Numerous ByBit users, including myself, have reported unexplained bans on the platform, an issue that has persisted over time. Affected users find themselves with no clear explanation, restricted access to their funds, and limited communication from the ByBit support team. Such incidents cast doubt on ByBit's commitment to transparency and the security of user investments.

 

My Personal Experience

 

12 sep. 2023 I received the following email from them:

"Due to a violation of our P2P Terms of User Service and Terms of Service, your account is banned with immediate effect. Your P2P advertisements have been delisted as well if there are any. You will no longer be able to submit any withdrawal requests including the P2P Sell function.

If there is any remaining balance in your account, you will only be able to withdraw it after 90 days. This holding period is in place to ensure a fair resolution and allows for any necessary investigations to be conducted. You may respond to this email after the mentioned date above to request for asset withdrawal. Bybit reserves the right to terminate all services for traders who have violated our terms and disrupted the trading environment. We seek your immediate compliance in this matter."

 

Note that the email does not specify any reason, just groundlessly claim that I violated something.

 

I immediately submitted the Support Ticket (case number 06454348) to appeal the decision which still is not responded. The automatic response says: "Please expect a response within 1-2 working days, though we aim to reply sooner". Currently 3 full working days are passed (not counting the submission day) and still no response.

 

Trying to move things forward and spread awareness of the risk for ByBit users of losing control over their funds, I've posted reviews at TrustPilot and on Google Play where they recommended contacting support despite of the fact that I mention in the review that I did so and can not get response from them. Looks like they just copy-paste responses to negative reviews without actually reading them.

 

While my experience is distressing, I am not alone. Various online platforms, especially Reddit, are filled with accounts of similar incidents:

Account ban case with owner unable to withdraw their deposit

Another ban without explanation

One more

Actually there are tens of cases posted on Reddit

Trust is paramount in the world of cryptocurrency trading. ByBit's recent actions are eroding this trust. This petition serves as a call to action for ByBit to address these concerns, not just for the sake of its reputation, but for the financial security and peace of mind of its users.

 

Call to Action

Transparency: ByBit must provide clear reasons for account bans and communicate effectively with the affected users.
Timely Support: ByBit should honor its commitment to respond to support tickets within the specified time frame.
User Fund Protection: Ensure that users' funds are accessible and protected, even in cases of account restrictions.
Public Statement: We urge ByBit to issue a public statement addressing these concerns and offering solutions.