​Bybit will impose mandatory identity verification for all customers

What’s new? Starting from May 8, 2023, cryptocurrency exchange Bybit introduces a mandatory requirement for user identification. All exchange customers must pass a KYC verification of at least level 1, otherwise, they will be limited in functionality. It is reported that the KYC procedure takes an average of 15 minutes, but at times of high load, the processing time can be up to 48 hours.

News on the exchange’s website

KYC (Know Your Customer) is the process of establishing the identity, passport information, residence, and source of income of a cryptocurrency owner. KYC is now mandatory on most crypto platforms.

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What changes are planned? Exchange users who do not pass the KYC verification by May 8 will only be able to close their positions and orders, return credits, or withdraw their funds. Any new trading activity will be restricted. Once the identity verification is complete, existing users will be able to continue using Bybit’s products and services.

According to published information, users without KYC can withdraw no more than 20 000 USDT per day and no more than 100 000 USDT per month. After identification, the daily withdrawal limit will be from 1 million to 12 million USDT depending on the user category.

What is known about Bybit? The centralized exchange (CEX) was founded in March 2018. As of April 24, 298 coins and 378 trading pairs are available on the platform, with a daily trading volume of $543,4 million. The number of users exceeds 10 million.

Since December 15, 2022, Bybit introduced restrictions for users who have not passed KYC. They touched on the P2P platform, Earn and Launchpad services, as well as deposits, withdrawals, and NFT trading.

In August, Binance employees reported that the exchange lost 90% of customers and billions of dollars in revenue because of the KYC/AML measures, but CEO Changpeng Zhao later denied this information.

In March, Bybit CEO Ben Zhou predicted the global adoption of cryptocurrencies by 2025. Technology will play a leading role in restoring trust in cryptocurrencies, he said, and legal exchanges are well positioned to surpass traditional financial institutions in terms of transparency.