Bybit introduced the mandatory KYC verification for all products and services on May 8

Starting on May 8th, all products and services offered by the cryptocurrency exchange Bybit will require mandatory Know Your Customer (KYC) identity verification. Users who fail to complete the KYC by this date are only able to close existing open positions or orders, return loans, or withdraw funds. New trading activity is restricted.

Previously, non-KYC users had a daily withdrawal limit of 20,000 USDT and a monthly withdrawal limit of 100,000 USDT. Bybit assures users that their personal information will be encrypted and protected for privacy and security, and used solely to verify their identity. The new KYC measures will be implemented anywhere from 15 min to 48 h.

Bybit cites the need for security and compliance, prevention of illicit activities, and enhanced services and convenience in the case of lost credentials as reasons for introducing these measures. Bybit was founded by Ben Zhou in 2018, and is currently based in Dubai.

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source: Bybit Official Help Center