KYC verification is quite common in centralized exchanges. KuCoin officially implemented it in November 2018. Currently, the platform supports two levels of individual KYC: Basic and Advanced Verification. Completing each level will enable you to access more services on the platform.
Check the YouTube video below for step-by-step guidance on KYC verification on KuCoin. Or you can continue reading this article to understand why and how to complete KYC verification.
1. Why KuCoin Uses KYC
KuCoin officially implemented KYC in November 2018, which was important for meeting the changing rules in the crypto industry for fighting against cybercrimes such as scams, fraud, and money laundering.
By completing different levels of KYC verification on KuCoin, you will be able to enjoy more privileges. The chart below outlines the differences in terms of daily withdrawal limit, fiat trading limit, and futures trading leverage limit for each verification status.
Moreover, KYC verification is highly recommended on KuCoin because such KYC information can help you recover your KuCoin account quickly in the event of you forgetting your credentials for accessing the platform or your account being taken over by others due to the leakage of personal information.
2. How to Complete KYC Verification
Verification on KuCoin is pretty simple. We have prepared a two-minute video to show you how it can be completed in a few clicks. Check it out!
If you cannot watch the video, don't worry, you can continue reading the article, and we will guide you step by step. First, log in to your KuCoin account, and click on KYC Verification under the avatar to visit the KYC page.
KuCoin supports individual verification and institutional verification. For retail investors, please go to KYC Verification – Individual Verification, and click on Start Verification to submit your information.
KuCoin supports two levels of individual KYC: KYC1 (Basic Verification) and KYC2 (Advanced Verification), and at each level, the information required for filling in is different.
Please note that the submission of false or invalid information may result in the rejection of the verification. Also, all blank fields highlighted with a “*” are required. Once it is submitted, the information cannot be modified until the review result is published.
2.1. KYC1 (Basic Verification)
Please click on Start Verification on the Individual Verification page. Fill in information such as your first name, last name, and ID number, and click on Submit for review. Usually, the result of KYC1 will be published in a few hours.
2.2. KYC2 (Advanced Verification)
Once KYC1 is completed, you will now be able to apply for KYC2 (Advanced Verification) to enjoy more benefits on the platform. Please click on Continue to Get More Benefits to apply.
On the next page, you will be asked to submit the front side and the back side of your identity document. You will also be required to upload a selfie photo of you holding the identity document, and a handwritten note. Usually, the result of KYC2 will be published in a few days.
Please make sure the identity document photos are consistent with the ID information provided in KYC1. It is also important to ensure that the photos are clear and readable. You can find some good and bad examples below for your reference.
The selfie photo must include three things: 1) your portrait, 2) the written paper note, and 3) your ID document. The ID document must be the original version. And on the paper note, please include the code shown on the KYC page (it will change on a daily basis), the date, and your signature. Below is a good example of a selfie photo for your reference.
If you still have questions about the selfie photo required, check the YouTube video below to get more instructions, or contact our online support for further assistance.
- One ID document can be used for verifying a maximum of 3 KuCoin accounts
- The accepted image formats are JPG and PNG
- The size of the image file should be less than 4MB
- The accepted ID documents can be an ID card, driver's license, passport, etc.
- Network issues may result in photos failing to upload. Kindly change the network or browser and retry later
- Users from certain countries will not be able to pass KYC verification on KuCoin due to regulatory reasons
3. Why KYC Verification Failed
Many reasons may lead to the failure or rejection of KYC verification. Once the review is completed, we will notify you of the result via email/SMS.
If your verification has been rejected, you can log in to your KuCoin account and find the detailed reasons for verification failure on the KYC Verification page. Please check it carefully and adjust accordingly when you make another submission.
Happy trading on KuCoin!