Beginning on December 15, the cryptocurrency exchange Bybit will implement new Know-Your-Customer (KYC) verification requirements for all of its products.
According to a recent post in the help center of the exchange, the use of Bybit’s one-click buys, deposits of fiat currency, and peer-to-peer trading will require individual KYC. This KYC procedure will require the user’s passport, identity card, residence permit, and driver’s license.
Bills from essential services, bank statements, and official government documents all qualify as acceptable forms of proof of residence.
Additionally, buying and selling NFTs of more than $10,000 on the secondary marketplace will also require individual KYC.
On December 20th, withdrawal limitations for each Know Your Customer (KYC) level will change, with non-KYC users limited to a daily withdrawal limit of 20,000 USDT and a monthly withdrawal cap of 100,000 USDT.
The post further shows that from December 30th, mandatory KYC will be imposed for all NFT deposits, withdrawals, and purchases made in the primary marketplace.
The exchange states that it “may further expand KYC requirements in the near future,” although it does not appear that trading or deposits of cryptocurrencies have been impacted in any way.
Bybit, a no-KYC exchange, experienced an average of 75,000 users per day in 2021, according to its year 3 analysis with more than 4.7 million new users joining last year. Nonetheless, the 2018 established crypto company adopted KYC in August to fight financial fraud.
Bybit Eyes Increased Industry Reach
Notably, a report that was published recently states that the cryptocurrency exchange has set a $100 million fund to support institutional clients “during this challenging period in the crypto industry.”
However, during the first week of December, the exchange made another notice regarding layoffs because of “the deepening bear market.” This announcement followed a previous announcement made in June regarding layoffs
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