Bitcoin Forum

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/

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.

Personally I don't have problems doing KYC but this decision will make KUCoin down with many positions in exchanges list....

There are many small traders who will eliminate and will start trading on other exchanges as there are many Dex on the way.

I don't have problem with kyc but there's some people that want to remain anonymous and this decision will make them leave kucoin. I don't understand why they have to force it, why not just let non kyc have lower withdrawal limit like binance, and the one that already pass the kyc have a much bigger limit.

Exactly what they should have done, I don't just understand compulsory kyctissue with them, I have stop using the exchange for now

DEXs are coming dont worry... blocknet and komodo will be the biggest exchanges within 2 years or perhaps less.... just another gox type event to really motivate us all to move over. That and a big user experience upgrade is all we are waiting for.

Maybe this will really help them in developing and enhancing the security of users. As we see, all large exchanges are obliged to attract their users to KYC, and this gives them the opportunity to take the leading positions among all exchanges.

its inevitable for all of the exchanges out there the government is the one forcing them to collect information about their users otherwise they cant operate their exchange. you should not worry about it if your not laundering money. there are some useful purpose of KYC in order to eliminate those people who use their exchange or crypto to launder money.

Binance would have KYC if they didnt move out in china they moved their headquarters and servers on japan because of the crypto ban on china before.

there are alot of exchanges out there why pick the ones who needs kyc?

Kucoin forcing KYC? maybe that's bad news for kucoin users, I hope that binance will not follow their step to force KYC for users.

I think it is OK. It will become an inevitable procedure in the nearest future. Sooner or later. Especially if the cryptocurrency will become regulated by the international community and local governments. They will definitely require traders to undergo KYC procedure.

I'm eagerly waiting for the decentralised exchange proposed by binance. Which will use BNB as a base currency.
And I wonder where the value of KCS would reach. I just bought them a couple of days ago and they are already crashing.

The problem is not that the exchanges carry out the kYC verification, the problem is to know if the exchanges are going to store that information correctly and to know if they are going to guarantee the security of that information. Considering that exchanges are often hacked to steal coins, I don't want to imagine what can happen if the hackers start stealing personal documents of users.

If a user does not accept KYC, is there a limit to withdraw coins from Kucoin? I do not want to have to go through KYC.

Nobody is going to cancel the KYC. I honestly do not understand why Kucoin decided to verify its users, but perhaps in the near future KYC will introduce other exchanges.

We are clearly heading towards a controlled and uncontrolled cryptocurrency market. They would make it difficult to convert the crypto from uncontrolled market to fiat but with the nature of crypto, there would be a plenty of loopholes to venture.

That's actually quite predictable. I mean KYC is introduced by everyone now - projects, exchanges and etc.
Well, we can understand their postion: the exchange wants to operate fairly and safely for themselves - nothing wrong

I think that sooner or later all exchanges will have to force KYC for their users, due to legal regulations. So the only way to keep anonymity for traders is to use DEXs. But most of them don't have enough volume to satisfy big investors.

I'm also annoyed by that, but have to agree that this will be the trend for future exchanges..eventually most or all of the will ask for KYC I suppose...

I think this is bad news. It should not require KYC, it would be very difficult if the person does not have a passport. I strongly disagree if kucoin requires KYC

Most people in this forum are over looking what comes with regulation generally. Left for the exchanges, I am sure KYC would not really be an issue but they are bound by regulations of where they are located and whether they are low on the table or not, it is one thing they have to just stick to, or probably relocate but for now, I feel most users should have started getting used to this idea of KYC because a time may come that in all exchanges, it is something that no one will definitely be escaping with the way things are going.

I don't understand why many people say that its bad news for exchange, scam and etc. ) I have no problems to pass through KYC and see nothing it this requirements, soon many exchanges will require KYC.

simply exchanges will provide this information to your government, I am ready to pay a tax on profit, but when I decide for myself, not when I am ordered, for this I am in crypto.

I think soon or later Binance also will force us to pass KYC. Nowadays this is a bad trend. Everything has to be under the control. The life is like this now, unfortunately

this is a step forward to secure our account, as it is known at this time when we ask to reset 2FA or forget the security question then we are asked to provide our personal data to be able to reset our account. if that's a good impact, I think it's a step to keep our Kucoin account to the next level.
KYC is used to maintain the security of our account, Kucoin is under the top 10 exchanges at this time but I think this is a step forward that will make Kucoin more reliable and safe.

 Regulation may be the one reason why some exchanges forcing its users to submit KYC because of most countries asking to do so upon getting permission to operate in a certain area or country, no choice for them but to impose, even though it contradicts the essence of the anonymity of the holder. But for me, I don't think it gonna be a big issue .

I still wonder why a lot of you worry yourself with KYC like you are trying to hide something or like you stand a chance to lose a lot with it. It is funny though that so many people who are here complaining either do not have a means of identification or you feel your identification will be used for some sort of illegal stuff.

