Bybit has announced that it will start requiring customers to complete KYC from May 8th onwards.
Starting from May 8th onwards, Know Your Customer (KYC) verification will be mandatory for all products and services offered by Bybit. As per an update on April 24th, Bybit users who have not completed their KYC process must do so by May 8th or risk having their "open positions or orders closed, loans returned, or withdrawn, with any new trading activities limited." Prior to the update, users who had not completed KYC on Bybit were limited to a Tether withdrawal cap of 20,000 USDT per day and a monthly withdrawal limit of 100,000 USDT.
Bybit assures that personal information will be encrypted and protected for privacy and security purposes, and will only be used for the sole purpose of verifying identity to provide better service, with no sharing or reuse for marketing purposes.
The new KYC measures will take between 15 minutes to 48 hours to complete. Bybit emphasizes the necessity to maintain security and comply with regulations, including preventing illegal activities, as well as providing enhanced services and convenience in cases of lost personal data.
Bybit was founded by Chinese entrepreneur Ben Zhou in 2018 and currently has its headquarters in Dubai. In early April, the company was accused by Japan's financial watchdog of conducting business within the country without proper registration. Last year, the company also launched a debit card powered by Mastercard that allows users to pay with cryptocurrency.
