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/

[mobnepal]

They haven't said any withdrawal limit for unverified members so we might still be able to withdraw without verification.

In verification field they are even asking for source of fund which is terrible for any crypto user.

I also have some fund there quite terrified with this decision, this is the reason why all this new exchanges that are popping up everyday are not good for serious trading. Binance is still number one....

[Zadicar]

They haven't said any withdrawal limit for unverified members so we might still be able to withdraw without verification.

In verification field they are even asking for source of fund which is terrible for any crypto user.

I also have some fund there quite terrified with this decision, this is the reason why all this new exchanges that are popping up everyday are not good for serious trading. Binance is still number one....

Sooner or later most exchangerts would really be already into this path where they would impose KYC because they do really need to comply on what have been asked specially if government would really took involvement.Ive seen that situation and aware on what happened to bittrex after implementing kyc proceedings.It do took its rank which we can really presume that most members wont really always prefer to show up their identity.

[buwaytress]

They haven't said any withdrawal limit for unverified members so we might still be able to withdraw without verification.

In verification field they are even asking for source of fund which is terrible for any crypto user.

I also have some fund there quite terrified with this decision, this is the reason why all this new exchanges that are popping up everyday are not good for serious trading. Binance is still number one....

Sorry for you, buddy... but let me warn you, as I've warned every person before. If you're using a centralised exchange, be prepared to have to be asked to be verified at any time. For me, before I even deposit a single coin, I make sure I verify fully if the option is available. And if the option isn't I use an email, name and phone that can be verified for the specific reason that at any time, KYC could be asked for. I've learnt that exchanges sooner or later force users to verify, and will find every reason they can down the line to seize your funds. Never ever give an exchange any reason to hold your funds, expect at any time they will use the most bullshit reason.

And so the problem remains. Which is why we need to move ASAP to decentralised exchanges, atomic swaps, etc. You can bet Binance will do it one day. They think they've solved the problem by moving to Malta, but Malta's regulations and their new blockchain exchange has to comply with EU, and that will mean serious KYC one day for Binance users.

[pugman]

Well kucoin is a South Korean exchange,and we all know that South Korea is now forcing every exchange with tight and strict regulatory measures. Rumors is that there are that prosecutors are going after the largest South Korean crypto exchange,Upbit. There is a confusion whether or not this is a FUD.

Either way,be sure to withdraw your funds before it is too late,unless you are not afraid of verification.

[jhenfelipe]

Inappropriate thread title. Kucoin isn't forcing the users, it was clearly stated that it is not compulsory.

They haven't said any withdrawal limit for unverified members so we might still be able to withdraw without verification.

In verification field they are even asking for source of fund which is terrible for any crypto user.

I also have some fund there quite terrified with this decision, this is the reason why all this new exchanges that are popping up everyday are not good for serious trading. Binance is still number one....

Most likely all unverified users can withdraw without limit until October 31st because as mentioned in the news page, 2 BTC withdrawal limit per 24hrs for unverified accounts will be implemented on November 1st.

You still have a chance to move your funds at once if you have more than 2 BTC and are not planning to do KYC.

[timerland]

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/

It's not that big of a surprise to anyone, because we know that regulation surrounding bitcoin related third parties, especially exchanges, have tightened up drastically in the past few months due to bitcoin's huge bull market back in 2017.

They haven't said any withdrawal limit for unverified members so we might still be able to withdraw without verification.

In verification field they are even asking for source of fund which is terrible for any crypto user.

I also have some fund there quite terrified with this decision, this is the reason why all this new exchanges that are popping up everyday are not good for serious trading. Binance is still number one....

That may be the case; however, if they released this announcement, that means that they are looking to tighten up KYC in the future. And that may mean that in the future, you will have to be verified to trade and even withdraw. So my advice is, if you're not comofrtable with providing identification to them and the required KYC info, then just don't use them. Don't gamble on them not asking you for ID.

Asking for the source of funds is definitely a hassle though, the proof required is way too much work.

