Cryptocurrency Exchange Bybit has announced changes to its Know-Your-Customer (KYC) policy, which will bring certain restrictions for unverified users. The Most stringent requirements will be for fiat currency purchases, NFT transactions and withdrawal limits.
Bybit To Limit Entities Unable To Pass Identity Verification
Bybit, one of the world’s leading crypto trading platforms, has increased its KYC requirements, and revised the timeline for their implementation. Access to some services currently offered by the exchange will be restricted to those users who have not completed the verification process. This will include one-click purchases and buying crypto through fiat deposits or P2P trading, beginning December 15.
Verification is also required to claim rewards through the Bybit Launchpad Use Earn program. Additionally, non-fungible token (NFT) transactions will be subject to the new KYC policy, which includes stricter rules for NFT sales and purchases over $10,000 on the secondary NFT Market, starting December 15 for NFT deposits, withdrawals and purchases on the primary markets from December 30.
The exchange said it could further increase KYC requirements in the near future, and urged customers to stay informed of any updates through its official announcements.
Bybit will also modify the withdrawal limits for each KYC tier, beginning December 20. Unverified users will have their daily limit lowered to the equivalent of 20,000 Tether (USDT), with the monthly limit set at 100,000 USDT.
The new regulations are part of the exchange’s ongoing efforts in improving security and compliance. These will be enforced as the crypto sector faces stricter regulation following the collapse of FTX last month, which was one of the biggest players on the market.
Amid a deepening bear market, Singapore-based Bybit also announced layoffs this month. Despite the fact that the city state’s monetary authority has reiterated that licensed swaps must comply with the sanctions, the exchange did not intend to limit Russian users.
Do you think other major crypto exchanges and companies will follow suit in limiting services to unverified users? Share your thoughts in the comments below.
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