KUcoin forcing KYC for every users

[nl247]

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.

[Tondya]

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.

[hrunya102]

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.

[Pechalka]

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.

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

[donadoni212]

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.

[Procopiogamscrypto]

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/

 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 .

[el kaka22]

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.

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.

[Tyronthegreat]

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/

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.

[2stout]

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

[andrey111]

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

[Bonanzabits]

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!

[Bonus777]

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.

[chocopapaya]

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.

[Emilyearl]

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

[KevinClarkson]

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

[Lisa110386]

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

[Quidat]

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

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.

[Lab_Rat]

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.

[Jeepney_koh]

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/

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.

[Fenixsfeather]

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

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