Singapore-based cryptocurrency exchange Bybit has announced an upcoming update to its KYC (know your customer) rules that will restrict some transactions for unverified users.
The Bybit exchange, which previously refused to block Russian users, announced that it now requires registration on the site to access the launchpad and use Earn products. From December 15, passing KYC will be mandatory for the purchase of cryptocurrency for peer-to-peer trading (P2P) fiat money and one-click purchases.
Identity verification will become mandatory for customers who wish to earn rewards in the Rewards Hub. Stricter rules will apply to all purchases and sales of NFTs over $10,000 per transaction on the secondary market of collectible tokens from December 15, and for deposits, withdrawals and purchases of NFTs in the primary market from December 30.
Bybit will change the withdrawal limits for each of its KYC levels starting December 20th. For clients who fail KYC verification, the daily limit will be set at the equivalent of 20,000 Tether (USDT) and the monthly limit will be $100,000.
The exchange assures that the new rules are being introduced as the crypto industry faces tougher regulations in the wake of the FTX crash. The crypto exchange warns that it may further expand KYC requirements in the near future and urged users to keep an eye out for announcements.
Bybit recently announced the launch of the Merkle Tree feature to confirm exchange reserves.
Source: Bits
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