After completing the KYC identity verification, users will be able to withdraw up to 12 million USDT.
Cryptocurrency exchange Bybit is making Know Your Customer (KYC) identity verification mandatory for all services beginning May 8th.
The April 24th update states that Bybit users who haven't completed KYC by the deadline will be limited to closing existing open positions or orders, returning loans, and withdrawing funds.
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It is worth noting that users who don't complete KYC verification will face restrictions for starting new trading activities.
Previously, users who haven't undergone the process could withdraw up to 20,000 Tether (USDT) per day and 100,000 USDT per month.
Once users complete Bybit's level one of Bybit's KYC verification, their withdrawal limits can range from 1 million to 12 million USDT, depending on their VIP status.
In the announcement, Bybit assured its users that their personal information would be encrypted and protected, noting:
Bybit ensures that your personal information will be encrypted and protected for privacy and security, and will be used for the sole purpose of verifying your identity to better serve you. It is neither shared nor repurposed for any marketing.
The implementation of new KYC measures is expected to take between 15 minutes and 48 hours. Bybit cites the need for security and compliance, prevention of illicit activities, and offering enhanced services and convenience in case of lost credentials as reasons behind the decision.
The crypto community on Twitter was divided regarding Bybit's decision to make KYC verification mandatory. One user claimed that the new rules are "unfair" as people choose Bybit as there is no "hard KYC."
Bybit's decision to enforce mandatory KYC requirements for its services aims to enhance security and compliance, helping to legitimize the platform and protect its users.