Kindly explain your plight to me please! KYC has never been a problem for real investors who want to make use of exchanges to trade as long as they get what they need, so if KUCOIN is dancing to the tune of regulation based on their location, then whoever does not like it can switch.

Yeah. KYC in exchange is actually too scary, everytime I heard about kyc and it is applied to some bounty campaign and when I go to crypto exchange to try and tour myself to become an educated in crypto currency and as my personal info by providing my passport I usually leave the site and find the other. So if this kucoin exchange will add this regulation to the their community, it can be the cause of their low rating because AJ poof Us don't like kyc.

This underscores the importance of decentralization and why DEXs will be the future, just not there yet.

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 ???

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!

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.

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.

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

I dont see a problem in it.
it is for the security of the company and the user as well.

Yes, I heard about this news. This is for newly registered users or for everyone. Somebody already passed Kyc, how long to check?

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.

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.

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.

Are you really not afraid of scammers get ypur documents? Do you know that it can ends badly?

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.

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.

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.

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.

They always started in a way until they are being forced by regulation anyway.
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.

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.

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!

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.
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.

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

If I'm not mistaken, then there is talk about the withdrawal of the transactions over a certain amount, then it is necessary to pass the KYC

KYC is okay, if you are sending your documents to legal companies and not to fraudsters.
So I have no problem with it and I don´t think that this will cause price fall.

I think if this news is true kucoin will definitely loose some of their customers but if this was delivered to them by the regulators in their country or place of operations then they had no other option themselves, so i think in the long run it will be good for kucoin but they should give couple of months time for active traders to submit kyc.

it's a matter of time when all cryptocurrency exchanges will require from users to go through KYC procedure. these are demands from regulators and they must obey.

Well it can't be help because the higher ups instruct them to conduct KYC so that if there will be scam or anything else they could just easy check the user's profile. But still it sucks to let others know your identity because there were alot of cases that a website being breached by something and they can easily collect data of several users.

I think they are like binance now. There is no kyc requied for withdrawals that are below 2 btc. So nothing really has changed it is still good exchange and I think they just want to be more legit.

i agree . soon there will be KYC in all exchanges i guess. i saw about Kucoin in telegram chat.

i do not have any problem in doing kyc, i appreciate this decision for kyc, also they have increased the security of the exchange. however some of the investors will face problem because of this or they may shift the exchange,

That is really bad decision and nothing to do with regulations, if it is something really needed then binance would do it. I think by forcing kyc for every users kucoin will lose lots of its users.

This 'ranking doesn't already plays ay role at all since the owners of all exchanges are the same (Goldman&Sachs/JPMorgan/etc). Forget about anonymity! There are too much terrorists/bad guys to think about private life...

I see no special reason for concern:

"The KYC is not compulsory, which means if client chooses not to complete his/her KYC, the client could always trade without any restrictions. However there will be a limit of 2 BTC on withdrawal amount in 24 hours. The limit on the withdrawal for KYC unverified account will be implemented on 1st Nov 2018.
We strongly suggest client to complete their KYC verifications. To avoid circumstances like forgetting the credentials to access the platform and accounts being taken over by others (information leakage from client side), the verified KYC information will help the client recover his/her account quickly.
A KYC verified account will have access to the Fiat-Crypto exchange services provided on KuCoin platform in the future."

The limit is similar to that on a Binance.

I also heard this news and I think that in future all exchanges will force their users to pass the KYC procedure. Thus, it will be easier for authorities to control transfers of crypto currency from one owner to another. And this will increase and simplify the collection of taxes from numerous participants in the crypto market.

That bad news because I've account on kucoin. I don't understand why they cannot move to another country without rules about KYC.

KYC is not a problem for me. I can do it any time. But it's a bad decision to force all user to do KYC. It will cost them big. Maybe their ranking goes down and more people lose their interest on kucoin exchange. that's why I think binance is better . But day by day kyc will be must cause gegulators want them all to under regulation and a company have to obey that rules for sure.No one wants unallocccated money so KYC will be must to every exchanges soon in my opinion.

I am very saddened by this news. Kucoin as a relatively young exchange has always done a lot to attract more users. And then such a sharp step that will help reduce them. In my opinion, the Hong Kong authorities do not force the exchanges located on their territory to such a step. Well, let's see what happens next.

KYC is not problem for many but in recent time many members have serious troubles with this just because of this not like this KUcoin is forcing for this which is not good decision for them as rivals Binance is not forcing members those who have withdrawal less then 2 bitcoin they need to do create some policy like this for competition in this crypto world

KYC on kucoin though is not compulsory, it is only if you want to use fiat gateway then you will have to do KYC. But yes i agree, kucoin announcing KYC and in a vague type of announcement had a big negative impact in the community. I understand it's being compliant and all but most coins in kucoin are fresh from ico, and most traders there are small time traders trying to get their hands on cheap alts, that move will make more people move to decentralized exchanges.

