Have you ever heard a word “KYC”?
KYC stands for “Know Your Customer”, which means Identity Verification when you open an account of a bank or an exchange. In cryptocurrency industry, you need KYC registration when you open an account with a foreign crypto exchange or when you participate in ICO.
Without KYC, for example, if an unknown entity opens an account and use it for illegal activities such as money laundering, they cannot grasp the actual state of that account.
This time, I will explain how to register KYC with Chinese major crypto exchange, KuCoin.
KYC Registration Procedure with KuCoin
First, login from KuCoin website.
Click “Account” at the top of the screen and go to account setting.
Then click “KYC Verification” button on the left side of screen.
If you are an individual, click “Individual Account” and if you want a corporate account, click “Institutional Account.” This time, I explain the individual case.
On the next screen is the description of requirements for KYC registration.
The conditions and information required for KYC are followings:
・Fill in online form
・You need to be 18 years old or older
・Government issued identification with picture (Passport, Citizen ID card, etc.)
・Funds statement：salary, occupation and location of work
All information must be entered by Latin alphabet, English alphabet or Chinese letters.
After confirmation, click “CONTINUE” and go to next step.
Next, you need to fill in 3 categories of information.
・Certificate of Identity
・Source of Funds
First, enter Basic information; Name, Gender, and Date of Birth.
After entering your mobile number, you need SMS verification. Enter your “country number” and “mobile number”, then click “Sending verification code”. You will receive verification code on your mobile.
Enter the verification code in the box under “Mobile Number”, then click “Verification”.
Then a green tick appears and your mobile number is verified.
Next is entering “Address”. Carefully fill in the form with your address.
Then you need to upload a file of your “Address Certificate” showing your address.
When you finish uploading your address certificate, you can go to the next step.
Next one is Certificate of Identity. Details of your ID are required.
Choose from “Passport”, “ID Card” or “Driver License”, and enter ID numbers. Also, you need to enter “Document Issuing Country” and “Expiration Day”.
Upload the images of the front and back of the ID.
Lastly, upload a photograph of selfie with ID, Note with words for “KuCoin”, “Today’s Date”, and “Signature”.
Then go to “Next”.
Next, you need to enter your Source of Funds.
Choose your Employment Status such as Self Employed, Employed, or Student, and enter your business type. This is a kind of research. You can fill in your salary and assets, but you can leave them blank if you don’t want to declare.
After reading the confirmation paragraph, tick 2 sentences about the validity of ID documents and the truthfulness of information provided. Then click “Submit”.
Now you completed the procedure of KYC registration. Wait for 1-2 working days to receive confirmation email.
From 2018, crypto exchanges such as Binance and KuCoin adopted KYC process.
With KuCoin, KYC is not a MUST, but it will be required in the near future to prevent illegal usage of Cryptocurrencies.
Nowadays, crypto exchanges are not strict for KYC of their users so that more people can open accounts easily. However, to improve their security for safe trading of Cryptocurrencies, users will need to cooperate with KYC registration.