Bybit introduces new KYC requirements for P2P trading, fiat deposits & NFT trade

[AbuBhakar]

Important Update

• Bybit will require updated KYC verification checks for various products from Dec. 15.
• Bybit's one-click buys, fiat deposits and peer-to-peer trading will require individual KYC, as will NFT purchases and sales of more than $10,000 on the secondary marketplace, according to a new post in the exchange's help center.
• Withdrawal limits for each KYC level will also change on Dec. 20, with non-KYC users able to withdraw a maximum of 20,000 USDT per day and 100,000 USDT per month.

Note: All the content is directly copy from the source (https://www.theblock.co/post/193594/bybit-new-kyc-nft?utm_source=rss&utm_medium=rss)

The purpose of the thread is to inform existing Bybit user for a possible KYC requirements.

[1714747855]

1714747855

[1714747855]

1714747855

[Potato Chips]

Kinda expected this after reading ratimov's update:

ByBit no longer allows new users to use the exchange without going through full KYC. When registering a new account, you are greeted with the following warning when you try to make a deposit:

https://i.imgur.com/XecnSMB.png

Over the past 3 days, I tried to create 2 accounts from different browsers, devices and IPs, and also asked 5 of my friends from different cities to register. The result was the same, it is impossible to make a deposit without going through KYC with sending a scan of the passport and a selfie. Support continues to respond with general phrases that KYC is not required on the platform, although in fact this is far from the case. The reason why I still do not exclude this exchange from this topic is that yesterday I was informed that it is still possible to register a new account without KYC, but using a VPN. Apparently the exchange has now decided to do selective KYC for different regions, but there is no official explanation from the exchange itself.

On another note, is there any bybit user here who was personally informed about this? I checked my email, logged in and there was nothing... even their twitter account did not mention this. I hope it's just a tad bit late or something.

[hugeblack]

They use the same steps as Binance in the verification process, little by little until everything needs verification, but almost from the beginning they support futures and leverage trading that requires verification.
The thing that puzzles me is, why do I have to do KYC if I want to buy NFTs, I mean for the low prices of less than 500 dollars?

[Potato Chips]

Yes, that's right, they informed that are changing the KYC policy on their blog: Enhanced KYC Policy To Be Implemented After Dec 20, 2022

It's quite disappointing that major updates such as this is just nestled in their blog. This is why I'm grateful to crypto communities.

ByBit is gradually moving towards full KYC, as Binance did in its time. They will not stop at reducing the limits, this is a temporary measure, in the end everyone will be required to undergo KYC, but a little later.

It's also a very efficient way to gain userbase and eventually good rep, you can just change the policies later.

[JeromeTash]

I am even surprised they took so long, especially after Binance went full KYC, and they started launching so many products as though trying to copy Binance.

On another note, is there any bybit user here who was personally informed about this? I checked my email, logged in and there was nothing... even their twitter account did not mention this. I hope it's just a tad bit late or something.

My account is KYC verified but when I logged in to trade, I saw one of the banners with the link to the blog announcing the enhanced KYC policy

[rat03gopoh]

The purpose of the thread is to inform existing Bybit user for a possible KYC requirements.

No doubt, it's a slow step towards full KYC.

Somewhat confusingly, the more stringent policies will be implemented in conjunction with plans to reduce the number of workers^[1]. On the other hand, Bybit has had poor statistical reports since last November, especially the declining trading volume^[2].



1. https://twitter.com/i/status/1599275418502459392
2. https://twitter.com/i/status/1601568411321913345