Starting May 8, cryptocurrency exchange Bybit will make Know Your Customer (KYC) identity verification mandatory for all products and services it offers. According to an April 24 update, users who have not completed KYC by the deadline can only “close existing open positions or orders, return loans, or withdraw.” Any new trading activities will be restricted. Prior to the update, non-KYC Bybit users had daily and monthly withdrawal limits of 20,000 USDT and 100,000 USDT, respectively.
For users who completed level one KYC on Bybit, the withdrawal limit could range from 1 million to 12 million USDT, depending on their VIP status. Bybit assures that personal information will be encrypted, protected, and solely used for identity verification purposes. The new KYC measures are expected to take between 15 minutes and 48 hours for implementation.
Also Read: Bybit to Launch Debit Card for Cryptocurrency Payments
Bybit’s Focus on Security and Compliance
Bybit’s decision to implement mandatory KYC is aimed at enhancing security and compliance, preventing illicit activities, and providing improved services and convenience in case users lose their credentials. Founded by Chinese entrepreneur Ben Zhou in 2018, Bybit is currently headquartered in Dubai. The exchange recently faced a warning from Japan’s Financial Services Agency for allegedly operating without proper registration within the country.
In another development, Bybit introduced a Mastercard-powered debit card, allowing users to pay with crypto. This announcement came shortly after the exchange halted U.S. dollar transfers due to Silvergate Bank’s collapse.
