Does HitBTC require KYC?

Could you please clarify for me if HitBTC, a cryptocurrency exchange platform, mandates the completion of a Know Your Customer (KYC) process for its users? I'm particularly interested in understanding if this requirement applies to all traders or if there are any exemptions for specific types of accounts or transactions. Additionally, if KYC is indeed necessary, could you outline the steps involved in the verification process and any potential implications for traders who fail to comply with these requirements?