Welcome to this post, where we are going to solve the doubt about whether you can use KuCoin without verifying your account and passing KYC.
So let’s cover the limitations, what you can and can’t do without passing KYC and other relevant aspects.
When you create a KuCoin account, you don’t need to pass KYC if you don’t want to. And in this way, the account will not be linked to you. Unlike when you do KYC, where KuCoin will have your name and information such as ID and documentation that is required to pass KYC.
It is possible that the aspects that we will now discuss will change, but we have tested what you can and cannot do without KYC and it is the following. But first, we are going to solve a very common doubt.
Can I trade on kucoin without verifying documents?
Yes, you can trade and buy and sell cryptocurrencies within KuCoin without any problems. Once you have created your account and created a trading password, you will be able to trade on KuCoin.
After looking at the limits, let’s talk about whether you should pass KYC or not, in case you have any doubts about it and want to know the implications. With that said, let’s move on to the limitations it has.
KuCoin, like many other exchanges, applies limitations to users who do not have KYC done, to avoid money laundering and make users verify their account.
Regarding buying and selling, we have not seen a limitation or problem with that. So you can buy and sell any cryptocurrency. Also, futures or financial derivatives you will be able to use without KYC and trade in these assets without any problems.
We have not detected a volume limit on purchases and sales, and in our experience it is very possible that it does not exist. Although I recommend you to try it on your own if you are going to use large volumes, above 1 BTC or more.
Deposits of cryptocurrencies or through different forms of payment, you can also do it without any inconvenience. Since there is no maximum or limit. The only problem you may encounter is if you use the buy crypto option and use one of their providers, who usually ask for ID or another form of identification. Although you can avoid this by sending cryptocurrencies from another exchange or wallet to KuCoin directly.
Lastly, and most importantly, withdrawals. And as you can imagine, there is a limit here. As you can see below, the limit is 1 BTC per day. So you will not be able to withdraw more than that on a daily basis. On a weekly or monthly basis there is no limit, but it is possible that if you move large amounts, at some point you will be asked to perform the KYC.
For amounts less than 1 BTC you should have no problem moving your funds in and out of KuCoin. If you have a much larger amount, it is possible that if you withdraw a lot of funds or a large amount, your account will be considered compromised and they will ask for verification.
My recommendation if you don’t want to have your account verified, is to use different exchanges and spread your cryptocurrencies across them. This way you won’t have a large amount and everything in KuCoin and you can more easily avoid withdrawal limitations.
Pass KYC or no KYC
If you have come this far without knowing what KYC is, or why there are users who don’t want to pass KYC, it is because of the information that is linked to your account and your name. Where the platform will have your name and your personal and tax information to send to the authorities in case they require it.
For this reason, many people avoid passing KYC so that these cryptocurrencies and movements cannot be linked to their person, and therefore, the tax agency can have this information. Although KuCoin does not directly share this information with all the tax agencies in each country, in the event that one of them needs it, KuCoin will provide them with the information without any problems. Although this issue regarding KuCoin and the tax authorities is discussed in more detail here.
This is the main reason why many users do not want to verify their account through KYC.
I hope you found it useful to know all about KuCoin and KYC. Remember that if you don’t have an account with binance, you can create one just below.