Crypto exchange Bybit said in December it could widen the scope of its customer identification rules.
Crypto exchange Bybit said Monday that it will require know-your-customer identification to use its services starting next month.Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Crypto exchange Bybit will require know-your-customer checks on all its services starting next month.
"Starting from 8 May, 2023, Identity Verification of at least Lv.1 will be mandatory for all Bybit products and services," the company said in a Monday announcement."Existing users who have not completed Identity Verification as of 8 May, 2023 will only be allowed to close existing open positions or orders, return loans, or withdraw."
Word of the policy shift appeared to circulate on social media in recent days. Bybit itself suggested such a move was possible in December, when it for peer-to-peer trading and some NFT services. The exchange said at the time that it"may further expand KYC requirements in the near future."Bybit didn't offer an explanation for the policy shift, but regulators worldwide have more closely scrutinized crypto exchanges in recent months, particularly in the U.S.
The exchange is one of a number of crypto firms headquartered in Dubai. Bybit moved its headquarters from Singapore to Dubai last year, as© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First Mover Americas: Bitcoin Starts Work Week in the Red$BTC fell further Monday after it faced selling pressure last week, registering a 9% loss, as traders moved into Treasurys and the U.S. dollar and away from risky assets. LedesmaLyllah reports.
Read more »
Ukraine to Adopt Europe’s Crypto Rules, Clarifies Taxation – Regulation Bitcoin NewsOfficials have revealed that Ukraine intends to implement the crypto market rules approved by the European Parliament.
Read more »
Gemini to launch derivatives platform outside the United StatesGemini's derivatives platform will be available for users in over 30 countries, except for the United States.
Read more »
Crypto AI Economy Suffers $730 Million Loss in 2 Months as Interest Wanes – Bitcoin NewsCryptocurrencies centered around AI are suffering from a lack of interest worldwide and the CryptoAI sector has lost $730 million in 54 days.
Read more »