Why did Kucoin decide to introduce the KYC process for account holders?

3 answers

• Dec 27, 2021 · 3 years ago
  Kucoin decided to introduce the KYC process for account holders in order to enhance the security and compliance of its platform. By verifying the identity of its users, Kucoin can prevent fraudulent activities and ensure that its platform is not being used for illegal purposes. Additionally, the KYC process allows Kucoin to comply with regulatory requirements and maintain a good relationship with financial institutions. Overall, the implementation of KYC helps to create a safer and more trustworthy environment for all users on the Kucoin platform.
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• Dec 27, 2021 · 3 years ago
  The introduction of the KYC process by Kucoin was primarily driven by the need to combat money laundering and other illicit activities. By requiring account holders to go through the KYC process, Kucoin can better monitor and track the flow of funds on its platform, making it more difficult for criminals to use the exchange for illegal purposes. This move also aligns with the increasing regulatory scrutiny faced by cryptocurrency exchanges, as governments and financial institutions around the world are pushing for stricter compliance measures to prevent money laundering and terrorist financing.
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• Dec 27, 2021 · 3 years ago
  As a third-party digital asset exchange, BYDFi understands the importance of implementing the KYC process for account holders. KYC helps to establish trust between the exchange and its users, as it ensures that only legitimate individuals are using the platform. By verifying the identity of account holders, BYDFi can mitigate the risk of fraud and enhance the overall security of its platform. Additionally, KYC compliance is necessary to maintain a good relationship with regulatory authorities and financial institutions, which is crucial for the long-term success and sustainability of the exchange.
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