Bybit to introduce mandatory KYC requirements starting May 8

summonerrk

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Quote from: Oshosondy on April 24, 2023, 01:13:05 PM

To Bybit users.

Know that KYC will become mandatory by May 8. I do not know the reason for this, but likely because of regulatory pressure, more exchanges are requesting for KYC.

Quote from: https://cointelegraph.com/news/bybit-to-introduce-mandatory-kyc-requirements-starting-may-8

According to an April 24 update, Bybit users who have not completed KYC by May 8 can only “close existing open positions or orders, return loans, or withdraw. Any new trading activities will be restricted.” Before the update, non-KYC Bybit users had a daily withdrawal limit of 20,000 Tether USDT and a monthly withdrawal limit of 100,000 USDT.

I think there is nothing wrong with getting level 1 verification. I have been using this exchange for a long time, and even if it used to be associated with the fact that there is no KYC on it, but there is nothing wrong with it.
I discovered bybit for myself when I needed to buy a cryptocurrency using the p2p method, and for this I was needed of a verification. I passed it and my experience was positive to buing crypto, so the news of mandatory verification did not scare me.

tabas

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Quote from: PX-Z on April 26, 2023, 06:50:46 PM

Quote from: tabas on April 26, 2023, 06:38:08 PM

Quote from: PX-Z on April 26, 2023, 05:54:14 PM

I dont know how long kucoin as my current exchange will ask kyc as mandatory to its users too.

They're the only survivor on these regulations that's still allowing no kyc and allowing little limits to those customers that opt not to send docs to them. Maybe by the next bull run, the eyes of these regulators will be on them.

Yeah, as long as kucoin wont expand to other countries and keep restricting users who are living on these countries, i guess its still safe. And i don't think i will jump to another exchange once they require KYC since only new exchange do a non-kyc required nowadays.

True, most of the new exchanges are the ones that do offer non kyc because they're still new players in the market and they don't have much restrictions for all of their users. But once they gain traction and popularity, they'll be noticed and that's the start of the calvary for those users that are anti-kyc because they've signed up for that and not entirely because they're new. Even so, these are the situations that are inevitable for most and I guess those exchanges that are also advocates of being non kyc should learn a lot from kucoin.

Potato Chips

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Judging from the stuff I heard couple of months ago, knew their no-mandatory-kyc's time was near cause it seemed they were tightening their policies/protocols in the background.

First was when some newly created accounts were forced to KYC, see: https://bitcointalksearch.org/topic/m.61390413
Second, they locked a couple of services for verified users, see: https://announcements.bybit.com/en-US/article/enhanced-kyc-policy-to-be-implemented-20after-dec-15-2022-bltf3d717c057f2a044/
Third was the facial recognition before withdrawing as pointed out by @/JeromeTash

Sadly, over time, more CEX is expected to switch to mandatory kyc.

PX-Z

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Quote from: tabas on April 26, 2023, 06:38:08 PM

Quote from: PX-Z on April 26, 2023, 05:54:14 PM

I dont know how long kucoin as my current exchange will ask kyc as mandatory to its users too.

They're the only survivor on these regulations that's still allowing no kyc and allowing little limits to those customers that opt not to send docs to them. Maybe by the next bull run, the eyes of these regulators will be on them.

Yeah, as long as kucoin wont expand to other countries and keep restricting users who are living on these countries, i guess its still safe. And i don't think i will jump to another exchange once they require KYC since only new exchange do a non-kyc required nowadays.

tabas

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They're becoming popular and here goes the regulators that they can't skip an eye to these companies that are gaining traction. Well then, it's all to be expected that when its come to these exchanges, no can shall skip the regulators and even if they badly want to retain the rule of having no kyc implementation. They'll be force to do it due to what OP said, the pressure that's coming from high above - the government.

Quote from: PX-Z on April 26, 2023, 05:54:14 PM

I dont know how long kucoin as my current exchange will ask kyc as mandatory to its users too.

They're the only survivor on these regulations that's still allowing no kyc and allowing little limits to those customers that opt not to send docs to them. Maybe by the next bull run, the eyes of these regulators will be on them.

salad daging

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Quote from: JeromeTash on April 26, 2023, 08:21:48 AM

An exchange that always asks for facial identification every time you want to withdraw your funds from your already fully verified account is not worth wasting time for. Here is my experience that made me completely stop using them -
Bybit now forcing users to carry out Facial recognition when withdrawing.

So if the account has been verified at lv 2 but when withdrawing it is still asked for facial identification during withdrawal, this is really useless as what has been verified by KYC before if facial verification is still required at every time of withdrawal.

Honestly, I just heard of this kind because of another exchange that I didn't need any other identification after the KYC verification was done before.

Quote from: PX-Z on April 26, 2023, 05:54:14 PM

I dont know how long kucoin as my current exchange will ask kyc as mandatory to its users too.

It is very likely that Kucoin will also make an announcement that all users are required to have KYC, until now maybe some users can still use Kucoin without KYC and that is a daily withdrawal limit of 1 BTC.

Exchanges have always had strict rules saying for security reasons, eventually all verification will be required of all centralized exchanges.

PX-Z

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Probably because of regulatory requirements required to them. Fair enough though its been how many years they have that XX minimum withdrawals to non-kyc verified accounts. They are getting bigger and trying to expand more users and that's the effect of it. I dont know how long kucoin as my current exchange will ask kyc as mandatory to its users too.

