Cryptocurrency derivatives exchange Bybit plans to introduce a systematic KYC element to the platform by July 12.
British Virgin Islands-based Bybit Fintech Limited announced that the cryptocurrency derivatives exchange would introduce a “Know Your Customer” (KYC) policy.
The firm has posted several statements on introducing significant KYC policies on its platform. They said they took this action to “improve security compliance for all traders”. The exchange is letting customers know in various terms of service (ToS) updates.
The firm will be applying the update next week, which applies to individual traders and companies.
“If you want to withdraw more than 2 BTC a day, you’ll need to complete KYC verification,” Bybit’s ToS update published on July 5 details.
Recently, Bybit added KYC updates for companies and individuals, following a warning from the Financial Conduct Authority against Binance last week.
Real Name, Proof of Residency, Photo ID, and Facial Recognition Screening Required.
The Bybit also notes that “all token withdrawal limits shall follow BTC index price equivalent value”. That means 2 BTC equivalent withdrawals need to pass KYC. Bybit’s website further notes that after July 12, KYC requirements will be mandated. It includes documents issued by the country of origin, full name, date of birth, a front and back official document photo, and the user will need to pass “Facial Recognition Screening” as well.
Some crypto enthusiasts subsequently suggested that Bybit’s new KYC policies would negatively impact the exchange trading volumes.
Businesses have one KYC verification level with a 100 BTC limit. The KYC process can take up to fifteen minutes or, in more complex situations, “KYC verification may take up to 48 hours,” Bybit details.
Also Read: Bithumb To Ban Employees From Trading Crypto On Its Platform
Bybit has recently become the subject of scrutiny from global financial regulators. Last month, Canada’s Ontario Securities Commission announced holding a hearing against Bybit for allegedly flouting Canadian securities law.
Bybit has recently become the subject of scrutiny from global financial regulators. Last month, Canada’s Ontario Securities Commission announced holding a hearing against Bybit for allegedly flouting Canadian securities law.
