KuCoin, the twenty-fifth largest cryptocurrency exchange by trading volume, announced today that its new Know Your Customer (KYC) system is now live.

KuCoin New KYC System Went Live Today See the official announcement here:https://t.co/Us4vMigrrx pic.twitter.com/a5qVv5PShk — KUCOIN (@kucoincom) May 11, 2018

According to the announcement, KuCoin aims to get ahead of mounting regulations by implementing a KYC system to operate in a more transparent manner.

“In an attempt to remain as one of the most trustworthy and transparent exchanges in operation, KuCoin will start KYC checks on users. This measure is to ensure KuCoin remains compliant with the developing regulations in the crypto industry.”

While it is not mandatory for KuCoin users to complete the KYC verification, users who don’t will only be able to withdrawal 2 BTC in any given 24 hours, starting on November 1, 2018. More importantly, all KYC verified accounts will have access to the Fiat-Crypto exchange services provided on KuCoin platform in the future.

KuCoin also recently announced that its new referral program is now available to users. This recent push in new features and regulatory compliance indicates that KuCoin is actively looking to build up its platform’s infrastructure to compete with some of the larger exchanges, including Binance and Poloniex.

KuCoin has over 140 altcoins listed on its platform, including Neo (NEO), DragonChain (DRGN), OmiseGO (OMG), Cappasity (CAPP), Civic (CVC), DeepBrainChain (DBC), Qtum (QTUM) and TenX (TENX). The exchange also offers a dedicated Neo market and daily NeoGas payouts for users’ Neo balances. Additionally, KuCoin recently announced the addition of crypto wallet project Bread (BRD) as a tradeable token and reinstated a three-tier referral program for new members.