Bybit Plans to Enforce Stricter KYC
Bybit, one of the world's leading cryptocurrency exchanges, has announced that it will be implementing a mandatory KYC (Know Your Customer) verification process for all its users. The move is aimed at enhancing security and regulatory compliance, while also ensuring a better trading experience for its users
The official announcement states that starting May 8th, 2023, identity verification will be mandatory for all products and services. Users who have not completed identity verification by the deadline will only be able to close existing positions, repay loans, and withdraw funds. New trading activities will be restricted until verification is completed.
The exchange has assured its users that all sensitive information will be kept safe and secure through strict data protection measures. "Bybit ensures that your personal information will be encrypted and protected for privacy and security, and will be used for the sole purpose of verifying your identity to better serve you. It is neither shared nor repurposed for any marketing", the announcement states.
KYC verification is a standard practice in the financial industry, which requires users to provide their personal information and documents to prove their identity.
Bybit has also established daily withdrawal limits based on users' verification levels, with non-KYC users having a daily limit of up to 20K USDT and Level 2 users having a daily limit of up to 2M USDT.
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According to the announcement, KYC contributes to a secure and compliant trading environment, prevents illegal activities, provides enhanced services, and gives access to exclusive offers. KYC-verified accounts offer a simpler process for account recovery in case of lost credentials. The KYC verification process takes approximately 15 minutes, but at times it can take up to 48 hours. Users can contact customer support if verification takes more than 48 hours.
Only one account per user is allowed for KYC verification. Bybit only accepts documents issued by the country of origin as proof of identity, and documents for proof of address must be dated within the last three months. Bybit does not accept mobile phone statements, medical bills, or handwritten invoices for proof of address.