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ByBit to apply new KYC rules and withdrawal limits on Dec. 20 ByBit to apply new KYC rules and withdrawal limits on Dec. 20 Zeynep Geylan · 2 years ago · 1 min read
News ▸ Exchanges

ByBit to apply new KYC rules and withdrawal limits on Dec. 20

Different levels of KYC will be required for different withdrawal amounts.

Zeynep Geylan
Dec. 9, 2022 at 2:30 pm UTC
1 min read
Updated: Dec. 9, 2022 at 2:27 pm UTC
ByBit to apply new KYC rules and withdrawal limits on Dec. 20

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

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Crypto exchange ByBit announced that it would imply new Know Your Customer (KYC) rules and withdrawal limits on Dec. 20. The announcement updates the different withdrawal limits based on different KYC verification levels.

Updated limits

As of Dec. 20, non-verified users’ withdrawals will be limited to less than 20,000 Tether (USDT) daily and up to 100,000 USDT monthly. Level-1 KYC users will be allowed to withdraw 1 million USDT daily, with no applied limits for monthly withdrawals.

Meanwhile, Level-2 KYC and Business KYC verifications will allow the users to withdraw up to 2 million USDT daily without implying a monthly limit.

After the update, KYC verifications will also be required for fiat on-ramp services, claiming rewards in the Rewards Hub, and depositing, withdrawing, and trading NFTs.

Current limits

Until Dec. 20, the current withdrawal limits will apply. The current rates don’t impose a monthly limit to any verification levels and allow non-verified users to withdraw 2 Bitcoin (BTC) per day.

Level-1 and Level-2 KYC-verified users can withdraw 50 BTC and 100 BTC daily, respectively.

 

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Zeynep Geylan

Journalist at CryptoSlate

Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.

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Tether USDT (24h)
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Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.

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Bybit

Exchange Company in Asia

Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.

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