Crypto-currency exchange Bybit has announced upcoming changes to its know-your-customer (KYC) policy that will limit certain transactions for unverified customers. The stricter requirements include coin purchases with fiat money, NFT transactions and withdrawal limits.
Bybit to limit services for traders who haven’t passed identity verification
Crypto exchange Bybit will restrict some services currently available to users who have not yet passed its verification process. The crypto trading platform has announced that its enhanced KYC requirements have been adjusted.
Verification is now required to access the Bybit launchpad and use Earn products. Obtaining individual KYC will be mandatory to acquire crypto currencies through fiat deposits, peer-to-peer (P2P) transactions, and the One-Click Buy option starting December 15, 2022.
On the same date, identity verification will become mandatory for customers who wish to claim their rewards in the platform’s Rewards Hub. The new KYC policy will also apply to transactions with non-fungible tokens (NFTs).
The stricter rules will apply to all NFT purchases and sales of more than $10,000 per transaction on the NFT secondary market starting Dec. 15 and to NFT deposits, withdrawals and purchases on the primary market starting Dec. 30, Bybit says.
The crypto-currency exchange also noted that it may expand KYC requirements further in the near future, urging users to refer to its official announcements for further updates on the matter.
Bybit will also change the withdrawal limits for each of its KYC tiers on December 20. For customers who have not passed the KYC check, the daily limit will be set at the equivalent of 20,000 tether (USDT), and the monthly limit will be 100,000 euros.
The exchange noted that the new rules are part of ongoing efforts to improve its security and compliance. They come as the entire industry faces tightening regulations after the collapse last month of FTX, one of the market’s largest global players.
Amid a worsening bear market, the Singapore-based crypto exchange platform announced layoffs earlier this month. According to a November report, Bybit had no plans to restrict Russian users, although the city-state’s monetary authority reiterated that licensed exchanges must comply with sanctions.