Cryptocurrency exchange KuCoin said it will introduce mandatory know-your-customer (KYC) checks next month.

Starting July 15, new customers will be required to complete a KYC process to start using KuCoin’s services, the exchange said on Wednesday. Existing customers who do not complete KYC will not be able to trade or make deposits.

Crypto exchanges have been met with criticism for perceived lax KYC checks, with regulators saying that these help fuel fraud, money laundering and terrorist financing.

KuCoin, which said it had over 27 million users as of end-2022, is one of the world’s largest crypto exchanges with 24-hour trading volume of $531 million, according to data by CoinGecko.

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