Here’s Why KYC is Important & Why It Matters to Bybit Traders

Bybit recently introduced our Know Your Customer (KYC) policy, a crucial step in helping us serve our customers better. If you’re unfamiliar with this procedure, we’re here to help.

KYC: Explained

If you’ve required financial services of any sort, you probably would have been asked to go through a KYC procedure. Your identity and personal particulars are verified by a financial institution, be it your local or international banks, traditional stock exchanges or others; cryptocurrency exchanges are no exception. It is a necessary step to adhere to global compliance standards and governance as the crypto industry grows and matures.

What do we do with your data?

Any data that you submit will remain private and confidential, and will be used for the sole purpose of verifying your identity to better serve you.

Why should you go through KYC?

We’re raising withdrawal limits for those who’ve completed the KYC verification.

Bybit is upping the ante for customers who wish to increase their withdrawal limits. You can still withdraw up to 2 BTC without completing the KYC. However, you will be able to withdraw up to 50 BTC with only KYC L1 verification, and a maximum of 100 BTC if you complete KYC L2 — best for Bybit’s heavy hitters in trading, be it spot or derivatives.

We’re contributing to a safer trading environment for all.

Your account’s safety is of utmost importance, and we are committed to ensuring that all our users continue their trading activities with minimal risks. KYC compliance allows us to foster trust within our community of active users, while also dedicating ourselves to furthering best practices in the larger global cryptocurrency and financial landscape. We are also safeguarding our users and platform from malicious acts including, but not limited to, money laundering.

We’re bringing you more value with BIT.

BIT, the eponymous token of BitDAO, is coming to Bybit. Users get to participate in events such as airdrop and token allocation. To get there, you will need to complete the KYC L1 verification.

Please also note that by participating in the BIT event, you hereby acknowledge and are deemed to represent that:

1. You are holding BIT tokens for your own use or investment and not with a view towards distribution thereof;

2. You understand that the BIT tokens are not registered under the U.S. Securities Act of 1933, as amended;

3. You are (A) a non-U.S. person outside the United States and (B) not a resident from Singapore, Mainland China, Quebec (Canada), Cuba, Iran, Syria, North Korea, Crimea, Sudan or Sevastopol and are eligible to participate in the BIT token offering, whether as a professional, sophisticated or accredited investor or otherwise, as may be required under the laws of the jurisdiction in which you are located or otherwise applicable to you;

4. You have such knowledge and experience in financial and business matters as to be capable of evaluating the merits, risks and suitability of participating in the BIT token offering; and you understand that any BIT tokens you receive will be subject to transfer restrictions under applicable laws;

5. You further expressly agree and undertake that you, at any time within one year from the receipt of BIT tokens, will not reoffer, resell or transfer any BIT tokens within the United States or to, or for the account or benefit of, any U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended.

KYC 101 on Bybit

Head on over to our Help Center and check out how to complete your KYC, step by step.