Starting May 8th, cryptocurrency exchange Bybit will require mandatory Know Your Customer (KYC) identity verification for all its products and services. This decision comes in response to the need for increased security, compliance, and prevention of illicit activities on the platform.
Previously, non-KYC Bybit users enjoyed a daily withdrawal limit of 20,000 Tether USDT and a monthly cap of 100,000 USDT. After the update, users who fail to complete the KYC process by the deadline will only be able to close existing open positions or orders, return loans, or withdraw funds, with new trading activities restricted.
For those who complete level one KYC on Bybit, withdrawal limits range from 1 million to 12 million USDT, depending on the user’s VIP status. Bybit reassures users that their personal information will be encrypted and protected, used solely for identity verification purposes, and not shared or repurposed for marketing.
Founded by Chinese entrepreneur Ben Zhou in 2018 and headquartered in Dubai, Bybit recently faced scrutiny from Japan’s Financial Services Agency for allegedly operating without proper registration. Last month, the exchange launched a Mastercard-powered debit card for crypto payments, shortly after suspending United States dollar transfers due to the collapse of Silvergate Bank.