is kyc mandatory for bybit

Bybit users engaging in high-volume trading or withdrawals above 2 BTC per day must complete KYC verification for enhanced withdrawal limits, P2P trading access, and improved account security.

Oct 26, 2024 at 04:32 am

Is KYC Mandatory for Bybit?

Bybit is a cryptocurrency exchange that offers various trading options to users. One of the key features of Bybit is its Know Your Customer (KYC) verification process, which helps prevent fraud and ensures compliance with regulatory requirements.

Who Needs to Complete KYC on Bybit?

KYC is mandatory for Bybit users who:

1. Deposit or trade more than 2 BTC per day
2. Want to withdraw more than 2 BTC per day
3. Use Bybit's P2P trading platform
4. Reside in certain jurisdictions with enhanced KYC requirements (e.g., United States, Canada)

Benefits of Completing KYC on Bybit

Completing KYC on Bybit offers several benefits:

1. Increased withdrawal limits: KYC-verified users can withdraw up to 100 BTC per day.
2. Access to P2P trading: KYC verification is required to use Bybit's P2P trading platform.
3. Improved account security: KYC verification helps Bybit prevent fraud and protect user funds.
4. Compliance with regulations: Bybit complies with regulatory requirements that mandate KYC verification for certain activities.

How to Complete KYC on Bybit

Completing KYC on Bybit is a straightforward process:

1. Log in to your Bybit account.
2. Click on "Profile" in the top right corner.
3. Select "KYC Verification."
4. Follow the on-screen instructions to provide your personal and identification information.
5. **Submit your KYC request and wait for approval, which usually takes a few hours or days.

Conclusion

KYC is mandatory for Bybit users who engage in certain activities, such as high-volume trading, withdrawals above 2 BTC per day, and using the P2P trading platform. Completing KYC offers benefits in terms of increased withdrawal limits, access to additional features, and improved account security. Bybit's KYC process is simple and straightforward, and it helps ensure compliance with regulatory requirements and prevent fraud.