[Slow death]

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

they have no choice if they do not have to do this unless they want to have problems with governments, I imagine they do not want to have problems with governments so they have done what has to be done to ensure that they survive the harsh rules that governments They are demanding

Forcing KYC was the one of the reason for once number one exchange Bitrex to move down to 7th position at current time.

bittrex blocked many accounts of many people without these people being warned to withdraw their money and they do not respond to support tickets, so it was expected that they would move down, because have better alternatives in the market

[magneto]

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 that a lot of people misunderstood what was being said in the new KYC update:

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.

... A KYC verified account will have access to the Fiat-Crypto exchange services provided on KuCoin platform in the future.

Basically, you can still trade with crypto/crypto pairs without any form of restriction, but there is a 2 BTC limit on your daily withdrawals if you don't get verified by November. Similar to what Binance is doing right now, really.

Every exchange once they grow big will face regulatory pressure, and Kucoin is just one of them right now. Even Binance I think sooner or later will start forcing KYC on people, and perhaps lowering their 2 BTC per day withdrawal limit. The lesson is you shouldn't store any sum of money on an exchange for a prolonged amount of time, period. Whether or not you're verified, simply because how quick exchanges have and can change their policies.

[Patatas]

It's the high time where not only KUCoin but most of the other exchanges will also adopt the KYC verification system. Government is actively tracking down exchanges and scam ICO's, in order to comply with the regulations and run a business, they have to do it or risk their licenses.Not exactly a good news for the crypto eco-system.

Recently, the most unexpected exchange localbitcoins forced users to verify their identities as well.

[buwaytress]

It's the high time where not only KUCoin but most of the other exchanges will also adopt the KYC verification system. Government is actively tracking down exchanges and scam ICO's, in order to comply with the regulations and run a business, they have to do it or risk their licenses.Not exactly a good news for the crypto eco-system.

Recently, the most unexpected exchange localbitcoins forced users to verify their identities as well.

Localbitcoins have always had optional verification, and since most traders, including myself, only trade with verified accounts, all traders of note and significant volume anyway verify. The forced verification recently was put into place for those traders with very high volumes. I wasn't asked at all, so I know it must be at least 1 BTC volume daily...

Like I said though, expect every centralised exchange, including centralised P2P ones like LBC to do enforce KYC sooner or later. And be prepared to do it before that happens.

[gentlemand]

All exchanges will go down this path eventually if they want to stay in business. There may be a few holdouts but even if they were fundamentally honest they're going to end with a big fat target on their back so you might find your anon exchange suddenly frozen.

Even when KYC is optional, you never know when they're going to change limits a la Bittrex and Poloniex. Either verify or leave.

[sheenshane]

There's no clear time when will they will force KYC, but it would be very bad move if the time between sharing the info and forcing KYC is too short. But people shouldn't be surprised since it's centralized exchange.
If people don't want to exchange with KYC, people should use decentralized exchange, OTC trade or person-to-person exchange instead.

That's right mate centralized exchange now mostly implementing a KYC, and for now on probably all exchange was having on that KYC implementation aside in decentralized exchange. Well, I don't have any problem with KYC because cryptocurrency is not forbidden here our country that to hide or being anonymous. If you afraid in KYC no choice forget trading or as what ETFbitcoin said person-to-person is the best choice.

[magneto]

All exchanges will go down this path eventually if they want to stay in business. There may be a few holdouts but even if they were fundamentally honest they're going to end with a big fat target on their back so you might find your anon exchange suddenly frozen.

Even when KYC is optional, you never know when they're going to change limits a la Bittrex and Poloniex. Either verify or leave.

Yep, spot on. Binance and Kucoin (even after this new KYC reform) are actually still technically "optional verification" exchanges, which allow you to trade crypto without limits as long as fiat isn't involved. Withdrawal limits are honestly still high (2 BTC per day is decent enough for small time traders), even after this new KYC update.

However, sooner or later, they will be forced to further their verification standards to more draconian and hassled versions. These semi-anonymous exchanges will be pressured into complying with strict AML/KYC standards as soon as their volumes gets noticed by governments or regulators. Even Kucoin, even after its current reform.

