Bybit cryptocurrency exchange will require corporate clients and individuals to undergo KYC procedures to withdraw bitcoins.
According to the information on the website, the measure was implemented in order to “increase security requirements for all traders.”
Companies are required to provide a list of documents and data for the possibility of withdrawing from 2 BTC to 100 BTC per day.
From individuals, Bybit requires a passport, personal information and the passage of the facial recognition procedure. In this case, the exchange will allow withdrawals from 2 BTC to 50 BTC daily.
To increase the limit to 100 BTC, the user needs to confirm the address of residence.
The timing of the implementation of the rules is not reported.
Some representatives of the crypto community were skeptical about the initiative. One Twitter user suggested that the new policy will negatively affect trading volume.
Bybit volume will dry up. Why would you kyc there? It’s actually not enough of a good exchange to even want to do that. I’d kyc mex or FTX before bybit tbh https://t.co/mm9nJBmwZ3
– Tradeboi Carti (@ tradeboicarti16) July 3, 2021
In June, the Ontario Securities Commission accused Bybit of violating local securities laws.
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