Bybit to Implement Mandatory KYC For All Users
Crypto exchange Bybit will implement on May 8 mandatory verification for all users, requiring them to have at least KYC Level 1 compliance or else they will lose access to the products and services of the exchange.
Those who fail the verification will only be able to close existing positions and orders, repay credits, and withdraw funds.
Those who have passed the first stage of KYC will have a daily withdrawal limit of $1 million, while those with Level 2 will have a limit of $2 million.
This follows a proposal made in December 2022 by Cinneamhain Ventures partner Adam Cochran, who suggested that decentralized exchange Uniswap would introduce a KYC system in its next version of the protocol.
In March 2023, CNBC reported that some Binance employees were helping users in China and other countries to circumvent KYC.
