do you need kyc for kucoin

Understanding KYC Requirements for KuCoin

1. What is KYC?

Know Your Customer (KYC) is a mandatory procedure employed by financial institutions to verify and identify their customers. It aims to prevent illegal activities such as money laundering, terrorist financing, and fraud.

2. KYC Requirements on KuCoin

KuCoin has two KYC verification tiers: Basic and Advanced.

Basic KYC

• Required for all users who wish to withdraw more than 2 BTC per day.

• Involves providing basic identity information such as name, address, and phone number.

• Verification process typically takes within 24 hours.

Advanced KYC

• Required for users who wish to withdraw more than 100 BTC per day.

• Involves additional document submission, such as a government-issued ID, selfie with ID, and proof of address.

• Verification process may take up to 3 business days.

3. Benefits of KYC Verification

• Increased withdrawal limits: Verified users can withdraw significantly higher amounts from their KuCoin accounts.

• Access to exclusive features: KuCoin offers certain exclusive features to verified users, such as higher trading limits and preferential treatment.

• Enhanced security: KYC verification helps protect user accounts from fraud and unauthorized access.

4. How to Complete KYC Verification

To complete KYC verification on KuCoin:

1. Log into your KuCoin account.

2. Navigate to "Account Settings" and select "KYC Verification."

3. Choose the desired KYC tier (Basic or Advanced).

4. Follow the on-screen instructions to provide the required information and submit supporting documents.

5. Submit your KYC application for review.

5. Note

It is important to note that KuCoin may request additional verification documents during the KYC process. Also, KYC requirements may vary for different regions. Users are advised to check the latest KYC guidelines on the KuCoin website for any updates or specific regional requirements.