Crypto Exchange Bybit to Limit Some Transactions for Unverified Users

Trading platform Bybit has warned its users about changes to its KYC policy. Starting next December 15, the crypto exchange will restrict some transactions for unverified users.

According to the message, the new requirements will affect the P2P platform, Earn, Launchpad and Rewards Hub services. In addition, verification will also be required for deposits/withdrawals/NFT trading.

The company has said:

“Bybit uses KYC to identify customers and analyze their risk profiles. This check helps prevent money laundering and the financing of illegal activities.”

The exchange does not rule out expanding this practice to other services either.