PSA: Withdrawals from large exchanges, Bybit warning.

I recently decided to give futures trading on Bybit a shot since I was impressed by their trading volumes (albeit bots probably).

Turns out that was a huge mistake, when you want to withdrawal your funds from a profitable account they suspend all withdrawals completely from your account. I understand this is a security measure which would normally require a KYC check.

Well, my account is already KYC, and today I have had to KYC 3 different occasions, stating different sentences on a piece of paper and show my passport multiple times. Finally after about 11 hours of chat and discussions with their support team, my account was unlocked.

I then attempted to complete my withdrawal, this time I was hit with a 2FA on a mobile phone number that I removed on my account less than 30 days ago. To remove this, I need to again go through rounds of KYC and to this time my withdrawal still has not been processed.

So - a word of warning to traders out there, stay aware from Bybit, after some research it seems a common practice for this exchange to make it as difficult as possible to withdraw. This scenario may also happen on other exchanges, particularly if your making money during the bull market. When users are making bank, particularly on leveraged accounts exchanges begin to feel the heat on their books. Could be a warning sign for Bybit, maybe not. I dont know but its awfully inconvenient.

BTW they also did not provide any complaint solutions, so instead I raised a complaint with their domestic authorities (which will likely go nowhere).

Thought I would share this experience - if your making money, be sure to withdraw from exchanges frequently into your own custody.

GL and GODSPEED

*edit - update here, ive now be told it will take 7 days for Bybit to remove the mobile number they applied to my account before it can be removed and my funds withdrawn. To me this is a red flag, something is going on with Bybit.