Bybit to tighten KYC requirements
On May 8, the Bybit cryptocurrency exchange will introduce mandatory verification for all platform users.
KYC compliance must be at least Level 1. Otherwise, clients will lose access to the exchange’s products and services.
Users who do not complete verification will be able only to close existing positions and orders, repay loans, and withdraw funds.
For individuals who have completed the first stage of KYC, the daily withdrawal limit will be $1 million; for level two — $2 million.
A Bybit spokesperson told ForkLog that the changes are being introduced to improve security.
“The implementation of KYC is an important step for us, as we strive to comply with evolving regulatory standards […]. This measure also provides an additional layer of protection against fraudsters who may attempt to gain access to customers’ accounts without authorization,” the interlocutor noted.
In December 2022, Cinneamhain Ventures partner Adam Cochran suggested that the decentralized exchange Uniswap would implement a KYC system in the next version of the protocol.
In March 2023, CNBC reported that some Binance employees helped users from China and other countries evade KYC.
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