Bybit is set to impose mandatory KYC rules on its customers starting May 8, 2023.
The crypto exchange will restrict certain trading activities for users to refuse to comply with the new rules.
KYC checks were introduced by the exchange in December last year for select services including P2P trading.
Crypto exchange Bybit has announced that it will enforce mandatory Know Your Customer (KYC) rules on its platform starting May 8. 2023. The crypto exchange’s new KYC norms are set to come into effect just days after it opened its new global headquarters in Dubai, United Arab Emirates.
Bybit Will Limit Access For Non Compliant Users
According to an update on Bybit’s official website, the new KYC rules will be applicable in two levels. Individual KYC of at least level 1 will be mandatory for users to access all products and services on the platform from May 8 onwards. Users who opt out of the KYC verification post the deadline will only be allowed to close existing open positions or orders, return loans, or withdraw. Any new trading activities for these users will be restricted.
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.”
The verification process will take between 15 minutes to 48 hours. Non-VIP users who complete the level 1 KYC requirements will see their daily withdrawal limit from 20,000 USDT to 1 million USDT. Completing the level 2 KYC requirements will increase it to 2 million USDT. The withdrawal limit for the “Supreme VIP” clients will increase to a whopping 12 million USDT.
According to Bybit, the new rules are necessary to maintain the exchange’s security and to prevent illegal activities. The latest norms are set to kick in more than four months after the platform last updated its KYC requirements. In December 2022, the exchange rolled out verification checks for several products, including peer-to-peer (P2P) trading, NFT trading, and fiat deposits on the platform.