do you need kyc for bybit

Bybit implements a tiered KYC system, with varying requirements based on daily withdrawal limits, starting from Tier 1 without KYC for basic trading.

Nov 20, 2024 at 07:14 am

Question: Do you need KYC for Bybit?Detailed Answer:

Understanding KYC (Know Your Customer)KYC is a regulatory requirement that obliges financial institutions to verify the identity of their customers. It aims to prevent illegal activities like money laundering and terrorism financing.
Bybit's KYC PolicyBybit, a leading cryptocurrency exchange, has implemented a tiered KYC verification system. KYC requirements vary depending on the level of activity:
- Tier 1: No KYC required for trading, but withdrawal limits apply.
- Tier 2: Basic KYC information (e.g., name, address, ID number) must be provided for withdrawals exceeding 2 BTC daily.
- Tier 3: Enhanced KYC verification (e.g., proof of residence, live selfie) is necessary for withdrawals over 100 BTC daily or derivative trading.
Steps for KYC Verification on Bybita. Log in to your Bybit account.b. Navigate to "Account & Security."c. Select "Verification Center."d. Complete the required information and upload any necessary documents.
1. When to Conduct KYCKYC verification is recommended for the following reasons:
2. Enhanced account security
3. Access to higher withdrawal limits
4. Participation in derivative trading on Bybit
ConclusionKYC on Bybit is a tiered system that allows users to adjust their verification level based on their trading needs. While Tier 1 requires no KYC, Tier 2 and Tier 3 verification are essential for higher withdrawal limits and access to certain trading features.

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