Why does KuCoin require passport ID for cryptocurrency transactions?

7 answers

• Mariana NascimentoJul 02, 2023 · 2 years ago
  KuCoin requires passport ID for cryptocurrency transactions to comply with Know Your Customer (KYC) regulations. KYC regulations are put in place to prevent money laundering, fraud, and other illegal activities. By verifying users' identities through passport ID, KuCoin can ensure a higher level of security and trust on its platform.
  335

  168
• shuaiAug 13, 2024 · a year ago
  The requirement of passport ID for cryptocurrency transactions on KuCoin is a security measure. It helps to prevent unauthorized access to user accounts and protects against identity theft. By verifying users' identities, KuCoin can also provide a safer trading environment for its users.
  288

  96
• Asad AsifNov 03, 2023 · 2 years ago
  As an expert in the cryptocurrency industry, I understand the importance of security in cryptocurrency transactions. KuCoin's requirement of passport ID is a standard practice followed by many reputable exchanges. It helps to establish a transparent and secure trading environment, ensuring the legitimacy of transactions and protecting users' funds. However, it's worth mentioning that not all exchanges have the same requirements, and users should always do their own research before choosing a platform.
  506

  127
• Nirun Leeyagart MISAug 18, 2023 · 2 years ago
  Passport ID verification is a common practice in the cryptocurrency industry. It helps exchanges like KuCoin to comply with regulatory requirements and prevent illegal activities. By verifying users' identities, KuCoin can ensure a safer and more trustworthy trading environment. It's important to note that the information provided during the verification process is kept confidential and securely stored.
  406

  82
• QUASOFeb 25, 2023 · 2 years ago
  KuCoin's requirement of passport ID for cryptocurrency transactions is in line with industry standards. It helps to establish a more secure and compliant trading environment. By verifying users' identities, KuCoin can prevent fraudulent activities and protect its users' funds. It's important for users to understand that providing passport ID is a necessary step to ensure the security and integrity of the platform.
  417

  70
• raushan bhardwajSep 12, 2023 · 2 years ago
  KuCoin, like many other cryptocurrency exchanges, requires passport ID for cryptocurrency transactions to comply with regulatory requirements. This helps to prevent money laundering, terrorist financing, and other illegal activities. By verifying users' identities, KuCoin can create a more transparent and trustworthy trading environment. It's important for users to understand that this requirement is in place to protect their interests and maintain the integrity of the platform.
  483

  69
• Madison PullenAug 15, 2024 · a year ago
  As a third-party observer, I can say that KuCoin's requirement of passport ID for cryptocurrency transactions is a standard practice in the industry. It helps to establish a higher level of security and trust on the platform. By verifying users' identities, KuCoin can prevent fraudulent activities and protect its users' funds. It's important for users to understand the rationale behind this requirement and the benefits it brings in terms of security and regulatory compliance.
  480

  60