Complete KYC Verification to Enjoy Higher Withdrawal Limits| KuCoin (2024)

FAQs

Complete KYC Verification to Enjoy Higher Withdrawal Limits| KuCoin? ›

Your account can be verified by clicking on the Account tab. Then, click on the KYC Verification tab and follow the steps. KYC verification will be complete within five days after users submit their information. The KYC verification is not mandatory, and non-verified accounts can still trade without any restrictions.

For accounts with only one security item (e.g., email, phone number, or Google Authenticator), the daily withdrawal limit is $10,000 USD equivalent in tokens. Please note: KYC will be upgraded and iterated according to compliance and regulatory requirements.

Incorrect or outdated personal information: if the personal information provided (such as name, address, date of birth, etc.) is incorrect, incomplete or does not match the information in the submitted documents, this may result in the failure of the process.

Identity Verification represents KuCoin's commitment to aligning with regulations within the cryptocurrency industry, and to mitigate activities such as fraud, money laundering, scams, and terrorist financing. After completing Identity Verification, users can enjoy higher daily withdrawal limits on KuCoin.

How to find your ATM withdrawal limit. The documents provided to you at account opening and with your debit card usually include your ATM withdrawal limit. Alternatively, your ATM withdrawal limit may be mentioned inside your bank's official banking app, should it have one.

To work around ATM withdrawal limits, you can call the bank and request a limit increase, adjust your withdrawal limits using the mobile app, get cash back at checkout or withdraw from a linked savings account. If your bank or credit union has bank branches, you can withdraw larger amounts by stopping by in person.

KYC means "Know Your Customer". It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks' services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically update the same.

How to solve KYC problem? ›

Discrepancies in names across documents can delay the KYC process substantially. For instance, if you change your name after marriage or change your name's spelling for any reason, you must submit the official proof of your name change to all official document-issuing entities.

Black and white photos are NOT acceptable for KYC verification — only colour photos. No photocopies are allowed. Photocopies of IDs are not a valid verification method. Show all details, including the bottom 2 lines.

What is the purpose of a bank asking you to update your Know Your Customer (KYC) details if they are already on record? It means that they are following up on their legal requirement to update KYC information. No biggie.

You can increase the ATM limit by contacting the bank's customer care number or visiting the branch. Some banks also offer online modes to increase the ATM limit by logging on to the net banking account.

The full version of KuCoin with all its features is only available to those who can be verified through KYC. Since KuCoin doesn't have a license to operate in the US, the KYC verification process is not available.

According to a press release, non-KYC users will only be able to use “spot trading sell orders, futures trading deleveraging, margin trading deleveraging, KuCoin Earn redemption, and ETF redemption.” Withdrawals will still be available, but deposit services will not.

You can find the wallet limits for Full KYC in the below table. Important: At any given point in time, your wallet can only have a maximum balance of ₹2,00,000.

As RBI guidelines banks can open “Small accounts “ from those who have not any official valid documents. In this account you may withdraw ₹ 10000/- in month. Now banks are follow the KYC guidelines. If banks not following KYC guidelines, RBI have fixing the penalty to banks.

A threshold refers to a number of transactions or a transaction amount, per transaction or accumulated over a period of time, on a type of payment account for recording transactions. Once the thresholds are exceeded, the transactions will be blocked.

ATMs have withdrawal limits varying among Indian banks, such as SBI with Rs. 40,000 daily, HDFC with Rs. 25,000, Canara Bank with Rs. 75,000, and ICICI Bank with Rs. 1,50,000. Each bank offers different limits depending on account type and debit card. Make sure to check the current limits regularly to avoid issues.