KYC identity verification will be mandatory for all products and services offered by cryptocurrency exchange Bybit starting May 8th.
Bybit users who have not completed KYC by May 8 can only close existing open positions or orders, return loans, or withdraw. Any new trading activities will be restricted. Before the update, non-KYC Bybit users had a daily withdrawal limit of 20,000 Tether and a monthly withdrawal limit of 100,000 USDT.
The exchange said that the new KYC measures would take anywhere from 15 minutes to 48 hours to be implemented. In supporting the decision, Bybit outlined the need for security and compliance, prevention of illicit activities, and providing enhanced services and convenience in case of lost credentials.
Bybit was founded by Chinese entrepreneur Ben Zhou in 2018 and is currently headquartered in Dubai. Earlier this month, the company was flagged by Japan’s Financial Services Agency for allegedly conducting business inside the country without proper registration.
