Know Your Customer (KYC) identity verification will be mandatory for all products and services offered by cryptocurrency exchange Bybit.
Users of Bybit who have not finished their KYC by May 8 can only “close existing open positions or orders, return loans, or withdraw,” according to an April 24 update. All future trade will be prohibited.
The daily withdrawal cap for non-KYC Bybit customers was 20,000 Tether (USDT $1.00) prior to the upgrade with a 100,000 USDT weekly withdrawal cap.
Depending on their degree of VIP status, users that successfully completed level one KYC on Bybit could have a withdrawal limit between 1 million USDT and 12 million USDT. According to Bybit:
“Bybit ensures that your personal information will be encrypted and protected for privacy and security, and will be used for the sole purpose of verifying your identity to better serve you. It is neither shared nor repurposed for any marketing.”
According to the exchange, it might take anywhere between 15 minutes and 48 hours to put the additional KYC security measures into place. The crypto exchange argued for the choice by stressing the need of security and compliance, stopping illegal activity, and offering improved services and ease in the event of lost credentials.
Ben Zhou, a Chinese businessman, launched by the exchange in 2018, and it is currently based in Dubai. The organization was reported by Japan’s Financial Services Agency earlier this month for allegedly conducting business inside the nation without the appropriate registration.
The exchange unveiled a debit card powered by Mastercard last month that enables customers to make cryptocurrency payments. The action was taken shortly after Bybit stopped processing transactions in dollars when Silvergate Bank failed.
