Bybit to introduce new restrictions for unverified users

Bybit announced about obligatory KYC procedure for customers to buy cryptocurrencies for fiat money and transactions with NFT. Crypto-Upvotes expert review

Crypto-exchange Bybit will limit the number of services that can be available to users who have not passed the verification procedure. Platform announced changes in KYC policy, as well as the introduction of new withdrawal limits.

KYC is currently required to access Bybit Launchpad and Earn products. Also for credit card payments, trading on P2P service of the exchange and transactions in certain currencies.

Starting December 15, verification will be required on the platform to purchase cryptocurrencies for fiat money and through One-Click Buy and P2P services. The KYC procedure will become mandatory for all NFT purchases and for NFT resales over $10,000. Mandatory user verification for input, withdrawal and purchase of NFT on primary market will be required from December 30.

Bybit may further expand KYC requirements in near future, the exchange said in a statement.

In addition to the new verification rules, from December 15 the platform will change the withdrawal limits. For example, without KYC-checking the daily limit for withdrawal of assets will be 20 thousand USDT, the monthly limit – 100 thousand USDT. Until December 15, only daily limit of 2 BTC is set.