Tech

ByBit to apply new KYC rules and withdrawal limits on Dec. 20

12/09/2022
Bitcoin Ethereum News
Haru Invest

Crypto exchange ByBit announced that it would imply new Know Your Customer (KYC) rules and withdrawal limits on Dec. 20. The announcement updates the different withdrawal limits based on different KYC verification levels.

Updated limits

As of Dec. 20, non-verified users’ withdrawals will be limited to less than 20,000 Tether (USDT) daily and up to 100,000 USDT monthly. Level-1 KYC users will be allowed to withdraw 1 million USDT daily, with no applied limits for monthly withdrawals.

Meanwhile, Level-2 KYC and Business KYC verifications will allow the users to withdraw up to 2 million USDT daily without implying a monthly limit.

After the update, KYC verifications will also be required for fiat on-ramp services, claiming rewards in the Rewards Hub, and depositing, withdrawing, and trading NFTs.

Current limits

Until Dec. 20, the current withdrawal limits will apply. The current rates don’t impose a monthly limit to any verification levels and allow non-verified users to withdraw 2 Bitcoin (BTC) per day.

Level-1 and Level-2 KYC-verified users can withdraw 50 BTC and 100 BTC daily, respectively.

 

Journalist at CryptoSlate

Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.

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Source: https://cryptoslate.com/bybit-to-apply-new-kyc-rules-and-withdrawal-limits-on-dec-20/