Beginning May 8, all products and services offered by cryptocurrency exchange Bybit will be subject to know-your-customer (KYC) authentication. However, exchange users are free to withdraw their cryptocurrencies regardless of KYC status.
According to an update on April 24, Bybit users who have not completed KYC by May 8 will only be able to "close existing open positions or orders, refund loans or withdrawal funds. Any new trading activity will be restricted." The daily withdrawal limit For non-KYC Bybit users is 20,000 Tether, the monthly withdrawal limit is 100,000 USDT.
Users who complete Level 1 KYC on Bybit can have a withdrawal limit of $1 million to $12 million, depending on their VIP status level. As Bybit wrote: "Bybit ensures that your personal information will be encrypted and protected for privacy and security, and will only be used to verify your identity to better serve you. It will neither be shared nor re-used for any marketing."
The exchange said the new KYC measures will take between 15 minutes and 48 hours to implement. In supporting the decision, Bybit outlined the need for security and compliance, protection against illegal activity, and enhanced service and convenience in the event of lost cred essentials. Bybit was founded in 2018 by Chinese entrepreneur Zhou Ben and is currently headquartered in Dubai. Earlier this month, the company was reported by Japan's Financial Services Agency for allegedly conducting business in Japan without proper registration. Last month, the exchange laun ched a debit card powered by Mastercard that allows users to pay with cryptocurrencies. Just a few days ago, Bybit stopped USD transfers following the collapse of Silvergate Bank.
