Bybit, a crypto exchange headquartered in Dubai, announced that it will require know-your-customer (KYC) checks on all its services starting May 8, 2023.
Existing users who have not completed identity verification by that date will only be allowed to close existing open positions or orders, return loans, or withdraw.
The policy shift was hinted at in December 2022, when Bybit introduced KYC requirements for peer-to-peer trading and some NFT services. Bybit has implemented various security measures to protect its users’ funds, including multi-signature cold wallets, DDoS protection, and two-factor authentication.
The exchange also regularly performs security audits and maintains an insurance fund to cover any potential losses due to security breaches. By making KYC mandatory for all users, the exchange aims to prevent fraud, money laundering, and other illicit activities while ensuring compliance with global regulations.
The exchange did not offer any explanation for the move, but the decision comes amid increased regulatory scrutiny of crypto exchanges worldwide, particularly in the U.S. Bybit is among the many crypto firms based in Dubai, and it relocated its headquarters from Singapore to Dubai last year.
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