Bybit Account Unblocked Following a Compliance Review
Executive Summary
A client approached P&P after Bybit restricted an account holding 5 BTC and USDT worth US$30,000. The platform’s compliance team requested information about AML/CTF compliance, the source of funds and possible connections with questionable exchanges. P&P collected and organised supporting documents, prepared detailed explanations and communicated with Bybit’s compliance team. Following this work, the account was fully unblocked four days after the engagement began.
Client Context and Objective
The restriction prevented the client from freely using the assets held in the account. The objective was to address the compliance questions and restore access. This matter concerned an exchange account restriction.
The Compliance Challenge
Bybit’s concerns covered both the origin of the funds and their possible connection with exchanges associated with fraudulent schemes. The response therefore needed to address the questions about the client’s activity and explain the absence of the alleged connections.
P&P Work
- Collect supporting documents. The team gathered documentation to support the response to the platform’s compliance questions.
- Organise the documentation. The collected materials were systematised for presentation to the compliance team.
- Prepare detailed explanations. P&P set out explanations addressing the alleged links between the client’s cryptocurrency and questionable exchanges.
- Communicate with Bybit. The team provided the documentation and explanations and maintained communication with the platform’s compliance team.
Roles and Responsibilities
The client’s objective was to regain use of the account assets. P&P handled the preparation of supporting materials and the compliance communication. Bybit conducted the platform review and lifted the account restriction.
Deliverables
- An organised set of supporting documents for the compliance review.
- Detailed explanations addressing the alleged connections with questionable exchanges.
Result
The account was fully unblocked four days after the engagement began. The client regained the ability to use the assets held in the account.
| Before the engagement | Outcome |
|---|---|
| Account access restricted during a compliance review. | Account access restored following the documentation and explanations provided. |
Practical Lessons
- Address the specific concern. Questions about the source of funds and suspected exchange connections require explanations directed at those issues.
- Present evidence in an organised form. Supporting documents and explanations should be prepared together so the reviewer can understand the response.
- Keep the result precise. The outcome in this matter was restored account access. It does not establish a standard timeframe for another platform review.
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