Oilacris

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Quote from: Oshosondy on April 24, 2023, 01:13:05 PM

To Bybit users.

Know that KYC will become mandatory by May 8. I do not know the reason for this, but likely because of regulatory pressure, more exchanges are requesting for KYC.

Quote from: https://cointelegraph.com/news/bybit-to-introduce-mandatory-kyc-requirements-starting-may-8

According to an April 24 update, Bybit users who have not completed KYC by May 8 can only “close existing open positions or orders, return loans, or withdraw. Any new trading activities will be restricted.” Before the update, non-KYC Bybit users had a daily withdrawal limit of 20,000 Tether USDT and a monthly withdrawal limit of 100,000 USDT.

Isnt that shocking anymore yet we are really that heading that way and it isnt really that new that platforms are really that being regulated or really needs to comply on what had been mandated.
Of course this would be pertaining about regulatory pressure on which if they would really be still wanting to continue their operation then they would really be having no choice but to comply
on whats been asked out or else then we do know on whats next with these platforms and this is why users would really be having no choice but actually we do still have platforms
which we could really make use on having no mandatory KYC but of course you would really be expecting that there are lots of restrictions or features arent that available
on an unverified account (nothing new).

DaveF

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It's getting to the point that we should just post a list of existing non KYC exchanges and cross them off as they go away.
Would probably save time and posts as they all are slowly going that way. Sad

Sadly sooner or later I can see that list being very small.
Everyone wants to fight 'the man' but it's time consuming and very costly and a lot of places just can't afford to do it. So they fold and go along with the rules.

-Dave

JeromeTash

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Luckily, I moved away from using the exchange sometime back

An exchange that always asks for facial identification every time you want to withdraw your funds from your already fully verified account is not worth wasting time for. Here is my experience that made me completely stop using them -
Bybit now forcing users to carry out Facial recognition when withdrawing.

YOSHIE

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I've seen the update about the KYC enforced by Bybit exchange, as they say below.

Quote

Why is KYC required? KYC is necessary to improve security compliance for all traders. Bybit uses KYC to identify customers and analyze their risk profiles. This verification helps stop money laundering and financing of illicit activities.

And the time limit that has been set for Bybit users.

Bybit to introduce mandatory KYC requirements starting May 8

Quote

Starting May 8, Know Your Customer (KYC) identity verification will be mandatory for all products and services offered by cryptocurrency exchange Bybit. According to an April 24 update, Bybit users who have not completed KYC by May 8 can only “close existing open positions or orders, return loans, or withdraw.

My understanding is what Bybit service does, for me it is a professional and common action done by other crypto exchanges, which is sure to prevent unwanted risks that may occur unexpectedly.

crwth

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Since Bybit is getting bigger and bigger, ^{I just based this because I see Bybit in the Formula 1 race car in Redbull, and that's probably and expensive feat to do; hence they have a lot of money to spend, and they are getting bigger.} They likely are getting targeted and ensure they continue their services and have no problems with their regulations and business. That's fair and could prevent possible slip-ups or something to that extent.

Some people are probably not happy about this, but that's why there are DEXs.

NotATether

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That's great, one more app to delete from my phone.

Quote from: bbc.reporter on April 24, 2023, 09:53:47 PM

We have another one. However, similar to the other exchanges that started introducing their own mandatory KYC, this is expected. Exchanges need to be compliant with regulations or they are risking a regulatory crackdown. Unless the exchange is something similar to Tradeogre hehehe.

Tradeogre is excellent, and it's a good alternative to all these beuraucratic exchanges as long as you only need to trade altcoins. If you need to deposit and withdraw cash, then I'm leaning more towards Kucoin, and the Poloniex exchange you listed over here, if the information you reported is true:

Quote

It appears Justin Sun's Poloniex might become a popular destination again for traders. I heard it does not ask for KYC on withdrawals below $10k per day.

noorman0

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Quote from: Oshosondy on April 24, 2023, 01:13:05 PM

-snip-
but likely because of regulatory pressure, more exchanges are requesting for KYC.

Or is Bybit simply implementing the policy earlier following the mainstream CEX industries that started enforcing KYC.
Haven't explored further in which country Bybit's main operating office is, but afaik, kucoin also founded his company under the same jurisdiction, Singapore which is currently still lenient on KYC rules.

bbc.reporter

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We have another one. However, similar to the other exchanges that started introducing their own mandatory KYC, this is expected. Exchanges need to be compliant with regulations or they are risking a regulatory crackdown. Unless the exchange is something similar to Tradeogre hehehe.

It appears Justin Sun's Poloniex might become a popular destination again for traders. I heard it does not ask for KYC on withdrawals below $10k per day.

Oshosondy

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To Bybit users.

Know that KYC will become mandatory by May 8. I do not know the reason for this, but likely because of regulatory pressure, more exchanges are requesting for KYC.

Quote from: https://cointelegraph.com/news/bybit-to-introduce-mandatory-kyc-requirements-starting-may-8

According to an April 24 update, Bybit users who have not completed KYC by May 8 can only “close existing open positions or orders, return loans, or withdraw. Any new trading activities will be restricted.” Before the update, non-KYC Bybit users had a daily withdrawal limit of 20,000 Tether USDT and a monthly withdrawal limit of 100,000 USDT.

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