KuCoin’s KYC Bombshell: Why Every Crypto Trader Needs to Know – 259

Now cuecoin as well is going to Introduce a mandatory kyc here in July Which I mean is today right officially But I believe it's going to start a Little later yeah on July 15th two coins Know your customer checks will require New users to complete identity Verification to all to access all Services while existing non-kyc users Will be not be able to to deposit so From the miners perspective here it's Kind of good news right Um You can still well and I don't know if It's non-kycu users I guess we need to Read further it may just mean you can't Deposit anything which is kind of a Bummer it if it is just deposit Fiat I Mean maybe you can kind of get around it With it with the mining kind of side of Things Um but you know at the end of the day I I think this is what you're going to See across the board right and it's Going to be sold to you under Auntie Monday laundering regulations it's going To be sold to you you know as Anti-terrorism uh you know pick and Choose like whatever you know reason you Want but It'll be along those lines as we've seen Just over and over again major Cryptocurrency exchange coupon is Working to strengthen its know your

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Customer system by introducing new Mandatory identity checks on June 28th Kucoin officially announced the upcoming Kyc system upgrading a move to increase Compliance with global anti-money Laundering regulations the kyc Authentication upgrade introduces Mandatory kyc checks for all new users At kucoin starting from July 15th of 2023 without completing kyc newly Registered users will not be able to Access kucoin sites or Suite of products And services The Firm said existing Users who registered before the 15th of July 2023 will also have to complete the Kyc process to access some features on Kucoin such users will not be able to Deposit new funds while withdrawals will Remain unaffected the announcement notes I mean so in theory you could still can Trade with anything that you have with Incubecoin and then if you did try to Deposit any new funds period it sounds Like cryptocurrency or Fiat or any of The likes you're going to have to get Kyc'd over on kucoin And of course they say for anti-money Laundering but we all know that it's for Tax collection purposes at the end of The day that's really what's going on Here A complete kyc process requires users to Provide their name identification number And identification photo and undergo

Facial recognition Uh you know what's funny Like tinfoil hat ding ding ding ding Ding ding ding I think that they forced The entire population of the world to Put on mass so they could train AI to Identify you through a mask I that's That's my that's my little fun nugget For the day that's my conspiracy theory The CEO noted that kucoin brains and Verifies the customer identification and Verification data required under the Laws and regulations of applicable Jurisdictions he stated quote typically We require customer identification Information including information on the Customer's name and further identifiers Such as physical address Date of birth and national ID number Pursuant to requirements of laws and Regulations of applicable jurisdictions Kucoin also collects additional Information related to the customer's Business and risk profile risk profile Data includes nature and volume of Trading activity or origin of virtual Funds to positive and yeah and origin of Just at the end their origin of virtual Funds deposited Liu added the CEO went On to say that kyc is a principle that Kucoin has always adhered to adding that Identity recognition is an existing Process Leo also stressed that kucoin Set their kyc policy to comply with

Regulations in applicable jurisdictions Since there isn't a unified Global kyc Regulation Does not or doesn't support the United States kyc based on our current kyc or The updated kyc rules a spokesperson for Coup coin noted the new kyc update will Affect a significant number of Cryptocurrency users worldwide kucoin Says it had over 20 million registered Accounts on its platform as of July of 2022. kucoin is also one of the world's Largest crypto exchanges by trading Volumes at the time of writing kucoin's Daily trading volume amount to around 540 million dollars with more than 8 Million monthly visits according to the Data from coin gecko to compare major United states-based exchange Kraken has About 5 million visits per month with About 380 million dollars worth of Crypto traded daily some of the other Crypto changes have been increasing Their kyc policies recently as well in May by bit exchange restricted non-kyc Users from withdrawing more than twenty Thousand tether monthly cyber criminals Have catalyzed on kyc requirements Reportedly selling hacked and verified Crypto accounts on the darknet for Thirty dollars as of April 2023. today's Sponsor is BT miners B T miners has been A long time sponsor of the channel and a Proven reliable source for Asic miners

If you're looking to purchase Asics Hardware from Bitcoin to Dogecoin miners They are available for purchase on Bt-liners.com BT miners is a trusted Source by both asiccminervalue.com and Cryptominer.com follow the affiliate Link in the description and tell them so Sent you to support the channel where There is a will there is a way right I Mean You put all these restrictions in and All you're really doing is restricting The public that is going to obey the law From actually you know prospering within Cryptocurrency which is a funny kind of Idea from the very get-go like I've Always said on this channel from the Very beginning is that you know you Can't expect cryptocurrency and Bitcoin In general to change the world and you Know Bitcoin fixes this it's not going To fix everything without breaking Everything first and the fact of the Matter is is like this is what you see Happening but does it go the way the Dinosaur right does it turn into enough Fear from the public that the fear gives Up their rights to basically participate Within cryptocurrency it just goes about Their merry way while large companies Like BlackRock accumulate all the Bitcoin in the world and leave Everybody poor once again because this Is really where I sit down and think

Maybe Bitcoin doesn't solve this maybe Bitcoin doesn't solve anything at all Whatsoever it was a pipe dream the Fundamentals are gone the only thing People care about is buying Bitcoin in Hopes that it goes up in Fiat dirty Fiat Price so they can sell it and make their Lives better and it doesn't change the World at all and at the end of the day Sometimes that just feels like the Direction we're headed in like to hear Your thoughts yeah I know it got a Little dark but I'm just giving you guys The way it looks like it's going to Crumble and you know you you talk about This in any other you know libertarian Circle surrounding whatever it may be The second amendment in the United States is a really popular one and you Know you you take away the guns and only The criminals have it this is the same With it's the same with cryptocurrency Right and the biggest criminals are are The ones on Boards of places like you Know large corporations like BlackRock And you know basically say don't get Involved with you know drug dealers Gangsters or CEOs and and and you know To a certain extent it's kind of the way It it goes I mean I I'd like to tell you That that yeah like bitcoin's still Going to fix all this But the public if under enough Fear

Of repercussions right they start making Examples out of individual people and Then the entire Ecosystem crumbles right if the public Out of fear just says you know what this Is too complicated you know I don't want To deal with filing taxes it doesn't Even look like I'm going to make any Money off this anymore I'm just going to Start stop participating and everybody Just stops participating then you lose The ability to actually shift anything Into any meaningful manner the way that You would like to see this go right is That everybody starts participating Within crypto peer-to-peer without the Interference of a third party like Kucoin and in that case you don't need The third party exchanges and you refuse To let you know exchanges governments Banks or anything like that Interfere with your ability to transact With one another and then and then maybe It goes that way but that it's not going To go that way without a huge upheaval Of the way that everything functions Currently thanks for checking out this Clip from the crypto mining show you can Check out the full episode here or more Crypto content down here also I'd like You to check out my locals page at son Of a tech.locals.com where you can Become a member for free or choose to be A five dollar a month supporter that

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