Bybit, one of the leading cryptocurrency exchanges, has recently announced a mandatory identity verification for all its customers in order to ensure compliance with applicable regulations. In order to complete identity verification, users will need to upload a copy of valid ID documents, such as a passport or driver’s license. Existing users who have not completed identity verification by May 8th, 2023, can still close open positions or orders, return loans, or withdraw funds, but they will not be able to engage in any new trading activities.

In addition to this new implementation, Bybit has set daily withdrawal limits for its users depending on their verification level. Non-KYC users, who are users that have not completed identity verification, are only allowed to withdraw up to 20K USDT daily. On the other hand, users that have reached the Level 2 verification are allowed a maximum daily withdrawal limit of 2M USDT.

Adopting a mandatory identity verification requirement is a crucial and responsible step for the cryptocurrency industry. Furthermore, such a measure is necessary to prevent fraud and other illegal activities, which can be a big concern for cryptocurrency users. Thus, Bybit’s decision to implement such a requirement is a positive action that fosters trust between users and the industry.

Cryptocurrency exchanges offer multiple advantages, such as decentralized digital asset management and low operational costs. Yet, investing in cryptocurrencies can be a risky decision and it is of extreme importance to keep track of regulation changes and necessary measures that are taken by exchanges to ensure an appropriate level of security. Bybit’s recent move towards mandatory identity verification is a responsible action that should be welcomed by all users who want a safe and transparent cryptocurrency trading experience.



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