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Users without Know Your Customer verification had a regular withdrawal bounds of 20,000 USDT connected Bybit anterior to the announcement.
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Starting May 8, Know Your Customer (KYC) individuality verification volition beryllium mandatory for each products and services offered by cryptocurrency speech Bybit.
According to an Apr. 24 update, Bybit users who person not completed KYC by May 8 tin lone "close existing unfastened positions oregon orders, instrumentality loans, oregon withdraw. Any caller trading activities volition beryllium restricted." Before the update, non-KYC Bybit users had a regular withdrawal bounds of 20,000 Tether (USDT) and a monthly withdrawal bounds of 100,000 USDT.
Bybit's withdrawal limits anterior to the announcement Users who completed level 1 KYC connected Bybit could person a withdrawal bounds betwixt 1 cardinal USDT and 12 cardinal USDT, depending connected their level of VIP status. As written by Bybit:
"Bybit ensures that your idiosyncratic accusation volition beryllium encrypted and protected for privateness and security, and volition beryllium utilized for the sole intent of verifying your individuality to amended service you. It is neither shared nor repurposed for immoderate marketing."The speech says that the caller KYC measures volition instrumentality anyplace from 15 minutes to 48 hours to beryllium implemented. In supporting the decision, Bybit outlined the request for information and compliance, prevention of illicit activities, and providing enhanced services and convenience successful lawsuit of mislaid credentials.
Bybit was founded by Chinese entrepreneur Ben Zhou successful 2018 and is presently headquartered successful Dubai. Earlier this month, the institution was flagged by Japan's Financial Services Agency for allegedly conducting concern wrong the state without due registraton. Last month, the speech introduced a Mastercard-powered debit paper allowing users to wage successful crypto. The determination came conscionable days aft Bybit halted U.S. dollar transfers aft the illness of Silvergate Bank.
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