To strengthen asset security and reduce potential risks, cryptocurrency exchange KuCoin recently announced that it will impose 'inactive fees' on accounts that have not completed KYC (Know Your Customer) or KYB (Know Your Business) verification and are inactive. This new policy will directly affect users of accounts that cannot verify their identity, especially those residing in restricted areas, such as the United States and mainland China.

The fee applies to inactive accounts that have not completed KYC/KYB.

According to the KuCoin announcement, only 'inactive' non-KYC/KYB accounts will be charged inactive fees. Accounts that have completed identity or business verification will be exempt from this fee mechanism.

KuCoin emphasizes that this move is primarily for cybersecurity considerations, aiming to enhance overall platform security by identifying and eliminating high-risk accounts.

How to avoid being charged? The official recommendation is as follows.

To avoid unnecessary fee losses, KuCoin recommends that users take the following measures:

  • Transfer assets: Move assets from unverified accounts to accounts that have completed KYC or KYB verification.

  • Complete the verification process: If identity has not yet been verified, users should complete the KYC or KYB certification process as soon as possible.

  • Notification Reminder: If the account is about to incur inactive fees, users will receive prior notification to respond in advance.

Users in restricted areas should pay special attention: KYC verification cannot be conducted.

It is worth noting that if users currently reside in 'restricted areas' (according to KuCoin's Terms of Service), such as the United States or mainland China, they will not be able to conduct KYC/KYB verification. In this case, KuCoin recommends that users 'withdraw their assets and close their accounts as soon as possible' to avoid incurring inactive fees in the future.

This article announces that KuCoin will charge inactive fees for accounts that have not completed KYC: users need to respond as soon as possible, and new users from China and the U.S. are restricted. This notice first appeared in Chain News ABMedia.