Announced. Customer (KYC) policies that restrict certain actions for unverified customers. Tighter requirements are for fiat coin purchases, NFT trading, and withdrawal limits.
His Bybit restricting services for traders who have not passed identity verification
Cryptocurrency exchange Bybit has announced that users who have not yet passed the verification process Limit some services available. The crypto trading platform, one of the largest with global reach, announced its enhanced KYC requirements onThursday, followed by Adjusted the timeframe for implementation.
Authentication is now required to access the Bybit Launchpad and use your winning products. After December 15, 2022, it will be mandatory to pass his KYC individually in order to acquire cryptocurrencies through fiat deposits, peer-to-peer (P2P) transactions, and one-click purchase options.
Same day identity verification, mandatory for clients wishing to claim rewards in the platform’s rewards hub. The new KYC policy also applies to operations using non-fungible tokens (NFT).
Stricter rules are for all NFT purchases and sales over $10,000 per transaction in NFT secondary marketplaces from December 15th, and NFTs from primary marketplaces from December 30th valid for deposits, withdrawals and purchases of explained.
Cryptocurrency exchanges also noted that they may further expand KYC requirements in the near future, urging users to refer to their official announcements for further updates on the matter. I’m here.
Bybit will also change withdrawal limits for each KYC level on December 20th. For clients who do not pass the KYC check, the daily limit he will be set at the equivalent of 20,000 Tether (USDT), with a monthly cap of 100,000 USDT.
The exchange said the new rules were introduced as part of its ongoing efforts to improve security and compliance. They are being introduced as the entire sector faces increased regulation after FTX, one of the world’s biggest players in the market, collapsed last month.
The Singapore-based cryptocurrency trading platform announced layoffs earlier this month amid a deepening bear market. Bybit had no plans to restrict Russian users, according to a November report, but the city-state’s monetary authority reiterated that licensed exchanges must comply with sanctions.
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