Cryptocurrency exchange Bybit has announced upcoming changes to its KYC (know your customer) policy that will limit certain trades for unverified customers. The strictest requirements concern coin purchases with fiat money, NFT transactions and withdrawal limits.
Bybit to limit services for operators who have not passed identity verification
Cryptocurrency exchange Bybit will limit some services currently available to users who have yet to pass the verification process. The cryptocurrency trading platform, one of the largest with a global reach, announced improved KYC requirements on Thursday and later changed the timing for their implementation.
Verification is now required to access Bybit Launchpad and use Earn products. Passing the individual KYC will be mandatory for acquiring cryptocurrencies via fiat deposits, peer-to-peer (P2P) trading and the One-Click Buy option starting December 15, 2022.
On the same date, identity verification will become mandatory for customers who wish to claim their rewards in the platform’s rewards hub. The new KYC policy will also apply to non-fungible token (NFT) transactions.
The stricter rules will be effective for all NFT buys and sells of more than $10,000 per transaction in the NFT secondary market from Dec. 15 and for NFT deposits, withdrawals and purchases from the primary market from Dec. 30, Bybit explained.
The cryptocurrency exchange also noted that it may further expand 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 tiers on December 20th. For customers who have failed a KYC check, the daily limit will be set at the equivalent of 20,000 tethers (USDT) and the monthly limit will be 100,000 USDT.
The exchange noted that the new rules are part of ongoing efforts to improve security and compliance. They were introduced as the entire industry is facing tougher regulations following last month’s collapse of FTX, one of the world’s largest players in the market.
Amid a deepening bear market, the Singapore-based cryptocurrency trading platform announced layoffs earlier this month. According to a November report, Bybit had no plans to restrict Russian users, despite the city-state’s monetary authority reiterating that licensed exchanges must comply with sanctions.
Do you expect other major cryptocurrency exchanges to limit services for unverified users? Share your thoughts on the matter in the comments section below.
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