Starting May 8, Know Your Customer (KYC) identity verification will be mandatory for all products and services offered by Bybit cryptocurrency exchange.
According to an April 24 update, Bybit users who have not completed KYC by May 8 will only be able to “close existing open positions or orders, repay loans, or withdraw. Any new trading activity will be restricted.” Prior to the upgrade, non-KYC Bybit users had a daily withdrawal limit of 20,000 Tether (USDT) and a monthly withdrawal limit of 100,000 USDT.
Users who completed KYC level one on Bybit could have a withdrawal limit of between 1 million USDT and 12 million USDT, depending on their VIP status level. As written by Bybit:
“Bybit guarantees that your personal information will be encrypted and protected for your privacy and security, and will be used for the sole purpose of verifying your identity to provide you with better service. It is not shared or reused for any type of marketing.”
The exchange said that the new KYC measures would take anywhere from 15 minutes to 48 hours to apply. By supporting the decision, Bybit highlighted the need for security and compliance, prevention of illicit activity, and enhanced service delivery and convenience in case of lost credentials.
Bybit was founded by Chinese entrepreneur Ben Zhou in 2018 and is currently based in Dubai. Earlier this month, the company was flagged by the Japan Financial Services Agency for allegedly conducting business within the country without proper registration. Last month, the exchange introduced a Mastercard-powered debit card that allows users to pay in cryptocurrency. The move came just days after Bybit halted US dollar transfers following the failure of Silvergate Bank.
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