If you're new to Bybit, you're likely aware of the limitations that come with an unverified account. Bybit imposes certain restrictions on unverified accounts to ensure a fair and secure trading experience for all users.
One of the main limits is the daily withdrawal limit, which is 2 BTC per day. This means you can withdraw a maximum of 2 BTC from your account each day.
Another limitation is the deposit limit, which is set at 1 BTC per deposit. This means you can deposit a maximum of 1 BTC into your account at a time.
Bybit's unverified account limits are in place to prevent potential risks associated with unverified accounts, such as money laundering and other illicit activities. Bybit wants to ensure that all users are following their rules and regulations.
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Bybit Makes KYC Mandatory
Bybit has made Know Your Customer (KYC) verification mandatory for all users by May 8.
Non-KYC users will only be able to withdraw up to 20,000 Tether (USDT) per day and 100,000 USDT per month. Users who completed level one KYC could have a withdrawal limit between 1 million USDT and 12 million USDT, depending on their level of VIP status.
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The KYC requirement may take anywhere from 15 minutes to 48 hours to be completed. Users can make up to five attempts per day in case of rejection.
To complete the KYC process, users must only complete a level 1 identity verification. This will allow them to enjoy a withdrawal limit of up to 12 million USDT per month, depending on their VIP status.
Bybit will not accept insurance documents, mobile phone statements, or bank transaction slips as proof of address. However, users may submit utility bills, tax returns, and official bank statements as proof of address documents.
Users who fail to meet the verification by May 8 will not be allowed to carry out new trading activities and will only be able to withdraw their deposits and pay loans.
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Withdrawal Restrictions
Bybit unverified account limits are in place to ensure the security and compliance of the platform. Users who don't complete the verification process will be restricted in their withdrawal options.
Starting from December 20th, unverified users will be limited to withdrawing no less than 20,000 Tether (USDT) per day and a maximum of 100,000 USDT per month. This limit is in place to protect users from potential losses.
Users who complete Level-1 KYC will be able to withdraw 1 million USDT per day without the applied limit for monthly withdrawals. This is a significant increase from the unverified user limit.
However, users who complete Level-2 KYC and Business KYC verifications will be able to withdraw close to 2 million USDT per day with no monthly limit. This is a major benefit for users who complete the more rigorous verification process.
To help you understand the withdrawal limits, here's a breakdown of the different KYC levels and their corresponding daily and monthly withdrawal limits:
*Daily withdrawal limit updated every 12AM (midnight) UTC
**Monthly withdrawal limit will reset at 12AM (midnight) UTC on the first day of each month
Bybit KYC Requirements
Bybit will introduce mandatory Know Your Customer (KYC) identity verification starting May 8, affecting all products and services offered by the exchange.
Users who fail to complete KYC by May 8 can only close existing open positions or orders, return loans, or withdraw cryptocurrencies, with a daily withdrawal limit of 20,000 Tether (USDT) and a monthly withdrawal limit of 100,000 USDT.
Non-KYC users can still withdraw their cryptocurrencies, but new trading activities will be restricted.
Users who completed level one KYC on Bybit could have a withdrawal limit between 1 million USDT and 12 million USDT, depending on their level of VIP status.
The KYC requirement may take between 15 minutes to 48 hours to be completed, with users allowed to make up to five attempts per day in case of a rejection.
Users who have completed KYC can enjoy perks such as access to exclusive offers, interaction with Earn products and fiat services, and higher withdrawal limits.
Here's a summary of the withdrawal limits for non-KYC and KYC users:
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