Prior to the announcement, Bybit placed a daily withdrawal limit of 20,000 USDT on users who lacked the Know Your Customer verification.
Beginning May 8, all products and services offered by crypto exchange Bybit must undergo Know Your Customer (KYC) identity verification.
Users of Bybit who failed to complete their KYC by May 8 can only “close existing open positions or orders, return loans, or withdraw,” according to an April 24 update. All future trade will be prohibited. Before the change, non-KYC Bybit customers could withdraw a maximum of 100,000 USDT per month or 20,000 Tether USDT per day.
Depending on the levels of VIP status, Bybit users who completed level one KYC may be able to withdraw a maximum of between 1 million and 12 million USDT. As stated by Bybit:
Bybit guarantees that your personal data will be encrypted, protected for privacy and security, and utilized for the sole purpose of confirming your identity in order to provide you with better service. It is not distributed or used in any other way for marketing.
According to the exchange, it might take anywhere between 15 minutes and 48 hours to put the additional KYC security measures into place. Bybit argued for the choice by emphasizing the need for security and compliance, stopping unlawful conduct, and offering enhanced convenience and ease in the event of lost credentials.
Ben Zhou, a Chinese businessman, launched Bybit in 2018, and it currently has its headquarters in Dubai. The organization was reported by Japan’s Financial Services Agency earlier this month for allegedly conducting business inside the nation without the appropriate registration. The exchange launched a debit card powered by Mastercard last month that enables customers to make cryptocurrency payments. The action was taken shortly after Bybit stopped processing transactions in dollars when Silvergate Bank collapsed.