Kucoin to introduce mandatory KYC

[Rikafip]

I thought that this would happen to Binance after imposing KYC, but the number of their users continued to grow, so it seems that an estimated number of people do not have problems with identity verification and may use Kucoin (the same company that runs OKX) as an alternative, so it is true that the number of users will decrease, but I see OKX is advertised in many places so the number of users will continue to grow.

I think that situation with Kucoin is a little bit different because many people used that exchange specifically for no KYC feature, myself included. Well, at least people around me.

Those who use Bitcoin as an investment are a large number and they do not care about privacy, on the contrary, they may keep their currencies in centralized platforms.

That's true, but I think those would already use Binance, Coinbase or other similar "reputable" exchange.

[Z-tight]

Those who use Bitcoin as an investment are a large number and they do not care about privacy, on the contrary, they may keep their currencies in centralized platforms.

I agree with this, and from what i've noticed, though i may be wrong, the number of people who use BTC in this way are more than those that don't, so Kucoin will surely lose many of their privacy conscious user base, but the majority would continue using them because they don't care about privacy.

Kucoin is also a centralized exchange, so the user base that traded on the exchange because kyc was not compulsory before, knew that one day Kucoin will make it mandatory, so they may not be surprised or upset at the decision of the exchange and some of them may just continue to trade there. But if it were to be a p2p decentralized exchange that implemented kyc, like Localbitcoins for example, they would lose most of their user base as all their customers trade with them because there is no kyc requirement and they never expected that any should ever be added.

[mindrust]

Wow I just saw the news. Kucoin was probably the only fairly big and popular exchange that wasn't enforcing KYC on its users and now they are gone too. Nowhere to run or hide anymore, crypto exchanges became just like banks. They will know the identity of every customer they have and that'a against the fundamentals of crypto. Crypto means freedom and anonymity and these pro-KYC exchanges are not. People should learn to use decentralized exchanges like bisq asap. (don't waste your time on the pseudo/fake decentralized exchanges) R.I.P. Kucoin it was a good ride.

[Rikafip]

Wow I just saw the news. Kucoin was probably the only fairly big and popular exchange that wasn't enforcing KYC on its users and now they are gone too.

There are still few that kinda meet those criteria like OkX and Mexc, but the list of solid exchanges with no mandatory KYC is getting shorter as we speak.

People should learn to use decentralized exchanges like bisq asap. (don't waste your time on the pseudo/fake decentralized exchanges) R.I.P. Kucoin it was a good ride.

Problem with Bisq is that it is only good if you want to buy/sell smaller amounts of bitcoin and if you are not in a hurry. Then again, if more people start using it that woulnd't be a such a big problem anymore and it would be possible to do bigger trades faster without loosing too much money while doing that.