KuCoin is one of the biggest centralized crypto exchange and trading platforms and was launched back in 2017 by two friends, who had been interested in the crypto industry since the early days and saw a need for an exchange where everyone could buy, sell and trade cryptocurrencies. According to KuCoin’s own information, the two friends started the development of the exchange in 2013 and in September 2017 they opened up their doors to the public. Since its launch, Kucoin has been a trusted preferred place for many users and today they have more than 10 million users across the world, as well as received several recognitions from international industry names like Tokeninsight, ICO rating and Forbes Advisor.
License and regulations
Kucoin is not regulated and therefore not available in some countries, like the US. This isn’t any big issue or anything to be worried about in the crypto space unless you live in specific countries. Over the years Kucoin has proven itself as a reliable exchange, and the high amount of users and the general popularity in the industry over the years shows this. While the exchange is not regulated, they still take money laundering seriously and have several ways to monitor activity and trades to prevent this from happening Further you will also have limits on your account until you have completed KYC.
KYC at Kucoin
When you open an account at Kucoin, you will be asked to complete KYC (Know your customer), to enjoy a higher daily withdrawal and trading limit. Kucoin implemented KYC processes in November 2018, to be able to meet the continuously changing rules/best practice in the crypto industry.
The KYC process is simple at Kucoin and you can access the form from your account under your profile picture. Profile picture > KYC Verification. From here you follow the instructions and upload the necessary documents, click submit and wait for approval.
KCS – Native token
KCS is the native Kucoin token, which is used to gain benefits on the exchange such as lower trading fees, KCS bonus which is a dividend kind of daily payment generated from the daily trading volume in the exchange. There is currently a total supply of 200 million KCS, but there is a planned buyback to get the supply down to 100 million. The more KCS you hold the more bonus you will be paid.