Cryptocurrency exchange Bybit said in a FAQ page on Monday it will impose mandatory know-your-customer (KYC) verification for all products and services. The exchange said the change will come into force starting from May 8, 2023.
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Those users who fail to complete KYC verification by the deadline "will only be allowed to close existing open positions or orders, return loans, or withdraw." Bybit added:
"Any new trading activities will be restricted. Once the Identity Verification is completed, existing users can continue to use Bybit products and services."
In early April, Japan's Financial Services Agency (FSA) issued a warning against Bybit and three other crypto exchanges, saying these trading platforms operate in the country without proper registration.
The FSA said the platform violated the local fund settlement laws by conducting crypto business.
Last summer, Bybit laid off about 30% of its workforce. Bybit CEO, Ben Zhou, wrote in a staff letter the move was made to remove overlapping functions and to build "smaller but more agile teams" to improve the exchange's efficiency.
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