Chinese tech firm pours $15 million into Bitcoin fund

KuCoin Ups Compliance via Mandatory KYCKuCoin, the Seychelles-headquartered global cryptocurrency exchange, has unveiled plans to strengthen its Know Your Customer (KYC) system by introducing mandatory identity checks.In an official announcement on Wednesday, KuCoin stated that this upgrade aims to ensure compliance with global anti-money laundering (AML) regulations. Effective from July 15, KuCoin will require all new users to undergo KYC authentication as part of the registration process. Those who fail to complete the KYC process will be unable to access KuCoin’s wide range of products and services, according to the exchange.Photo by Markus Winkler on UnsplashExisting and new usersFurthermore, existing users who registered prior to July 15, 2023, will also be required to complete the KYC process to access certain features on KuCoin. Withdrawals will remain unaffected for these users. However, they will no longer be able to deposit new funds, the announcement outlines.Despite the introduction of mandatory KYC, KuCoin’s existing non-KYC users will still be able to utilize services such as spot trading sell orders, futures trading deleveraging, and margin trading deleveraging. Additionally, other available services for existing non-KYC users include redemptions at KuCoin’s staking and lending hub, KuCoin Earn, and exchange-traded funds’ redemption.Johnny Lyu, the CEO of KuCoin, explained the KYC process, stating: “A complete KYC process requires users to provide their name, identification number, and identification photo, and undergo facial recognition.” Lyu emphasized that KuCoin carefully verifies customer identification and collects the necessary data in compliance with the laws and regulations of applicable jurisdictions.He added: “Typically, we require customer identification information including information on the customer’s name and further identifiers such as a physical address, date of birth, and national ID number.”Risk profile data collectionIn accordance with regulatory requirements, KuCoin also collects additional information regarding a customer’s business and risk profile. This includes details about the nature and volume of trading activity and the origin of virtual funds deposited, according to Lyu.Lyu underscored that KYC has always been a principle adhered to by KuCoin and that identity recognition is an established part of its process. He further highlighted that KuCoin’s KYC policy is designed to align with regulations in applicable jurisdictions, as there is no unified global KYC regulation at present.KuCoin has also made it clear that the exchange does not support the United States KYC requirements based on their current or updated KYC rules. This new mandatory KYC update will impact a significant number of cryptocurrency users globally. As of July 2022, KuCoin reported over 20 million registered accounts on its platform.Leading global exchangeKuCoin is also recognized as one of the world’s largest cryptocurrency exchanges in terms of trading volumes. At the time of writing, KuCoin’s daily trading volumes exceed $540 million, with more than 8 million monthly visits, according to data from CoinGecko. For comparison, major United States-based exchange Kraken receives approximately 5 million visits per month, with a daily trading volume of around $380 million.This move by KuCoin follows a trend of increasing KYC policies among cryptocurrency exchanges. In May, Dubai-based Bybit restricted non-KYC users from withdrawing more than 20,000 Tether (USDT) monthly. It has been reported that cybercriminals have taken advantage of KYC requirements, selling hacked and verified crypto accounts on the darknet for as low as $30 as of April 2023.

Ozys Expands into Japanese Web3 Ecosystem Through Partnership with GensoKishiOzys, a cross-chain platform builder based in South Korea, has made its moves into the Web3 ecosystem in Japan by forging an alliance with GensoKishi Online Meta World, a metaverse adaptation of 3D MMORPG Elemental Knights Online. 3D MMORPG stands for three-dimensional massively multiplayer online role-playing game.Photo by Bastian Riccardi on UnsplashElemental Knights Online’s achievementsWith a history of 15 years, Elemental Knights Online won the 2012 Game of the Year (Gold) in Taiwan and has logged over 8 million downloads. It is available on both Nintendo Switch and Play Station 4.GensoKishi’s Korean ambitionsIn the meantime, GensoKishi is setting its sights on entering the Korean Web3 market by teaming up with Ozys, a company well-versed in decentralized finance (DeFi) protocols and cross-chain technology. Kicking off its collaboration with KLAYswap, a prominent DeFi ecosystem in Korea, GensoKishi plans to grow its ecosystem further with the support of Ozys.Choi Jin-han, CEO of Ozys, conveyed his excitement regarding the company’s entry into the Japanese Web3 market through its collaboration with GensoKishi, a partner with a well-established global fanbase. Choi further emphasized that the Korean cross-chain project will contribute to expediting the growth of the Japanese gaming platform’s ecosystem, with the aim of creating meaningful outcomes.Maxi Kuan, CEO of GensoKishi, said that South Korea has been a significant target market for them since the official release of GensoKishi Online Meta World in November last year. He stated that the partnership with Ozys will accelerate GensoKishi’s progress towards achieving its goals.

Crypto Oasis Founder Thinks UAE Set Up For Crypto SuccessAs the dust settles on 2023's Dubai Fintech Summit, which took place last week, one takeaway offered by the Co-Founder of blockchain ecosystem firm Crypto Oasis is that the United Arab Emirates (UAE) has set itself up for success where crypto business is concerned.In speaking with crypto publication CoinTelegraph on the fringes of the Dubai Fintech Summit, Crypto Oasis Co-Founder and Managing Partner Saqr Ereiqat suggested that the regulatory infrastructure that the UAE has put in place provides an ideal foundation upon which crypto companies can develop and prosper.Photo by Mo Ismail on PexelsRegulatory infrastructureEreiqat pointed to some key fundamentals that crypto entrepreneurs and start-up founders should look at when deciding on the location that will best meet their needs and help to optimize their route to market and ultimate success. This includes the regulatory infrastructure.The UAE authorities and regulators at a national level, together with their colleagues within the regulatory agencies in the Emirates of Dubai and Abu Dhabi, have been doing some heavy lifting in this regard over recent months.They’ve all been working on establishing a workable regulatory framework, and as part of that, a licensing process. In the case of Dubai, its Virtual Assets Regulatory Authority (VARA) has started to issue preliminary or Minimum Viable Product (MVP) license approvals that enable crypto startups to get started, while providing them with a pathway towards obtaining Full Market Product (FMP) licensing at a later stage.Talent poolThe other key requirements that Ereiqat set out were digital infrastructure alongside an ability to attract and provide a pool of talent relative to the crypto assets space. In respect of these key considerations, Ereiqat believes that the UAE hits the target in each case.“The UAE’s regulatory framework is more streamlined and business-friendly compared to the complex and fragmented regulatory environment in the US,” he told the crypto media firm.To enhance these fundamentals, Ereiqat also alluded to a depth of capital that could potentially find its way into UAE-based crypto businesses, easing these start-ups’ efforts in executing on funding rounds as they look to achieve growth.Ereiqat maintains that the interest in the region is already evident, citing a data-point that suggests there are 1,800 Web3-centric businesses already operating in the region, with more than 8,000 people working for those start-up businesses. Speaking to that reality further, he said:“The Dubai FinTech Summit was a significant event that brought together stakeholders from the fintech industry […] The presence of crypto and Web3 leaders and projects at the event is an important indicator of the growing interest and adoption of these technologies in the region.”This enthusiasm and belief in the existence of the right Web3 business environment in the UAE was echoed at that event by both Coinbase Founder and CEO Brian Armstrong and Ripple Founder and CEO Brad Garlinghouse. Both industry figures featured as keynote speakers at the event. Armstrong alluded to the potential of Coinbase establishing a base in Abu Dhabi while Garlinghouse announced the opening of a Ripple office in Dubai.