have to complete KYC verification compulsorily.

It is not a huge surprise and it was an eventuality as regulators are getting strict and imposing huge fines on exchanges citing the promotion of money laundering and for any exchange to survive as a business they will be forced to do KYC verification. Personally i have verified my account long back because of the tier level and i care less about the current situation Wink

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The Sceptical Chymist

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Quote from: Crypto Library on June 28, 2023, 05:07:13 PM

According to Kucoin official statement, they are going to take this approach to prevent money laundering, terrorist financing etc.

Yeah, sure. It's that latter reason that always makes my blood boil, because it's just an appeal to emotion just like when the US government uses terrorism to enact any changes in policy--oh, say, like the Patriot Act for example.

OP, those two images you used are completely unnecessary and I'd suggest not starting off a thread with pics that aren't relevant to what you're posting. Kucoin isn't using facial recognition software that I've read, and even if they are you certainly haven't pointed that out. It would freak me out if that became standard, by the way. I bet it'd turn a lot of people away from exchanges that required it if so--at least those who give a shit about their privacy.

Yamane_Keto

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Quote from: ultrloa on June 29, 2023, 08:51:52 AM

Since its risky to go on unreliable exchange since we know that they can fake volumes and scam us.

It is not the end of the world, new exchanges will appear that meet the needs of users, but their number will be less than the first, there are currently more than one good option:

OKX: Total Assets $10.32b which is more than Kucoin https://defillama.com/cex/OKX
Huobi: better than Kucoin with $3.14b https://defillama.com/cex/Huobi
Bitget: Total Assets $1.45b less than Kucoin but still good

There is more in the list with the link below, but I prefer to avoid using any exchange with total Assets less than one billion, and that most of these assets are in Bitcoin and Ethereum.

https://bitcointalksearch.org/topic/--5414539

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Quote from: Crypto Library on June 28, 2023, 05:07:13 PM

According to Kucoin official statement, they are going to take this approach to prevent money laundering, terrorist financing etc.

They can easily said that it's because their government requires them so.

Quote from: ultrloa on June 29, 2023, 08:51:52 AM

If you don't trust the new implementation happen on kucoin then better stop to use that exchange since expect that many of them will require since they want to control the illegal activities on their platform and government might ask this to happen.

Usually with these moves from exchanges, the users can't do anything against it. Whether we like it or not, the choices we only have is to comply or not to comply and leave. Despite being one of the longest exchanges to apply the no-kyc rule, at some point many have thought that this time will come.

Quote from: ultrloa on June 29, 2023, 08:51:52 AM

Since its risky to go on unreliable exchange since we know that they can fake volumes and scam us.

I agree, some new exchanges aren't pressured by this change and they may still allow users not to comply with kyc but you'll never know if the volume is genuine on them.

ultrloa

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If you don't trust the new implementation happen on kucoin then better stop to use that exchange since expect that many of them will require since they want to control the illegal activities on their platform and government might ask this to happen.

But will follow what they require since so far I only trust two exchange and kucoin is my second option so to continue using their service I might follow what they tell us to do. Since its risky to go on unreliable exchange since we know that they can fake volumes and scam us.

Yamane_Keto

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If this is not a sufficient reason to think about using DEXs and downloading BISQ, then you will be pushed to use them over time, these exchanges try to comply with legislative restrictions, which seem to be more stringent due to the increased demand for cryptocurrencies, and with it the government’s increase in monitoring these AML and imposing taxes on them.

Quote from: logfiles on June 28, 2023, 06:59:30 PM

2. Too late, there was already an earlier topic about the new developments and some members have already had their input there - Kucoin to introduce mandatory KYC. Probably best to lock this one.

This thread may be for users' opinions against that thread for ku-coin KYC updates.
However, locking this thread would be fine.

logfiles

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1. Wrong board for this kind of post. It probably belongs to Exchanges or Service discussion boards

2. Too late, there was already an earlier topic about the new developments and some members have already had their input there - Kucoin to introduce mandatory KYC. Probably best to lock this one.

Crypto Library

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All of us who use ku-coin exchanger may have already received this notification that they are going to make KYC verification mandatory.
And it will start on 15 July 2023. From July 15 onwards, new registrants to ku-coin will have to complete KYC verification compulsorily.
And those who are already registered but have not done KYC verification, their deposit address will be closed. But one word of hope is that you can withdraw funds.
According to Kucoin official statement, they are going to take this approach to prevent money laundering, terrorist financing etc. I personally used to like Ku-coin a little because without KYC verification my tasks could be completed but from now on it might not be possible here.
I actually want to know your feeling about this :')---
details in- https://www.bitdegree.org/crypto/news/crypto-exchange-kucoin-adopts-stricter-kyc-rules-for-improved-security

Topic: What's yours feelings about Ku-coin recent moves? (Read 96 times)