Bybit warned users about changes to its KYC policy. From December 15, the cryptocurrency exchange will restrict certain operations for unverified users, говорится in a statement.
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The new requirements affect the P2P platform, Earn, Launchpad and Rewards Hub. Verification will also be required for deposits/withdrawals/NFT trading.
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“Bybit uses KYC to identify clients and analyse their risk profiles. This verification helps prevent money laundering and the financing of illicit activity,” the company said.
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The exchange said it does not rule out expanding such a practice to other services.
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Without KYC verification, the daily withdrawal limit is 20 000 USDT and the monthly limit is 100 000 USDT. Further verification is tiered, allowing unlimited monthly withdrawals but with a daily cap:
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- Level 1 KYC — 1 million USDT;
- Level 2 KYC — 2 million USDT;
- Business KYC — 2 million USDT.
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Earlier, Bybit co-founder and CEO Ben Zhou announced staff cuts as part of a business reorganisation amid a prolonged bear market.
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Against the backdrop of the FTX collapse the exchange, in partnership with Nansen revealed the volumes of user assets and established a $100 million fund to support institutional clients.
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CertiK researchers identified a ‘cheap and accessible’ black market for KYC checks in November.
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