Bybit Expands KYC Requirements

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Bybit Expands KYC Requirements

As of December 15, 2022, Bybit will be imposing even more stringent KYC requirements on an even wider range of products and services. This means that users will need to provide even more information about themselves and their financial activities in order to use these services, in order to help Bybit comply with regulatory requirements and prevent money laundering and other financial crimes. 

What is KYC?

KYC, or Know Your Customer, is a set of guidelines and procedures that financial institutions, in this case Bybit, follow to verify the identity of their clients and assess any potential risks for money laundering or financing terrorism. The purpose is to require them to maintain records of their customers’ identities and financial transactions, and to report any suspicious activity to the appropriate authorities.

What are the effects of the KYC implementation on Bybit?

As for Bybit, trading cryptocurrencies such as Bitcoin, Ethereum, and others. Bybit’s Launchpad and Earn products, as well as its fiat-related services, such as credit card payment, P2P Trading, and transactions in certain currencies or exceeding a certain transaction limit, may require users to complete individual KYC before using the service. Due to the regulatory requirements that Bybit must follow in order to operate as a digital asset trading platform.

What are the daily withdrawal limits for KYC and non-KYC users on ByBit? 

The withdrawal limits for Bybit’s digital asset trading platform are based on the user’s KYC level. According to the information provided, non-KYC users are allowed to withdraw up to 2 BTC per day, while users who have completed individual KYC Lv. 1 are allowed to withdraw up to 50 BTC per day. Users who have completed individual KYC Lv. 2 are allowed to withdraw up to 100 BTC per day.

ByBit KYC Limits

Conclusion

In conclusion, token withdrawal limits on Bybit’s digital asset trading platform are based on the equivalent value in BTC using the BTC index price. Users may also be required to complete KYC verification before their withdrawal request can be approved. The KYC verification process usually takes about 15 minutes, but it can take up to 48 hours in some cases due to the complexity of information verification. It is important for users to be aware of these requirements and to follow the necessary steps to ensure that their withdrawal requests are processed smoothly.

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Disclaimer: Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.

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