Cryptocurrency exchange KuCoin said it will introduce mandatory know-your-customer (KYC) checks next month.
Starting July 15, new customers will be required to complete a KYC process to start using KuCoin's services, the exchange said on Wednesday. Existing customers who do not complete KYC will not be able to trade or make deposits.
Crypto exchanges have been met with criticism for perceived lax KYC checks, with regulators saying that these help fuel fraud, money laundering and terrorist financing.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.