KUcoin forcing KYC for every users

[kinki32]

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

[Alohadanc3]

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.

[Umkar]

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.

[BitcoinMarshal]

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

[Genamant]

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 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.

[Deji87]

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

[boy130]

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.

[Duallimit]

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 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.

[Lan75]

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/

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.

[Whosdaddy]

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

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.

[MIXXtagger]

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.

[forestharvest]

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/

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

[CoinEraser]

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. 

[jacaf01]

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

[veraro]

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.

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.

[andthereyou]

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.

[krigger]

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.

[singpolyma]

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.

[Tribizz]

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.

[Chefironside]

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.

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