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More Comprehensive, Systematic, And Stringent KYC Being Introduced By Bybit

More Comprehensive, Systematic, And Stringent KYC Being Introduced By Bybit

Bybit, A Crypto Derivatives Exchange

Bybit, a British-Virgil Islands-based crypto derivative exchange, plans to update its know-your-customer policy by the 12th of June. They claim this new updated KYC will be systematic and a lot more security-focused. This new update to the system is to “improve security compliance for all traders.”

The regulations at Bybit are carried out by the British-Virgil Islands’ finance and insurance sector. Bybit has over 100 employees working and generates over $3.42 million in sales.

Warning Flags From Around The World

Bybit added the recent KYC updates following the warning, the FCA issue against Binance just over a week ago. However, Binance was not alone. Bybit themselves got warnings issued by Japan and Canada “disregarding security laws”. Regulators worldwide are tracking and cracking down on various virtual asset service providers to comply with the crypto recommendations.

The Verification Process

Bybit lets the customers know that they need to complete the new KYC policy by July 12. This applies to everyone- companies, individuals, and everyone who wants to invest. Their ToS read:

“If your company wants to withdraw more than 2 BTC a day, you’ll need to complete KYC verification,”

To complete a full KYC verification, you require your real name, proof of residency, photo ID. In addition to that, you also need to pass “facial recognition screening”. Once the KYC verification process end, customers can withdraw over “100 BTC per day.”. However, KYC on the maximum might take 48 hours.

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