Bybit, a popular cryptocurrency exchange, has made an announcement that will impact all its users.
As of May 8, 2023, all customers will be required to complete a basic level of verification in order to access the full range of products and services offered by the platform.
This decision comes as part of the company’s KYC (Know Your Customer) policy, which is divided into several levels, including basic verification, Lv level. 1 and level Lv. 2 for individuals.
Existing users who have not completed at least Lv.1 verification by May 8 will still be able to close their open positions, repay loans, and withdraw funds.
However, they will not be able to engage in any new trading activities until they have completed the verification process.
On the other hand, new users will be required to complete the verification process before they can start trading. Bybit offers three levels of verification.
At the basic zero level, users can withdraw up to 20,000 USDT per day or 100,000 USDT per month without providing any documents. Lv. 1 requires the upload of identification documents and photo identification, after which customers can withdraw up to 1 million USDT per day.
Finally, Lv. 2 requires official documents to verify the address, and clients who have passed the procedure will be able to withdraw up to 2 million USDT per day and access all services.
Founded in 2018, Bybit moved its headquarters from Singapore to Dubai last spring.
The exchange offers access to 298 cryptocurrencies and 378 trading pairs, and its trading volume has been steadily growing, amounting to $542 million in the past day alone.
However, in March, the company had to temporarily suspend accepting deposits and withdrawing funds in US dollars due to a service outage from one of its partners.
Bybit’s latest announcement regarding the verification process comes after an update to its verification rules in December, which restricted some operations for users who had not provided their personal data to the platform.
The company’s decision to tighten its verification process is in line with industry standards, and aims to enhance security and prevent fraudulent activities on the platform.