KuCoin CEO: KYC Crucial for User Fund Protection in Crypto

KuCoin CEO: KYC Crucial for User Fund Protection and Bitcoin's Purpose

KuCoin CEO, Johnny Lyu, stated that Know Your Customer (KYC) measures are crucial for protecting and recovering user funds in the event of theft or hacking. He emphasized that privacy is not the most important feature of Bitcoin, but rather its function as a unit of exchange and hedge against recessions. Lyu believes that KYC policies enhance the security of users' assets by ensuring ownership and enabling asset tracking in case of theft. KuCoin recently announced mandatory KYC checks for new users, starting from July 15, 2023. The platform currently has 27 million users and anticipates long-term benefits from compliance.