A leading cryptocurrency exchange in the crypto market, KuCoin is a well-known and reputable platform that supports a large overlay of crypto assets. However, because it is a centralized crypto trading hub, investors must go through the Know Your Customer (KYC) verification process before accessing the full features of the platform and higher withdrawal limits. This guide will explain how long the KuCoin verification process is and whether the KYC verification time can be shortened.
How Long To Verify An Account With KuCoin?
The KuCoin verification speed for individual accounts varies on the tier which is divided into 'Basic' and 'Advanced' verification. Basic verification can be approved within a few hours, however, advanced verification requires additional documentation and can take between 2 and 3 business days to be approved. The official KuCoin website states that KYC verification takes no more than 5 days after users submit their information. For institutional accounts, it can take at least 1 week to be reviewed by the KuCoin team.
What Can Cause Delays With The Verification Process?
The Kucoin platform works rapidly to process KYC for customers so they can get started on their trading journey in a timely fashion. However, there are a few reasons why the verification process might take longer than the 2 to 3 business days as stated on the website:
- ID card was used for more than three accounts. Kucoin states that a user’s card details can be used up to a maximum of 3 accounts.
- The image uploaded is not in JPG and PNG image format. The Kucoin platform does not accept any other image format. All uploaded images must be less than 4MB.
- Using documents not stated on the website. The only accepted documents are a government-issued identity card, driver’s license, or an official passport.
- Internet connection. Users should check their network strength before commencing the entire process.
Once these are considered, the Kucoin platform will review and verify your identity as soon as possible and within the stated approval period of 2 to 3 business days.
Can You Speed Up the KuCoin Verification Process?
The individual KYC verification speed on KuCoin is quite long when compared to other global exchanges. For example, the verification time on Binance and Coinbase can be completed within 15 minutes. With that said, there are a number of tips to follow to avoid unnecessary delays with the KuCoin ID verification stage.
- Ensure all information submitted must be accurate and up to date. This is because KuCoin would verify the authenticity of the documentation by running them through third-party applications. In addition, the uploaded government-issued document must cover all four corners of the document. The trader’s name, image, and other important details must be correctly captured. In the event that any of this fails, the verification process may be a little slower than stated. Users must upload a portrait of themselves holding a paper note with a physical ID side by side. The image provided should be less than 4MB in size and in JPG or PNG format.
- Enable Two-factor authentication (2FA). Another important aspect of the KuCoin KYC verification process. For verification, traders must enter a valid mobile phone number. Users can then set a trading password to secure their KuCoin accounts further.
The Verification Levels on KuCoin
KuCoin has two levels of verification for individual traders and only one for institutional investors. Individual verification receives the most attention because KuCoin's crypto-trading services are more retail-focused. The table below gives a summary of the KYC1 (Basic Verification) and KYC2 (Advanced Verification) requirements.
|KuCoin Verification Level||Withdrawal Limit||Information Required|
|Basic||1 BTC||Full name and ID number|
|Advanced||2 BTC||Basic Personal Information and an Images ID (Front and back snapshots)|
|Institutional||500 BTC||Corporate documents, company registration certificate, power of attorney (PoA), and Portrait of Self|
For the Basic Verification, investors must submit their full name and Government ID before they can be verified. The exchange reviews and processes the submitted documents within a few hours. The requirements for this level are;
- Full name
- Government ID
The Advanced option requires more detail than the Basic option.
Users must upload the front and back of their identification documents — the user can choose between their passport or driver's license. Investors would also take a portrait picture of themselves holding a physical ID and paper note (side by side). This paper note should display an auto-generated code provided by the exchange, a date and a signature. All these details must be boldly written on the note.
The requirements for advanced verification include;
- Driver's license or passport
- Portrait holding a paper note with a code, current date, and signature
Once the uploads are completed, KuCoin will begin verification. The results are usually available within a few days.
For institutional accounts, the user must upload the company’s registration documents, contact information, registration number, and other important business documents. The process is similar to the individual advanced verification level in that institutional users must also upload a portrait image showing a handheld company registration certificate and a paper note – containing an automated generated code and a signature.
