KUcoin forcing KYC for every users

[Nalbo]

KUCoin has decided to force KYC for every of it's users.

In an attempt to remain as one of the most trustworthy and transparent exchanges in operation, KuCoin will start enforcing KYC checks on users. This measure is to ensure KuCoin remains compliant with the developing regulations in the crypto industry.

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/

[Tipstar]

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.

[mariomerula]

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

[Petersha]

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

[Freezingel]

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.

[Temmy007]

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

[cryptohunter]

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.

[adolf512]

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.

[Script3d]

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.

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.

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.

It does not make sense really, I hope they re-think this situation as many users join just to sell a few tokens and a a KYC procedure is going to drive them away from the exchange.

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

[meldrio1]

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.

[EugeneReigns]

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.

[Yudhisthir]

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.

[entemeister]

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.

[duchaitp]

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.

[superscommessebitcoin]

It does not make sense really, I hope they re-think this situation as many users join just to sell a few tokens and a a KYC procedure is going to drive them away from the exchange.

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.

[tsaroz]

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.

[zpopdream]

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

[Crasengover]

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.

[steplaza]

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...

[RajaCripto]

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