KuCoin to implement mandatory ID checks next month.

Cryptocurrency exchange KuCoin has announced that it will implement mandatory know-your-customer (KYC) checks beginning next month.

Starting on July 15th, new customers will be required to undergo a KYC process in order to use KuCoin’s services. The exchange made this announcement on Wednesday. Existing customers who do not complete the KYC process will not be able to trade or make deposits.

Crypto exchanges have faced criticism for their perceived lenient KYC checks, with regulators arguing that these checks contribute to fraud, money laundering, and terrorist financing.

KuCoin, which reported having over 27 million users by the end of 2022, is one of the world’s largest cryptocurrency exchanges. According to data from CoinGecko, it has a 24-hour trading volume of $531 million.

Read More: Binance Users in China, Elsewhere, Evade KYC Controls With Help of ‘Angels’: CNBC

Edited by Sheldon Reback.