BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Bitcoin

Bitcoin’s Privacy Not its Core Feature — KuCoin CEO Advocates Mandatory KYC Checks

by Dan K
Jul 7, 2023 - 5:00 pm
in Bitcoin
Illustration of Bitcoin with upward trend graph, symbolizing potential growth to $1 million.

Emphasizing the Importance of KYC in Crypto Exchanges

Johnny Lyu, CEO of KuCoin, a leading cryptocurrency exchange, has underscored the crucial role of Know Your Customer (KYC) checks in protecting and recovering user funds in case of theft or hacking. As KuCoin prepares to adopt mandatory KYC checks, Lyu stresses that contrary to popular belief, privacy is not the primary feature of Bitcoin.

The True Purpose of Bitcoin, According to Lyu

Lyu explained that the core benefit of Bitcoin lies in its function as a unit of exchange, not privacy. This characteristic enables holders to hedge against economic recessions, a feature born out of the 2008 financial crisis and the United States’ subprime mortgage crisis.

KYC Measures to Protect Users’ Funds

While the argument exists that stringent KYC practices may impede on user privacy, Lyu affirms these measures’ importance. He believes such policies enhance user fund security by safeguarding asset ownership and enabling asset tracking in theft cases. In Lyu’s view, as cryptocurrency continues to integrate with the physical world, compliance becomes increasingly necessary.

The Inevitable and Healthy Stage of Crypto: KYC

Mandatory KYC checks represent an “inevitable” and “healthy” phase in the crypto development cycle, according to Lyu. In late June, KuCoin announced that it would introduce these checks for all new users from July 15, 2023. Existing non-KYC users will have trading access, but they will not be allowed to deposit new funds.

The Impact of KYC Restrictions on KuCoin

The introduction of KYC restrictions at KuCoin may temporarily affect the platform’s trading volumes. “Some may leave,” Lyu acknowledges. However, he remains optimistic about crypto exchanges’ compliance in the long term, noting that more compliant funds and users will bolster the industry’s future.

KuCoin: A Growing Platform with Enhanced Security

KuCoin currently boasts 27 million users, marking a 35% increase from last year. Following the KYC upgrade announcement, KuCoin’s trading volumes significantly rose from approximately $540 million to over $660 million, according to CoinGecko data. This upward trajectory signifies users’ confidence in KuCoin’s commitment to heightened security and compliance.

Tags: BitcoinKucoinKYCPrivacy
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

blockchain

OKX and PayPal Partner to Simplify Crypto Buying Across Europe

July 14, 2025

OKX teams up with PayPal to offer seamless crypto access in Europe, removing banking friction and boosting trust...

Bhutan’s Bitcoin wallet activity spikes as BTC reaches new all-time highs

Bhutan Moves $74M in Bitcoin to Binance as BTC Hits Record Highs

July 14, 2025

Bhutan moves $74M in Bitcoin to Binance amid BTC's record surge, signaling possible profit-taking as the country’s total...

Michael Saylor prepares to resume Bitcoin purchases after brief pause

Michael Saylor Hints at New Bitcoin Buy as Strategy Pauses End

July 13, 2025

Michael Saylor says Strategy will resume Bitcoin purchases after a one-week break, continuing its lead among BTC treasury...

Bitcoin chart showing sharp price surge past $118,000 in July 2025

Bitcoin Blasts Past $118K with Sixth All-Time High in Under 48 Hours

July 11, 2025

Bitcoin breaks records with six ATHs in 48 hours, soaring 6% to $118,668 on July 11 amid ETF...

Press Releases

png 115

BTC Miner: Earn $100-$100,000 Daily – The Fastest Growing Crypto Mining Platform of 2025!

June 25, 2025

BTC Miner, the fastest growing platform in 2025, opens a new era of inclusive cryptocurrency mining, allowing everyone to participate...

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise