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KuCoin SEO Says Bitcoin Core Feature Is Not Privacy

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On June 28, KuCoin, a crypto exchange announced that it will soon adopt the compulsory KYC checks for its users.

This state of affairs is a remarkable change from the exchange’s previous policies.

According to the crypto exchange, all its new customers will have to complete the Know Your Customer checks before they can gain access to its trading platform.

As a result, any newly registered user that didn’t complete the KYC checks wouldn’t be allowed to have access to the platform’s products and services.

MORE DETAILS

Similarly, existing non-Know Your Customer users can continue trading. However, they will be limited from making new deposits.

KuCoin CEO believes that KYC practices are very useful since they can enhance the security of the customer’s funds.

However, some in the crypto community are of belief that KYC strict checks aren’t good for the users since it restricts one’s privacy.

But Lyu argued that the aim of Know Your Customer practices is to safeguard public assets to make sure that the assets are secured from 2 separate levels.

READ ALSO:Regulators Order Crypto Exchanges To Get license Or Bear Enforcement Actions

Meanwhile, this move was scheduled to take effect from July 15 this year.

It was during this process of adoption that Lyu discovered the vital reason for Bitcoin’s (BTC) creation.

What Is the Import Feature of Bitcoin?

In an interview with a news outlet on July 4, KuCoin’s CEO argued that when you talk about the core feature of Bitcoin, it is not privacy.

He went further to say that, instead of mentioning privacy, it should be the unit exchange. Moreover, he hinted that the united exchange of BTC enables users to guard against recessions.

Lyu further revealed that after the financial crisis which was caused by the US subprime mortgage issue in 2008, Bitcoin was created.

More Reasons for KYC Implementation

As per Lyu’s statement, the objective of Know Your Customer checks is to make sure that the public funds are protected from 2 different angles.

For instance, the assets can be protected from the 1st level which is the ownership.

In addition, they can be protected also from the 2nd level which is your ability to monitor your assets in the case of scams.

This means that your funds can be tracked even if they are lost and the source it was stolen can be tracked as well.

KuCoin’s CEO believes that this latest move may affect the trading volumes of the exchange.

However, he believes that it will only be in the short-term.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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