Bybit to Mandate Identity Verification (KYC) for All Products and Services Starting May 8, 2023

By 0xK2 04/25/23 6:16 AM

Bybit exchange has announced that starting from 8 May 2023, identity verification of at least level one (Lv.1) will be mandatory for all its products and services. This means that all existing users who have not completed the identity verification process by the specified date will only be allowed to close existing open positions or orders, return loans, or withdraw funds. New trading activities will be restricted until users complete the identity verification process. Once verified, users can continue using Bybit’s products and services.

Bybit has also provided daily withdrawal limits for each KYC level, which will be updated every day at 12 AM UTC. There will be no monthly withdrawal limit for users who have completed identity verification Lv.1 or Lv.2.

What Is Bybit? How To Register On Bybit

To complete the KYC verification process, users can follow the step-by-step guide provided by Bybit. The verification process usually takes 15 minutes, but it may take up to 48 hours at times. Users who encounter issues during the verification process can contact Bybit’s customer support team.

Bybit emphasizes that the personal information provided by users during the verification process will be encrypted and protected for privacy and security. The information will be used solely for the purpose of verifying the user’s identity to provide better service.

Bybit highlights that KYC is important for security and compliance, preventing illegal activities, providing enhanced services, accessing exclusive offers, and providing convenience and security. Verified users can enjoy Bybit’s fiat services and earn products while attaining higher limits for daily withdrawals.

Bybit only allows one account per user to process KYC verification, and users are only allowed to attempt verification up to five times per day. Additionally, users cannot amend their KYC information after verification unless their legal information has changed.

Bybit accepts documents issued by a user’s country of origin that contain their photo, name, date of birth, document number, and date of issue as Proof of Identity. Acceptable Proof of Address documents include utility bills, official bank statements, residential proof issued by the government, internet/cable TV/house phone line bills, tax returns, council tax bills, and government-issued certificates of residence.

If you don’t have a Bybit account, sign up here.