Cryptocurrency exchange Bybit has announced upcoming changes to its know-your-customer (KYC) policy that will limit certain operations for unverified customers. The stricter requirements concern coin purchases with fiat money, NFT transactions, and withdrawal limits.
Bybit to Limit Services for Traders Who Have Not Passed Identity Verification
Crypto exchange Bybit will restrict some services that are currently available to users who are yet to pass its verification procedure. The crypto trading platform, one of the largest with global reach, announced the enhanced KYC requirements on Thursday and later adjusted the timeframe for their implementation.
Verification is now needed to access the Bybit Launchpad and use Earn products. Passing individual KYC will be compulsory for acquiring crypto through fiat deposits, peer-to-peer (P2P) trading and the One-Click Buy option starting from Dec. 15, 2022.
On the same date, identity verification will become mandatory for clients who want to claim their rewards in the platform’s Rewards Hub. The new KYC policy will also apply to operations with non-fungible tokens (NFTs).
The stricter rules will be effective for all NFT purchases and sales for over $10,000 per transaction in the NFT secondary marketplace from Dec. 15 and for NFT deposits, withdrawals and purchases from the primary marketplace from Dec. 30, Bybit explained.
The cryptocurrency exchange also noted that it may further expand the KYC requirements in the near future, urging users to refer to its official announcements for further updates on the matter.
Bybit will also change the withdrawal limits for each of its KYC levels on Dec. 20. For clients that have not passed a KYC check, the daily limit will be set at the equivalent of 20,000 tether (USDT), and the monthly limit will be 100,000 USDT.
The exchange remarked that the new rules come as part of continued efforts to improve its security and compliance. They are being introduced as the whole sector is facing tightening regulations after last month’s collapse of FTX, one of the world’s largest players in the market.
Amid a deepening bear market, the Singapore-based crypto trading platform announced layoffs earlier this month. According to a report in November, Bybit did not plan to restrict Russian users, despite the city-state’s monetary authority reiterating that licensed exchanges must comply with sanctions.
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