Bybit, a cryptocurrency exchange, will introduce mandatory Know Your Customer (KYC) identity verification for all its products and services from May 8. Users who have not completed KYC by that date will only be able to “close existing open positions or orders, return loans, or withdraw. Any new trading activities will be restricted.” Previously, non-KYC Bybit users had a daily withdrawal limit of 20,000 USDT and a monthly withdrawal limit of 100,000 USDT. Users who completed level one KYC on Bybit could have a withdrawal limit between 1 million USDT and 12 million USDT, depending on their level of VIP status.
Bybit said that the new KYC measures would take between 15 minutes to 48 hours to be implemented, and cited security and compliance, prevention of illicit activities, and enhanced services and convenience in case of lost credentials as reasons for the move. Bybit was founded by Ben Zhou in 2018 and is headquartered in Dubai.
