- The withdrawals limit increases as the user’s status in the KYC procedure increases.
- Existing users would be restricted to canceling active positions or even withdrawals.
Bybit is actively advocating for stricter regulations, and it expects its users to do the same. The terms of service for the exchange stipulate that by May 8th, 2023, all users of the exchange’s services must have passed the basic Know-Your-Customers (KYC) process on the trading platform.
Moreover, existing users would be restricted to canceling active positions or orders, repaying loans, or withdrawing funds. If they have not completed identity verification at Level 1 (Lv.1) by the end of the specified day.
The exchange stated:
“Any new trading activities will be restricted. Once the Identity Verification is completed, existing users can continue to use Bybit products and services.”
Steps Towards Greater Compliance
The crypto exchange insists its customers comply with Know Your Customer (KYC) regulations imposed by the financial services industry. Notably, the services accessible to a user, in particular with regard to withdrawals, increase as the user’s status in the KYC procedure increases.
Users who haven’t gone through the Know Your Customer procedure may only withdraw a maximum of 20,000 Tether (USDT) every day. However, once you reach Level 1, you will have access to as much as 1,000,000 USDT every day.
Users with KYC Level 2 may only withdraw up to 2,000,000 USDT per day. These withdrawal limitations mostly apply to everyone who isn’t a VIP.
Moreover, Bybit’s rapid expansion and expanding product line necessitates that the company takes steps toward compliance. The new compliance step has provided the exchange with a possible cushion to protect it from regulatory purging in the near future.
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