ByBit is pushing for greater compliance and is demanding related compliance from its users. In a recent update to its terms, users of all the exchange’s products and services are expected to have completed at least the first level of the trading platform’s Know-Your-Customers (KYC) procedures before May 8th 2023.
Starting from 8 May, 2023, Identity Verification of at least Lv.1 will be mandatory for all Bybit products and services. Existing users who have not completed Identity Verification as of 8 May, 2023 will only be allowed to close existing open positions or orders, return loans, or…
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If by the end of the stipulated date, existing users have not completed the identity verification process at Level 1 (Lv.1), they would be limited to only closing existing open positions or orders, returning loans, or withdrawing.
“Any new trading activities will be restricted. Once the Identity Verification is completed, existing users can continue to use Bybit products and services,” Bybit posted.
According to the Dubai-headquartered cryptocurrency exchange, KYC is a requirement for financial service providers that clients must fulfill. It is conducted to “verify the identity, suitability and risks involved, in order to minimize the risk to the respective account.”
Notably, the KYC process is in levels and the higher the level, the higher the offerings available to a user, especially for withdrawals.
Enhanced Functionalities for Bybit Verified KYC Users
Users who do not undergo the KYC process are limited to a withdrawal of about 20,000 Tether (USDT) or less daily. On the other hand, those who complete Lv.1, can access as much as 1 million USDT daily.
While the KYC Lv.2 users have a daily withdrawal limit of less than or equal to 2 million USDT. These withdrawal limits are basically for those on the non-VIP level.
Therefore, those on the several VIP levels are entitled to higher daily withdrawal limits. It goes as high as 12 million USDT. As Bybit is seeing tremendous growth and in its product offering, so also is its need to become compliant in order to stay on the good side of the law. With the new compliance move, the exchange is created a bed that can shield it from regulatory purge in the near future.
Bybit’s key competitors particularly those in the United States including Coinbase and Paxos have all made it to the list of exchanges billed for sanctioning after Kraken paid a $32 million fine for some of its products.
While Bybit serves other markets, the KYC push will give it a more competitive edge to explore more markets beyond its current operational range.
The post Bybit Introduces Compulsory KYC in Move Toward Full Compliance appeared first on CoinGape.
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