Cryptocurrency exchange KuCoin has announced that inactivity fees will be charged on inactive accounts in order to increase the security of user assets and protect user interests.
This fee 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.
The statement made by KuCoin included the following statements:
“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.”
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Users can avoid this fee by completing KYC or KYB verification or transferring their assets to another verified account. Accounts that will be subject to the inactivity fee will be notified prior to the transaction.
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.
*This is not investment advice.