KuCoin exchange has recently updated its cyber security measures on the trading platform. The firm has recently mandated KYC compliance for the account holders as a way to ensure regulatory implementation.
With the latest changes, all users present on the platform have to comply with identity verification based on Know Your Customer or KYC standards. These changes have arrived during a time when regulators are cracking down on the crypto sector.
To this effect, crypto entities have started to put more emphasize on integrating regulatory requirements. With the growing demand for virtual currencies, crypto industry has started to introduce measures that prevent any sort of illegal transaction activities and verify the authenticity of crypto exchanges at the forum.
It is important to note that KYC measures ensure verification of the real identification of an account holder based on their government-issued documents. This type of user verification warrants safety against money laundering or terror financing activities.
It means that account registration process involve offering legal documents such as driver license, government issued IDs, or even passport for verification. KuCoin has implemented KYC verification and more crypto exchanges are also following suit.
It is more likely that financial regulators and crypto industry cooperate to set international business standardization for the nascent sector. KuCoin has mandated KYC verification for all new registrations however the existing account holders on the forum are bound to incorporate it before they start making new trades.
There is a concern among crypto traders regarding interception of financial history on account of KYC but the industry expert maintain that these measures are necessary to ensure secure future for crypto.
With the passage of time, crypto sector will adhere to balance between user privacy and security insurance.
Kraken to Remain in Canada Despite Regulatory Changes
The managing director of Kraken Canada has recently maintained that the strict regulatory guidelines granted clear regulatory measures for the company. The executive maintained that despite the stringent regulatory requirements, crypto exchange was able to get a clear regulatory pathway even when it faced challenges with compliance.
As per Mark Greeberg, the company has benefited from the process in the long run. He further added that the regulators in the region have been collaborative and supportive.
It is worth noting that Canadian regulators brought some demanding changes in the regulatory charter for crypto sector in February. However, Greenberg has maintained that despite some exchange platforms like OKX leaving the territory, KuCoin has benefited from the new regulatory clarity that Canadian Securities Administrators added at the start of the ongoing year.
He retained that top five banking companies in Canada have remained averse towards crypto but users can process fiat to crypto transactions through them from Canadian Post.
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