from May 8 onwards Customer identity verification (KYC) will be mandatory for all products and services offered by Bybit exchange.
as availableupdateAs of April 24th, Bybit users who have not completed their KYC by May 8th will only be able to “close open positions or orders, return a loan, or withdraw them, with any new trading activity being restricted. ” before the update Users who have not KYC on Bybit will have a daily Tether withdrawal limit of 20,000 Tether and a monthly withdrawal limit of 100,000 USDT.
“Bybit ensures that your personal information is encrypted and protects privacy and security. and will be used for the sole purpose of verifying your identity in order to better serve you. and will not be shared or reused for any marketing purposes.”
The new KYC measures will take anywhere from 15 minutes to 48 hours to implement, according to Bybit, the need for security and compliance. including the prevention of illegal activities and improved service and convenience in case of identity loss.
Bybit was founded by Chinese entrepreneur Ben Zhou in 2018 and is currently headquartered in Dubai. by the beginning of the month The company was Japan’s financial services have filed allegations of operating within the country without proper registration. and last month The company has launched a Mastercard-powered debit card. which allows users to pay with cryptocurrencies.
refer : LINK
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