does kucoin require kyc to withdraw

To enhance security and comply with regulations, KuCoin requires KYC verification for withdrawals exceeding 5 BTC within 24 hours, with completion typically taking 1-3 business days.

Oct 28, 2024 at 05:30 am

Does KuCoin Require KYC for Withdrawals?

1. Yes, KuCoin requires KYC for withdrawals exceeding 5 BTC per 24 hours.

This policy is in line with industry standards to enhance security and comply with regulatory requirements to prevent money laundering and other financial crimes.

2. KYC Verification Process:

To complete KYC verification, users must provide the following documents:

• Government-issued photo ID (passport, driver's license, or national ID card)
• Proof of residence (utility bill, bank statement, or rental agreement)

3. KYC Verification Timeline:

The KYC verification process typically takes 1-3 business days to complete. During this time, withdrawals may be temporarily suspended.

4. Benefits of KYC Verification:

Beyond unlocking higher withdrawal limits, KYC verification provides several benefits, including:

• Enhanced account security and protection against unauthorized withdrawals
• Eligibility for exclusive promotions and rewards programs
• Reduced transaction fees for verified users

5. Exceptions to KYC Requirement:

• Withdrawals via the KuCoin app do not require KYC verification for amounts up to 2 BTC per 24 hours.
• Withdrawals to verified Binance accounts do not require KYC verification for amounts up to 10 BTC per 24 hours.

6. Alternative Methods for Small Withdrawals:

For users who do not wish to complete KYC verification or need to withdraw amounts below the KYC threshold, KuCoin offers alternative withdrawal methods such as:

• Using the KuCoin P2P platform to withdraw funds directly to other users' bank accounts
• Withdrawing cryptocurrencies to a non-custodial wallet that does not require KYC verification