Bybit announced that from December 15th, all fiat transactions and NFT purchases will require KYC.
The daily withdrawal limit without KYC also decreased from 2 BTC to $20k.
The new KYC policy updates were adopted to alleviate regulatory concerns.
Which raised concerns about the mismanagement of users' funds and the functioning of their operations, has attracted several regulatory probes.
So, in order to rebuild users' trust and comply with government regulations, one of the top ten centralized crypto exchanges, ByBit, announced stricter KYC policies and new trading limits for users.
Bybit Fintech Limited, based in the British Virgin Islands, announced in a recent press release that clients who did not pass the KYC criteria will not be able to use some of its services.
As per ByBit's official website, personal KYC will be required for all one-click buys, fiat deposits, and P2P trading on Bybit, as well as NFT purchases and sells of more than $10,000 on the private market.
Starting on December 30, all NFT deposits, withdrawals, and purchases from the main market will be subject to mandatory KYC. Non-KYC users can withdraw up to 20k USDT per day and 100k USDT per month. Bybit has released KYC updates for both individuals and businesses. The new KYC policy goes into effect on December 20.
The modifications also came as a result of several warnings from federal regulators. In May, Bybit was warned by Japan's top financial regulator, the FSA, for a marketing effort aimed at local investors.
Later, in June, Canada's Ontario Securities Commission accused Bybit of violating Ontario securities regulations and warned the platform that it would face regulatory action.
These new KYC standards will assist exchanges in detecting illegal activities and suspicious behavior as early as possible while providing the best level of services to verified users.
Meanwhile, another report recently surfaced that claims the cryptocurrency platform is planning to reduce its workforce once again in order to focus on its efforts ahead of a prolonged bear market.
What do you think, will ByBit's new upgraded KYC standards safeguard it from regulatory scrutiny? Share your thoughts in the comment section below.
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