They have to adhere to the rules and regulations of the country where they are based. I'm sure kucoin doesn't give a hoot about kyc as long as it doesn't stop them from earning fat profits from transaction fees and coin listings. If you can't do kyc then it is time to start thinking of joining a new exchange

It's only a matter of time before all major exchanges are forced to comply with anti money laundering and know your customer regulations, in the end it is for the best, as increased compliance with the law reduces the odds that crypto will be banned, and hence increase their ability to dominate the world. Take it on the chin.

I agree with your thoughts. This will scare off a large number of users. The most important thing is that this will kill multi-accounting. Not the smartest decision, but I think that this decision was dictated by security measures, it is still better to lose place in the top, than to lose the project at all, and go to jail. I think that in the future it is waiting for all centralized exchanges.

Providing KYC on exchanges is i think one of the rules in regulating exchanges. In my own opinion, it would be advantageous to user's side if all user will provide KYC because this would ensure that this exchange is transparent and does not involve in fraud.

Let's see how that is going to be playing out for them though, but KYC or not, any exchange that can come up with something out of the box as an exchange should be able to stay relevant.

Yes, a lot of people are so adamant when it comes to KYC, but I feel it is just too early for them when looking at the competition around when they should be trying their best to get more users. I do not have any problem as well with that, but pretty sure it would have some little effect on them.

Very sorry. I liked this exchange so that there was no KYC. Of course, this will scare off a part of traders. I think kyc on Kucoin it was a matter of time.

In order for them to move on and grow KYC is very much needed to safeguard themselves from fraud cases, starting KYC for reputable exchanges is sooner or later. This move is to safeguard themselves from regulations and the user of Kucoin will also feel safer to be in a safe exchange

More and more exchanges require KYC and I do not think that's good. I miss the time when KYC was a foreign word in the crypto world. Novaexchange new owners want KYC too. It is getting worse.  >:(

There is a solution to this, use decentralised exchanges. We all know most of these centralised exchanges have to comply with government regulations. It will surely affect the volume on the exchange because we have seen how this moves by Bittrex affect the trading volume of their exchanges

The majority of exchange ask KYC in now days. As for Kucoin, it's just like Binans. Ask KYC only if you want withdrawal more then  2 BTC  in 24 hours. I think it's normal for most users.

Kucoin is a good exchange to use but not recommended for trading because of not enough volume. Now they are forcing KYC just like binance with 2BTC limit in 24 hrs hours. I think it won't have any effect on the performance, reputation etc of kucoin.

This is what will kill the use of cryptos and the trading aspect of it. The reason that people were drawn to cryptos in the first place is because of the anonymity that came with using cryptos but now the exchanges that are doing know your customer is ruining that for everyone. I am just glad that there are still some exchanges out there that you can use without KYC. This is getting annoying.

I think that KYS is not a bad thing because it increases the safety of the funds invested. Although it is always inconvenient, but more reliable.

There are advantages and disadvantages in all things but I have come to realize that providing KYC on exchanges is not a bad idea, actually i think it should have been one of the rules in regulating all exchanges this because KYC would ensure that transactions done are transparent.

has this question already been answered? Of course it would be nice if small trades could do without KYC. $ 1000 or $2000 is still ok.or have to make all kyc from $ 0  ???

I think that's the bad move for them they are not yet established exchange in market and if you compare them with binance they are far back in terms of trust.

Nowadays trend is like this. I do not know why exchange  force us to pass Kyc and I don't accept it as well, but what can we do?

That's why binance is moving to the malta, but remember all of the major exchange sites are putting tier for the users, It's much better rather force them all to complete KYC verification. Sometimes there is a someone that doesn't have the document that will be needed to complete KYC verification for various reason.

Thanks Kucoin team your have by far one of the greatest services and support I've personally met. I passed KYC in 1 day when it takes from 1 to 2 weeks ordinary. Great!

This is what happens if an exchanges wants their users to be legitimate.

What they only wants for their company security same as the customers

Maybe people now still not ready on this kind of treatment remember thats why we are here because this same issues we had in banking system..so maybe lets take things one at a time

KYC is ruining the concept of cryptos for everyone. people are using cryptocurrencies because they do not want people to know what they are up to online and also to keep their transactions and coins in their own control. If we wanted a market where all of our businesses and activities are known then we would just stick to the stock market.

It is a centralized exchange and the regulations are every dag stronger and stronger. Therefore I think that it is normal that they are asking KYC for users. On the other site are there enough solutions if you wants an exchange without KYC (mostly decentralized exchanges like forkdelta and idex).

Is the verification procedure mandatory for traders? More recently, the procedure was at will in order to increase the amount of withdrawal funds.