Bybit introduces KYC identification: how much time do users have to comply
Bybit introduces KYC identification: how much time do users have to comply
Bybit implements a mandatory Know Your Customer, popularly known as KYC, in its identity verification process.
The company looks into ensuring that customers’ personal information are encrypted and protected for enhanced privacy and security, Bybit asserted in a blog post.
Bybit users are required to complete their KYC verification on or before May 8. Failure to comply on the said date restricts users from initiating new trading activities.
According to Cointelegraph, non compliant users will still be allowed to close existing open positions for orders, pay up their loans, and withdraw remaining balances.
One of the highlights of KYC implementation is the adjustment in withdrawal limit. KYC-compliant customers will now be allowed to take out between 1 million USDT to 12 million USDT daily, depending on their VIP tier level.
Before the update, Bybit capped its withdrawal to 20,000 USDT daily and 100,000 USDT monthly, regardless of one’s VIP status.
As reported by Coin Republic, Bybit has done major restructuring in its operations this week. On April 22, it officially inaugurated its headquarters in Dubai, United Arab Emirates, moving its jurisdiction from Singapore.
The UAE has implemented a more welcoming stance towards cryptocurrency and other digital assets in the past years.
It introduced the Dubai Virtual Asset Regulation Law in March last year, with a purpose having a unified international standards for digital assets, relative to investor protection and responsible business growth.
ByBit is a leading cryptocurrency exchange in the world, recognized as the fifth most-used crypto platform in 24-hour spot trading, with an average volume of $501 million.
Its ubiquitous presence makes it a primary target for attacks. Its KYC implementation came at the right time as hacks on digital assets have grown this year.
Recently, top crypto lending protocol FilDA lost $700,000 following an exploit, beincrypto reports.
