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Dubai-headquartered Bybit to start KYC verification in May

All services and products of Bybit will require KYC verification henceforth as the exchange steps up to reduce risks associated with users' accounts

Shashank Bhardwaj
Published: Apr 27, 2023 11:23:59 AM IST
Updated: Apr 27, 2023 01:54:03 PM IST

Dubai-headquartered Bybit to start KYC verification in MayImage: Shutterstock

The crypto exchange Bybit has revealed its plans to start the Know Your Customer (KYC) verification for its users in May, which would be a mandatory step for new and existing users. Founded by Ben Zhou, Bybit is headquartered in Dubai currently.

Bybit has specified that non-verified existing users would have to stop all trading activities from May 8 but could withdraw their existing deposits, return loans, or close ongoing open orders and positions.

Bybit has uploaded a table on their site specifying the value of withdrawals verified users can make every day, depending on their VIP status. A non-VIP verified user at Level 1 could withdraw up to 1 million USDT, while those in the Supreme VIP category could have a limit of up to 12 million USDT for withdrawals.

Before the KYC verification mandate was introduced, even non-verified users could withdraw up to 20,000 USDT on a daily basis, with a monthly limit of 100,000 USDT.

“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,” said Bybit.

The crypto exchange has outlined several reasons for the introduction of KYC verification, including access to security and convenience, as a KYC-verified account could enable users to recover their accounts if they lost their login credentials.

There were a slew of other benefits of KYC verification mentioned by Bybit, like heightened compliance with a secure and regulated trading environment, prevention of illegal activities, access to fiat services and higher limits, and exclusive events and offers for verified users like Launchpads.

The KYC verification process would also take just a little time, starting from 15 minutes only. In the case of some complex verification processes, it could go up to 48 hours, though. Bybit also mentioned a list of documents they accepted as proof for KYC verification, including bank statements, utility bills, government-issued residential proofs, tax returns and a few other documents.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash