What is KYC?
KYC (Know Your Customer) is a policy for enhanced due diligence on account holders, serving as the institutional foundation for anti-money laundering (AML) to prevent corruption. It refers to the procedures by which financial institutions and cryptocurrency exchanges verify the identity of their clients. Bityi uses KYC to identify clients and analyze their risk profiles. This verification process helps prevent money laundering and illicit financing.
The table below outlines withdrawal limits for different KYC tiers:
KYC Tier | KYC0 (No KYC) | KYC1 | KYC2 |
Daily Limit* | ≤0 USDT | ≤2M USDT | ≤5M USDT |
Monthly Limit** | - | - | - |
*Daily limits reset at 00:00 UTC daily.
**Monthly limits = Daily limit × 30 days.
Additionally, to protect user funds, accounts without 2FA security verification have a daily withdrawal limit of $10,000 in equivalent tokens. Users can increase this limit by enabling Email, SMS, or Google Authenticator.
Note: KYC policies will evolve based on compliance and regulatory requirements.