Key Points:
Bybit, a leading cryptocurrency exchange, has announced that starting from May 8, 2023, all users must complete at least Level 1 identity verification to use its products and services. This move aligns with a growing trend toward improved compliance and regulation in the industry.
Existing users who have not completed identity verification by May 8, 2023, can still close existing open positions or orders, return loans, or withdraw funds. However, they will not be able to engage in any new trading activities until they have completed the verification process.
The implementation of mandatory identity verification will allow Bybit to ensure that its users are who they claim to be, and that they are complying with relevant regulations. It will also help to prevent fraud and other illegal activities, which can be a concern in the cryptocurrency industry.
In addition to mandatory identity verification, Bybit has set daily withdrawal limits for users based on their verification level. Non-KYC users will have a daily withdrawal limit of up to 20K USDT, while users who have completed Level 2 verification will have a daily limit of up to 2M USDT.
The move towards mandatory identity verification is a positive step for the cryptocurrency industry. It will help improve transparency and accountability and make it more difficult for bad actors to engage in illegal activities. Bybit’s decision to implement these measures is responsible and should be welcomed by all users who want to ensure that the industry remains safe and trustworthy.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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