So it's definitely not just a Kucoin thing, it's a thing across the board with exchanges right now, that's for certain.

[nniecan001]

All exchanges will go down this path eventually if they want to stay in business. There may be a few holdouts but even if they were fundamentally honest they're going to end with a big fat target on their back so you might find your anon exchange suddenly frozen.

Even when KYC is optional, you never know when they're going to change limits a la Bittrex and Poloniex. Either verify or leave.

Yep, spot on. Binance and Kucoin (even after this new KYC reform) are actually still technically "optional verification" exchanges, which allow you to trade crypto without limits as long as fiat isn't involved. Withdrawal limits are honestly still high (2 BTC per day is decent enough for small time traders), even after this new KYC update.

However, sooner or later, they will be forced to further their verification standards to more draconian and hassled versions. These semi-anonymous exchanges will be pressured into complying with strict AML/KYC standards as soon as their volumes gets noticed by governments or regulators. Even Kucoin, even after its current reform.

So it's definitely not just a Kucoin thing, it's a thing across the board with exchanges right now, that's for certain.

Well, for me that is okay so far, as long as they remain transparent in every transaction and not stealing all of our asset. You can use that KYC advantage if your account is already hacked and stole by someone you don't know, you can provide a clear verification about your true identity and to avoid a 100 percent loss from it. Hope I add a good idea.

[magneto]

All exchanges will go down this path eventually if they want to stay in business. There may be a few holdouts but even if they were fundamentally honest they're going to end with a big fat target on their back so you might find your anon exchange suddenly frozen.

Even when KYC is optional, you never know when they're going to change limits a la Bittrex and Poloniex. Either verify or leave.

Yep, spot on. Binance and Kucoin (even after this new KYC reform) are actually still technically "optional verification" exchanges, which allow you to trade crypto without limits as long as fiat isn't involved. Withdrawal limits are honestly still high (2 BTC per day is decent enough for small time traders), even after this new KYC update.

However, sooner or later, they will be forced to further their verification standards to more draconian and hassled versions. These semi-anonymous exchanges will be pressured into complying with strict AML/KYC standards as soon as their volumes gets noticed by governments or regulators. Even Kucoin, even after its current reform.

So it's definitely not just a Kucoin thing, it's a thing across the board with exchanges right now, that's for certain.

Well, for me that is okay so far, as long as they remain transparent in every transaction and not stealing all of our asset. You can use that KYC advantage if your account is already hacked and stole by someone you don't know, you can provide a clear verification about your true identity and to avoid a 100 percent loss from it. Hope I add a good idea.

The problem is that you don't know when they are going to update their terms and conditions again, to say that you are not allowed to withdraw anymore without verification. They potentially won't even give you a warning for that. This isn't going to be the final version of their KYC standards, it's going to get harsher than that.

If you do provide your ID, you don't know what they are going to do with it. They could report it to the government, without you knowing. They could analyse your trades and whatnot. No way they're going to be transparent with this process.

Also, even semi-anonymous exchanges are a huge hassle for actual anonymous traders with large volumes, who want to trade without providing ID.

[nniecan001]

All exchanges will go down this path eventually if they want to stay in business. There may be a few holdouts but even if they were fundamentally honest they're going to end with a big fat target on their back so you might find your anon exchange suddenly frozen.

Even when KYC is optional, you never know when they're going to change limits a la Bittrex and Poloniex. Either verify or leave.

Yep, spot on. Binance and Kucoin (even after this new KYC reform) are actually still technically "optional verification" exchanges, which allow you to trade crypto without limits as long as fiat isn't involved. Withdrawal limits are honestly still high (2 BTC per day is decent enough for small time traders), even after this new KYC update.

However, sooner or later, they will be forced to further their verification standards to more draconian and hassled versions. These semi-anonymous exchanges will be pressured into complying with strict AML/KYC standards as soon as their volumes gets noticed by governments or regulators. Even Kucoin, even after its current reform.

So it's definitely not just a Kucoin thing, it's a thing across the board with exchanges right now, that's for certain.

