Originally aired on June 29, 2023
Kucoin has announced the implementation of mandatory Know Your Customer (KYC) procedures starting from July 15th. This article discusses what this means for users, the need to familiarize oneself with the terms of service, and the potential alternatives for trading on decentralized exchanges (DEXs).
How does the implementation of mandatory KYC affect Kucoin users?
- Users are now required to provide personal information and go through the KYC process to continue using Kucoin.
- The implementation aims to enhance security and potentially assist in catching hackers and recovering stolen crypto funds.
What should users do now?
- Users who wish to continue using Kucoin must complete the KYC process.
- Utilizing a VPN is still recommended for added security.
- Users should read and understand the terms of service to ensure their region is covered by Kucoin.
What happens if users do not complete the KYC process by July 15th?
- Failure to complete KYC may result in the loss of crypto funds.
- Users must withdraw their funds from Kucoin and consider utilizing cold storage or decentralized exchanges.
Are there alternative platforms for trading?
- Users can explore other decentralized exchanges such as DEXs on Ciscoin and Squid Grow.
- Researching and comparing different DEXs is crucial to find the best fit for individual trading needs.
The potential for profits and the importance of staying informed:
- The article suggests that the upcoming bull run may be the last due to increasing regulations.
- Educating oneself on decentralized finance (DeFi) and staying vigilant with operational security (opsec) practices is essential.
- Conducting personal research and staying prepared is crucial for successful trading in this evolving landscape.