Quick take:
- Bybit is introducing an enhanced KYC policy for security and compliance.
- NFT sales over $10,000 per transaction in secondary marketplace will also require KYC.
- The platform was previously known for being a no-KYC exchange.
Bybit will require individual Know Your Customer (KYC) for NFTs and other crypto products and services from Dec 15.
The crypto exchange updated its FAQ for individual KYC today, stating that all NFT as well as NFT sales over $10,000 per transaction in secondary marketplaces will require individual KYC from Dec 15. For NFT deposit, withdrawal and purchase from primary marketplace, KYC will be required from Dec 30.
Previously known for being a no-KYC exchange, a selling point that attracted users who wanted to avoid KYC on other platforms, Bybit saw an average of about 75,000 users logging in per day in 2021, according to its year 3 review. Launched in 2018, Bybit claimed that over 4.7 million new users registered accounts with the platform last year.
In August, Bybit made a commitment to KYC to combat financial crime. It integrated Refinitiv World-Check One on the platform — a screening system that enhances and streamlines its compliance procedures to make the platform compliant with regulators around the world and support law enforcement.
Bybit assured users that their personal information will be encrypted and protected for privacy and security. It stated that the KYC verification process takes approximately 15 minutes and may at times take up to 48 hours.
Users may attempt to complete the identity verification process up to five times per day. If their application has been denied more than five times within a 24-hour period, they should wait another 24 hours to try again.
The proof of identity documents required for the KYC process includes passport, identity card, residence permit and driving license from the user’s country of origin. Proof of address documents include utility bills, official bank statements, and residential proof issued by government among others.
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