Well, for me that is okay so far, as long as they remain transparent in every transaction and not stealing all of our asset. You can use that KYC advantage if your account is already hacked and stole by someone you don't know, you can provide a clear verification about your true identity and to avoid a 100 percent loss from it. Hope I add a good idea.

The problem is that you don't know when they are going to update their terms and conditions again, to say that you are not allowed to withdraw anymore without verification. They potentially won't even give you a warning for that. This isn't going to be the final version of their KYC standards, it's going to get harsher than that.

If you do provide your ID, you don't know what they are going to do with it. They could report it to the government, without you knowing. They could analyse your trades and whatnot. No way they're going to be transparent with this process.

Also, even semi-anonymous exchanges are a huge hassle for actual anonymous traders with large volumes, who want to trade without providing ID.

The only escape that you may do is having a fake KYC application to specific project that you choose. Well for me, it's easy to do that by having a customize I.D., far address that your original address, using other face and name and many more. You cannot fake the KYC if there's a live screening ( through internet video or any other option ) of every participant or investor, which is time consuming and a no no posibility. What do you think?

[magneto]

The problem is that you don't know when they are going to update their terms and conditions again, to say that you are not allowed to withdraw anymore without verification. They potentially won't even give you a warning for that. This isn't going to be the final version of their KYC standards, it's going to get harsher than that.

If you do provide your ID, you don't know what they are going to do with it. They could report it to the government, without you knowing. They could analyse your trades and whatnot. No way they're going to be transparent with this process.

Also, even semi-anonymous exchanges are a huge hassle for actual anonymous traders with large volumes, who want to trade without providing ID.

The only escape that you may do is having a fake KYC application to specific project that you choose. Well for me, it's easy to do that by having a customize I.D., far address that your original address, using other face and name and many more. You cannot fake the KYC if there's a live screening ( through internet video or any other option ) of every participant or investor, which is time consuming and a no no posibility. What do you think?

Nope. If it was that easy to obtain fake ID in the first place then they wouldn't even have KYC rules in place. Furthermore, it's unlawful to do that type of stuff, and you don't want to get yourself into legal trouble just for the sake of not providing your real identification.

What I see is that any exchange that deals directly with fiat will move towards full regulation, and there will be no way around that.

There will be a dichotomy in the future between fully regulated exchanges with very strict KYC for the big players to trade at (Kucoin should be in this category), as well as p2p/decentralised exchanges. If you value anonymity, you'll just have to use the latter.

[gentlemand]

Nope. If it was that easy to obtain fake ID in the first place then they wouldn't even have KYC rules in place. Furthermore, it's unlawful to do that type of stuff, and you don't want to get yourself into legal trouble just for the sake of not providing your real identification.

What I see is that any exchange that deals directly with fiat will move towards full regulation, and there will be no way around that.

There will be a dichotomy in the future between fully regulated exchanges with very strict KYC for the big players to trade at (Kucoin should be in this category), as well as p2p/decentralised exchanges. If you value anonymity, you'll just have to use the latter.

It is that easy to obtain fake ID. How many sites are hacked every day with things like passport scans? Tons. The details of millions are available if you know where to shop. I don't think exchanges actually care about whether you're legit, they only want to cover their arse.

Covering their arse obviously also includes freezing your money when you try to send to an account that doesn't match the name of your nicked ID.

As for the latter, I think that's how it's going to be. KYC up the arse or dex and nothing much in between and anything that is in between would be too risky to use.

[ibuddy122505]

It's the high time where not only KUCoin but most of the other exchanges will also adopt the KYC verification system. Government is actively tracking down exchanges and scam ICO's, in order to comply with the regulations and run a business, they have to do it or risk their licenses.Not exactly a good news for the crypto eco-system.

Recently, the most unexpected exchange localbitcoins forced users to verify their identities as well.

I'm also realizing that It's the high time each and every centralized exchange means KYC regulations. Though fine for the crypto eco-system, but might not be what people who want anonymity. I would prefer to Kucoin comply that as it's going to be the next one to blow up. I only see a good market and want to trade in.