Bybit reduces withdrawal limit for non KYC users

Starting December 15th 2022, non KYC users will be able to withdraw mere $20000 unless they opt for KYC (know your customer). Previously, this was 2 BTC, which is about $34000 right now. Most of the centralized cryptocurrency exchanges have enforced compulsory KYC on their platforms and Bybit was one of few to allow users to withdraw without doing any sort of KYC.

bybit kyc

KuCoin is another platform that lets users withdraw upto 1BTC without KYC. One would say you can always withdraw in smaller amounts but any amount stored on exchange is a risk.

Forcing withdrawals to happen slowly is a risk as cryptocurrency exchanges blow up all the time. Not your keys, not your coins.

Bybit offers whopping $1M withdrawal limit if you complete level 1 KYC. There’s no cap on monthly withdrawal limit. Level 2 daily withdrawal limit is $2M. For proof of identity, passport, identity card, residence permit and driving license are supported. For proof of address, Utility bills, Official bank statements, Residential proof issued by government, Internet/cable TV/house phone line bills, Tax returns, Council tax bills and Government-issued certificates of residence are supported.

These are not supported – ID card/driver’s license/passport issued by government, Mobile phone statement, Insurance document, Medical bills, Bank transaction slips, Bank or company referral letter, Handwritten invoice/receipt for purchases and Border passes.