ByBit Introduces Mandatory KYC For its Users

Starting May 8, 2023, ByBit will require all users to complete at least the first level of registration, known as KYC (“Know Your Customer”) verification.

Users who have not passed verification by May 8 will only be able to close existing positions and orders, as well as return loans and withdraw funds.

Those who do complete the basic verification process will be able to withdraw no more than 20,000 USDT daily or no more than 100,000 USDT per month.

The exchange’s blog emphasizes that to gain access to the services of the trading platform, traders must complete the verification process before May 8.

ByBit leads the ranking of exchanges in terms of trading volume with crypto options and is second only to Binance in the futures market.