This typically ranges from five business days to weeks. However, users can track their verification progress using the KYC page.
The requirements for institutional verification include;
- Uploads of all corporate documents that show legal entity name, registration number, etc.
- A selfie photo with the user holding corporate documents with a paper note with a boldly written date, auto-generated code, and signature.
How Long Does Each Verification Level Take?
We have reviewed the various verification requirements for the different KuCoin verification levels. So how long does KuCoin verification take across all levels?
|KuCoin KYC Level||Estimated Verification Speed|
|Institutional||At least a week|
The Importance of Completing the KuCoin Verification Process
Why is KYC verification such an important part of the crypto market? Below, we discuss the benefits attached to completing this process.
- Global Financial Regulatory Template. All businesses are governed by financial laws that control their operations. KuCoin is a centralized entity that follows international financial regulations. This is also consistent with the anti-money laundering (AML) mechanisms mandated by global financial institutions such as the European Union. The primary goal of KYC verification is to protect against fraud, scams, and other illegal activities. This protects both the funds of the investors and the company from regulatory scrutiny.
- Access to Additional Features. Another benefit of completing the KYC process on KuCoin is the unlimited access to platform features. Unverified users, for example, have daily withdrawal limits of 1 BTC with only 5x futures trading leverage. Traders who complete KYC verification have better access to the full suite of products including higher limits on the crypto P2P exchange. Basic verification also has a daily withdrawal limit of 1 BTC, whereas advanced verification has a higher daily withdrawal limit. The advanced verified account has a daily withdrawal limit of 200 BTC and a trading limit of $100,000. There is also the benefit of leverage futures, as KuCoin offers its customers up to 100x leverage on its leverage futures trading bots.
- Increased Trading Security. Using a verified KuCoin account is the availability of more extensive security details. Bad actors have stolen billions of dollars in cryptocurrency in the last few years. This has resulted in top-tier security measures being implemented by crypto-related businesses. To protect the customers' funds, verified accounts can use KuCoin's 2FA to access the platform's cold storage and address whitelisting systems.
How to Complete the KuCoin Verification Process - Complete Guide
The KuCoin exchange's Basic and Advanced verification levels for individual traders are broken down below:
- Open the KYC Page. Log in to KuCoin and go to the page with the profile icon. Using the drop-down menu, tap the icon and choose "KYC Verification." On KuCoin, individual verification is the default configuration. To begin identity verification, tap 'Start Verification'.
- Fill in Basic Information. The next step is to enter the necessary information. Type in the first and last names, ID numbers, and preferred residence region. Once the information has been entered, click 'Submit' to finish the process. The results would be available in a few hours.
- Begin Advanced Verification. Users can initiate the Advanced verification process to access even more platform features. Click on the 'Start Verification' button. To expedite the process, the KuCoin platform requires users to initiate an app download. If a user cannot use the mobile app, KuCoin offers a manual review process, which takes between 2 and 10 days to complete.
- Upload ID. The following step would be to upload the previously entered ID card image. KuCoin requires users to submit an image of their ID's front and back sides and a selfie photo holding a handwritten note. A video tutorial is also available to properly guide investors through the process. Once the information is submitted, the KuCoin system will review it for discrepancies. The results are usually available within a few business days.
Frequently Asked Questions
Verification is a prerequisite on most centralized exchanges like KuCoin. Although investors can still use the platform for trading, trading without verification comes with limited functionalities. Since the account is unsafe and unprotected, it is prone to hacks.
This largely depends on the selected verification level. For KYC1 verification, the results are usually revealed within a couple of hours, but KYC2 takes more than a day to verify.
KuCoin is a market leader when it comes to providing a safe and secure exchange for buying, trading, and selling cryptocurrencies. After introducing KYC in 2018, completing ID verification can reduce the risk of fraudulent account access and other malicious activity. While there is the option to use the platform without verification, it is best to undergo the KYC process to open up the features and withdrawal limits beyond 1 BTC. For most individuals, the time to complete the KuCoin verification stage should be within a few hours.