KuCoin, as a thriving cryptocurrency exchange, has now added a new layer of KYC requirement for every account holder. KYC (Know Your Customer) is required to verify your account.
It helps you withdraw cryptocurrencies from your KuCoin to a wallet / exchange. As per the blog post, the KYC / ID verification system is already live.
Three key points you should know:
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.
We strongly suggest client to complete their KYC verifications. To avoid circumstances like forgetting the credentials to access the platform and accounts being taken over by others (information leakage from client side), the verified KYC information will help the client recover his/her account quickly.
A KYC verified account will have access to the Fiat-Crypto exchange services provided on KuCoin platform in the future.
In short, KYC is mandatory if you wish to increase your withdrawal limit. Otherwise, you can still transfer and move funds up to 2 BTC every 24 hours without the verification.
Plus, a KYC verified account can be recovered easily if you lose your 2FA access, or don’t have access to your KuCoin account.
How To Complete KYC Verification In 5 Minutes
The process requires detailed information. You log into your KuCoin account. Then go to Account -> KYC Verification.
From there, first you have to submit your basic information. You have to submit your name, address, and the phone number (you will receive a code), along with address proof.
For address proof, you can submit any utility bill, bank or credit card bill, lease contract, and so on.
Then you have to submit your identity proof. Here you upload your passport, driving license, or any other government-approved card revealing your name, date of birth and citizenship.
Make sure the scanned photo / document is clearly visible.
Lastly, you have to submit your source of funds. Here you will be sharing the source of your cryptocurrency investment.
Time Required For Verification
It normally takes 2-4 weeks for KuCoin to verify the KYC information. Once verified, you can withdraw without any limits.
Do note, as mentioned before, the limit will be enforced starting November 1st, 2018.
Note: The KYC verification process is available only on the web. KuCoin app users (on Android) do not have this option available yet.