Crypto Exchange Bybit To Add New Limits For Unverified Users, Update Withdrawal Limits – Exchange Bitcoin News

Cryptocurrency exchange Bybit has announced upcoming changes to its know-your-customer-policy (KYC) that will limit certain operations for unverified customers. The stricter requirements apply to coin purchases with fiat money, NFT transactions and withdrawal limits.

Bybit to restrict services for merchants who have failed identity verification

Crypto exchange Bybit will limit some services that are currently available to users who have not yet passed the verification procedure. The crypto trading platform, one of the largest with a global reach, announced the enhanced KYC requirements on Thursday and later adjusted the timeframe for its implementation.

Verification is now required to access the Bybit Launchpad and use Earn products. Passing individual KYC will be mandatory for acquiring crypto through fiat deposits, peer-to-peer (P2P) trading and the One-Click Buy option starting December 15, 2022.

On the same date, identity verification will become mandatory for customers wishing to claim their rewards in the platform’s Rewards Hub. The new KYC policy will also apply to non-fungible tokens (NFT) operations.

The stricter rules will be effective for all NFT purchases and sales over $10,000 per transaction in the NFT secondary marketplace from December 15 and for NFT deposits, withdrawals and purchases from the primary marketplace from December 30, Bybit explained.

The cryptocurrency exchange also noted that it may further expand its KYC requirements in the near future and encourages users to refer to its official announcements for further updates on the matter.

Bybit will also change the withdrawal limits for each of its KYC levels on December 20. For customers who have failed a KYC check, the daily limit will be set to the equivalent of 20,000 tethers (USDT), and the monthly limit will be 100,000 USDT.

The exchange noted that the new rules come as part of continued efforts to improve security and compliance. They are being introduced as the entire sector faces tougher regulations following last month’s collapse of FTX, one of the world’s biggest players in the market.

Amid an ever-deepening bear market, the Singapore-based crypto trading platform announced layoffs earlier this month. According to a report in November, Bybit did not plan to restrict Russian users, despite the city-state’s monetary authority reiterating that licensed exchanges must comply with sanctions.

Do you expect other major crypto exchanges to limit services for unverified users? Share your thoughts on the topic in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’ quote: “To be a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.