Cryptocurrency Exchange Bybit To Introduce New Rules For Know Your Customer (KYC), Which Will Restrict Certain Services To Unverified Users. The Most Stringent Requirements Will Be For Fiat Currency Purchases, NFT Transactions, And Withdrawal Limits.
Bybit Merchants Without Identity Verification Will Be Denied Access To Particular Services.
One Of The Most Popular Crypto Trading Platforms With Global Reach, Bybit Announced That It Will Be Strengthening Its KYC Requirements. The Date For Implementation Was Later Modified.
Verification Is Now Required To Access Bybit Launchpad, Use Earn Products, As Well As To Buy Crypto Via Fiat Deposits Or Peer-To-Peer Trading (P2P), And One-Click Purchases Starting From December 15, 2020.
Furthermore, Clients Who Want To Claim Rewards Through The Platform’s Rewards Hub Must Provide Proof Of Identity. The Rules Will Also Apply To Non-Fungible Token (NFT) Transactions, Which Will Be Subject To The New KYC Policy.
The Exchange Will Be Imposing Strict Guidelines For NFT Sales And Purchases That Exceed $10,000 On The Secondary NFT Market, Beginning December 15 For NFT Withdrawals, Deposits, And Purchases On Primary Market Starting December 30.
Bybit Noted That It Might Increase KYC Requirements In The Future, And Urged Users To Review Its Official Announcements For Any Further Information.
The Cryptocurrency Exchange Is Also Modifying The Withdrawal Limits For Each KYC Tier, Starting December 20. Customers Who Fail To Pass The KYC Check Will Have Their Daily Limit Set At The Equivalent To 20,000 Tether (USDT), And Their Monthly Limit Set At 100,000 USDT.
The Exchange Stated That These New Rules Are Part Of Its Ongoing Efforts To Improve Security And Compliance. As The Entire Sector Is Subject To Stricter Regulations After The Collapse Of FTX, The Largest Player In The Market, These Regulations Are Being Implemented.
Amid A Bear Market That Is Getting Deeper, An Earlier Announcement By A Crypto Trading Platform Based In The United States Of Layoffs, And A November Report Stating That Bybit Didn’t Intend To Limit Russian Users Despite The Financial Authority Of The City-State Stating That Licensed Exchanges Must Comply With Sanctions.
Do You Think Other Major Crypto Exchanges Will Make It Harder For Unverified Users To Access Their Services? Share Your Thoughts In The Comments Section Below.
