KuCoin Introduces Dormancy Fees for Inactive Non-KYC and Non-KYB Accounts

As part of our commitment to enhancing platform security and user asset protection, KuCoin is introducing dormancy fees for inactive non-KYC and non-KYB accounts ("Dormancy Fees"). This strategic measure reinforces our dedication to maintaining the highest standards of asset security and ensuring a secure trading environment. For ease of reference, the terms Know Your Customer (KYC) and Know Your Business (KYB) will hereinafter be collectively referred to as "KYC/KYB".

As the cryptocurrency market continues to evolve, KuCoin prioritizes the security of user assets above all else. Our analysis has shown that inactive non-KYC/B accounts present elevated security risks, especially concerning ownership traceability and account protection. By implementing this policy, we aim to strengthen our security framework while encouraging users to complete the KYC/KYB verification process and take advantage of the enhanced features and protection that KYC/KYB verification provides.

This dormancy fee policy is selectively applied only to non-KYC/KYB users who have received a direct notification from KuCoin. Users who have completed their KYC/KYB verification are automatically exempt from the Dormancy Fees. To protect your assets and avoid additional charges, we urge unverified users to complete the KYC/KYB process at their earliest convenience.

 

However, if you are currently residing in the Restricted Locations (as stipulated in our Terms of Use) such as the United States and the mainland of China, you will not be permitted to complete KYC/KYB verification. We strongly recommend that you withdraw your assets as soon as possible and close your account to avoid incurring dormancy fees.

Spot Account	Token Amount (m)	Snapshot Value (p1) (in USDT)	Amount After 1st Fee (in USDT)	Snapshot Value (p2) (in USDT)	Amount After 2nd Fee (in USDT)
BTC	0.02	63000	m*p1 = 0.02*63000>2u Fee = 2/p+n%*m = 2/63,000+0.5%*0.02 = 0.000131746, Remaining = 0.02-0.000131746 = 0.019868254	50000	m*p1 = 0.019868254*50000>2u Fee = 2/p+n%*m = 2/50000+0.5%*0.019868254 = 0.000139341 Remaining = 0.019868254- 0.000139341 = 0.019728913
USDT	4	1	m*p1 = 4*1>2u Fee = 2/p+n%*m = 2/1+0.5%*4 = 2.02 Remaining = 4-2.02 = 1.98	1	m*p2 = 1.98*1<2u Fee = Full amount charged Remaining = 0
XRP	1	0.5	m*p1 = 1*0.5<2u Fee = Full amount charged Remaining = 0	0.7	Not Applicable

 

 

 

Assets Transfer : Move your assets out of the non-KYC/KYB account. For instance, you may move them to another KuCoin account that has completed KYC/KYB verification.

 

KYC/KYB Verification : Complete the simple verification process for your current account.

By completing your KYC/KYB verification, you not only avoid Dormancy Fees but also gain access to enhanced security features, higher withdrawal limits, and a more comprehensive trading experience. Take action today to secure your digital assets and enjoy the full benefits of your KuCoin account.

 

However, if you are currently residing in the Restricted Locations (as defined above), such as the United States and the mainland of China, you will not be permitted to complete KYC/KYB verification. We strongly recommend that you withdraw your assets as soon as possible and close your account to avoid incurring dormancy fees.

 

If your account is identified as subject to a Dormancy Fee, you will receive a notification from the platform prior to the deduction. If you did not provide an email address during registration, the first notification will be sent via SMS, and subsequent notifications will be communicated through email and/or in-site messaging. To ensure you receive all important information promptly, please make sure your account is linked to a valid email address.

 

This announcement is binding upon the targeted recipients and is made in accordance and in furtherance of Articles 1(1), 10 and 70 of our Terms of Use, which outlines our right to implement and notify users of such fees for inactive Non-KYC/KYB accounts in our platform.

 

We appreciate your understanding and cooperation as we take these necessary steps to enhance platform security and protect their assets.

 

Thank you for your trust and support in KuCoin!