Cryptocurrency exchange KuCoin has announced that inactivity fees will be charged on inactive accounts. This decision aims to enhance the security of user assets.
Conditions for Inactivity Fees
Fees will only apply to accounts that have not completed KYC (Know Your Customer) and KYB (Know Your Business) verification and have been inactive for a long time.
CITE_NA: "Accounts that have not completed KYC and KYB verification and have been inactive for a long time will be subject to inactivity fees as they pose a security risk. Accounts that have completed their verification will be exempt from these fees."
How to Avoid Fees
Users can avoid this fee by completing KYC or KYB verification or by transferring their assets to another verified account. Accounts that will be subject to the inactivity fee will be notified prior to the transaction.
Important for Users in Restricted Regions
KuCoin reminded users living in 'restricted regions' such as the United States and mainland China that they cannot perform KYC/KYB verification and recommended that these individuals withdraw their assets and close their accounts as soon as possible.
Thus, KuCoin is implementing new measures to enhance user security, emphasizing the need for account verification to avoid fees.
