Crypto derivatives exchange Bybit implements strict KYC policy – Exchanges Bitcoin News

Bybit Fintech Limited, based in the British Virgin Islands, announced that the cryptocurrency derivatives exchange will introduce an updated Know-Your-Customer (KYC) policy on July 12th. Bybit states that certain KYC requirements have already been implemented, but the new system reform is intended to “improve security compliance for all merchants”.

Bybit says businesses and consumers are required to complete a systematic KYC policy by July 12th

Bybit cryptocurrency derivatives exchange plans to introduce a systematic KYC element on the platform by July 12th. The exchange informs customers in various updates of the terms of service (ToS). The company will apply the update next week, and it will apply to individual traders and businesses as well.

“If your company wants to withdraw more than 2 BTC per day, you will need to complete KYC verification,” states Bybit’s ToS update, which was released on July 5th.

Documents indicate that Bybit Fintech Limited is headquartered in Road Town, Tortola, British Virgin Islands. The company is regulated by the finance and insurance sectors of the British Virgin Islands. According to Bybit’s company profile on Dun & Bradstreet, the crypto derivatives exchange has over 100 employees and generates sales of $ 3.42 million.

Bybit’s recently added KYC updates for businesses and individuals follow the warning the Financial Conduct Authority (FCA) issued against Binance Markets Limited last week. Regulators are cracking down on Virtual Currency Service Providers (VASPs) around the world to comply with the Financial Action Task Force (FATF) crypto recommendations.

Real name, proof of residence, photo ID, and facial recognition required

Bybit crypto derivatives exchange also notes that “all token withdrawal limits follow the BTC index equivalent value,” which means that 2 BTC equivalent payouts must pass KYC. Bybit’s website also advises that after July 12th, KYC requirements will require a home-issued document (passport / identity card), full name, date of birth, an official document photo on the front and back, and the user also requires the user to pass the “face recognition screening”.

Similar to the FCA’s recent warning to Binance, Bybit received a warning from Japan’s top financial regulator on May 28, 2021. The Japanese government’s Financial Services Agency (FSA) claimed at the time that the Bybit crypto exchange had access to the exchange for residents of Japan. A report released in August 2020 indicated that Bybit “supported the Japanese yen and the South Korean won.”

Bybit was also heard by Canada’s Ontario Securities Commission on June 21 when the regulator alleged that Bybit was “responsible for violating Ontario Securities Act and for signaling that crypto-asset trading platforms were in violation of Ontario Securities Act to be confronted with regulatory measures “.

Bybit’s latest regulatory compliance update finds that customers can “withdraw up to 100 BTC per day” after verifying KYC documents. The KYC process can take up to fifteen minutes or in more complex situations “KYC verification can take up to 48 hours”, Bybit details.

What do you think of the Bybit cryptocurrency derivatives exchange introducing a systematic KYC element into the trading platform? Let us know what you think on this matter in the comments below.

Tags in this story

Bybit, Bybit Crypto Exchange, Bybit Exchange, Bybit Fintech Limited, Crypto-Derivatives, Crypto-Derivatives Exchange, Face Recognition Screening, Financial Services Agency, fsa, Futures, Japan Regulation, Know-Your-Customer, KYC, Ontario Securities Commission, Regulation, regulations, regulators

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