Bybit exchange will limit functionality for unverified customers

The expanded KYC policy will be implemented after December 15, 2022

09.12.2022 - 11:00

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What’s new? Starting December 15, cryptocurrency exchange Bybit will limit some features for users who have not passed the know your customer (KYC) procedure. The restrictions will affect the P2P platform, the Earn and Launchpad services, as well as deposits, withdrawals, and trading of non-fungible tokens (NFTs). Other Bybit services may also require KYC verification in the future. It is noted that the changes are aimed at improving security.

Bybit Blog

Details on the restrictions. There is a daily withdrawal limit of 20 000 Tether (USDT) stablecoins for unverified Bybit users. The monthly limit will be 100 000 USDT.

The daily withdrawal limit will be 1 million USDT for the exchange’s users of the first-level KYC. Customers of the second and business levels will be able to withdraw 2 million USDT daily. At the same time for all three levels, there is no limit on the monthly withdrawal of assets.

The blog notes that Bybit uses KYC to analyze risks in order to prevent money laundering and financing of illegal activities.

What is known about Bybit? It is a centralized exchange (CEX) founded in March 2018. There are 268 crypto assets and 348 trading pairs available on the platform. The daily trading volume as of December 9 is $304,8 million. The number of users exceeds 10 million.

In November, Bybit announced the creation of a fund to support institutional clients, in which they will be able to receive up to $10 million. This measure is aimed at recovering the industry after the collapse of the FTX crypto exchange.

On December 4, Bybit CEO Ben Zhou announced staff cuts as part of an ongoing reorganization of the business amid “the deepening bear market.”

In August, Binance CEO Changpeng Zhao denied media reports that the exchange had lost 90% of customers and billions of dollars after the introduction of KYC.

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