KUcoin forcing KYC for every users

[fromnicetoevil]

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.

[vaso11]

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/

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.

[HoaNguyen]

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.

[Melvin Narag]

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.

[naidray]

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.

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.

[coinplus]

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/

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!

[tonyja2017]

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/

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.

[RajaCripto]

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.

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

[saycryptohello]

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

[rackam]

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/

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.

[kingzpro]

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.

[nikola22]

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.

[Meraki]

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/

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.

[cryptohorsee]

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.

[ashaksagnis]

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.

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

[rahul7timt]

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,

[trumper]

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.

[Osiris0]

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...

[Yamakuna]

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.

[zero4five]

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.