KuCoin Adds Fee for Inactive Non-KYC Accounts

In a new update, KuCoin announced it will start charging a dormancy fee on inactive accounts that haven’t completed KYC or KYB verification. Read on to understand what this is all about.

If you haven’t verified your KuCoin account or used it recently, take action now.

Who’s Affected?

This new policy applies to non-KYC or non-KYB accounts that have been inactive for an extended period. The Dormancy fees will not apply to you if you have already completed Know Your Customer (KYC) and Know Your Business (KYB) verification on your account. If your account is not verified and inactive, KuCoin does not charge a fee without informing you, so deductions never come as a surprise.

There are two significant ways for KuCoin users to avoid these new fees:

• Complete your Know Your Customer (KYC) and Know Your Business (KYB) verification if you qualify.
• Transfer your funds to a verified KuCoin account or withdraw them to an external wallet or an exchange.

Source: X

To the vast majority of users, this is a straightforward task that should not take much time. However, when you are in certain restricted countries, such as the United States or mainland China, you will not be able to get any verification at all. In this case, KuCoin advises you to withdraw your money and close your account to prevent any extra expenses.

Why Is KuCoin Doing This?

As stated in the press release, by doing this, KuCoin will avoid the dangers of idle and unverified accounts, which can become vulnerable to hacks. They are creating a safer environment for all users by promoting the verification or removal of inactive accounts.

Conclusion

KuCoin is updating its rules, which may affect your account, particularly if you have an unverified account or live in a restricted region. To avoid extra fees or losing access to your funds, it’s best to verify your account or transfer your crypto to a safer location. Don’t wait until it’s too late—act now to protect your assets.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers, and their risk tolerance may differ from yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.