Bybit Makes Identity Verification Compulsory for All Services

The famous crypto exchange platform Bybit has announced that identity verification will be compulsory for the people utilizing the platform’s services and products. In this respect, the company announced that the respective rule will be implemented from the 8th of May this year. As mentioned by the firm, the identity validation of a minimum level 1 will be obligatory for the platform’s customers.

Bybit Mandates Identity Verifications for Clients Using Its Services and Products

While adding to it, the crypto exchange mentioned that the consumers without the accomplishment of the identity verification procedure will be penalized for this. According to the firm, they will not be permitted to close their open orders or positions. In addition to this, they will also not be allowed to proceed with their return loans or withdrawals. Moreover, any exclusive trading operations will be limited along with this.

In February this year, Bybit introduced its exclusive Web3-focused staking pool. The purpose of that project was to let its consumers easily access its staking options for the ETH tokens. In Bybit’s statement, the crypto exchange elaborated that the respective staking pool provides considerable simplification to the consumers. In the words of the crypto exchange, the consumers will be able to easily incorporate liquidity into the automated market maker Curve Finance.

Crypto Exchange Introduces Optimized Staking for ETH with Web3 Staking Pool

In this respect, the company’s pool minimizes the steps from eleven to 3, hence saving transfer charges for the clients. In addition to this, the consumers are not even required to purchase ETH tokens as they can access the product with USDC, USDT, and BTC balances. Ben Zhou, the CEO, and co-founder of the platform, stated that the firm is determined to introduce trading-integrated and substantially liquid staking options for the ETH tokens. Apart from that, at the start of the previous month, the crypto exchange announced that it had halted accepting USD deposits through bank transfers.

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This development took place because of the suspension that its collaborator firms put on the services. As per a statement published in this regard, the platform asserted to offer improved user experience with withdrawal and Advcash service. Additionally, the company has taken noteworthy steps to guarantee the security of the funds possessed by the consumers. In this way, it assured that the Bybit consumers’ USD assets were kept securely.