Cryptocurrency Q&A
Is Bybit P2P safe?
Is Bybit P2P safe?
Lucia
Fri Apr 04 2025
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5
answers
1378
Bybit has introduced a P2P Shield to protect users from fraud, which provides financial compensation for qualified users who encounter fraud during P2P transactions. However, there have been major security incidents involving Bybit, such as the recent theft of over $150 million in crypto assets from its cold wallets. Despite this, Bybit has taken measures to address such incidents and ensure the safety of its platform, including enhancing security protocols and providing liquidity support. Therefore, while Bybit P2P may have certain risks, the company is actively working to mitigate them.
5 answers
Dario
Sun Apr 06 2025
To further enhance user safety, Bybit encourages the use of its Communication Platform. This platform facilitates conversations between buyers and sellers within the P2P Order Chat.
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Stefano
Sun Apr 06 2025
Bybit enforces Identity Verification for its advertisers and P2P merchants. This measure is crucial in establishing a secure P2P platform for all users.
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CryptoProphet
Sun Apr 06 2025
By keeping all communications within the platform, Bybit can monitor and manage interactions more closely. This helps in preventing fraudulent activities and maintaining a transparent transaction process.
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Margherita
Sun Apr 06 2025
The primary objective of this verification process is to safeguard users' assets. It ensures that only verified and trustworthy individuals can participate in transactions.
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Daniele
Sun Apr 06 2025
Additionally, Bybit aims to resolve any disputes that may arise during transactions efficiently. Identity Verification helps in tracing and addressing issues more effectively.
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