Bybit has moved to make its KYC policy mandatory for users. The exchange which allowed flexibility in terms of KYC procedures has now adopted a rigid stance. The cryptocurrency exchange updated individual KYC and stated it would take effect from 15th December 2022.
KYC stands for Know Your Customer, and it represents financial service guidelines in verifying the identity of users’ accounts. It is done to minimize account security risks, and identify bad actors in line with Anti-Money Laundry (AML) policies.
The user withdrawal limit for each KYC level will be adjusted from December 20th, 2022. The different KYC levels include non-KYC, Individual KYC level 1, and individual KYC level 2.
The withdrawal limits for a business account following KYC requirements will also be adjusted, Bybit mentioned. The current withdrawal limit for businesses will be valid until December 15th, 2022.
According to Bybit, reasons for the KYC include security and compliance in line with regulatory requirements. Further, it serves to prevent illegal activities by detecting suspicious behavior early, and to provide additional services for users who complete KYC. The Bybit exchange gives access to exclusive offers such as promotions, events, and Launchpads to users who have completed KYC, they also provide convenience in the case of lost data to access the platform. “A KYC-verified account provides a simpler process to help you to recover your account,” Bybit said.
The exchange has assured that personal information provided by users “will be encrypted and protected for privacy and security, and that it will be used for the sole purpose of identity verification. It is neither shared nor repurposed for any marketing”.
Products or Services on Bybit with compulsory individual KYC from December 15th;
- Bybit Launchpad
- Earn products
- Crypto purchases, including One-Click Buy, Fiat Deposit and P2P trading.
- Rewards
- NFT purchase and sale.
However, for all NFT deposits, withdrawals, and purchases involving the primary marketplace, the compulsory KYC will take effect from 30th December 2022. But, the compulsory KYC directive for NFT sales above $10k on secondary marketplaces will be effective from 15th December 2022.
Bybit also added that there could soon be further expansion of the KYC requirements. This will likely come to be in 2023.
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