Cryptocurrency derivatives exchange Bybit is extending its know-your-customer (KYC) procedures to more clients starting July 12 to help protect users’ funds. 

  • Bybit said it is making the change in anticipation of significantly higher trading volumes following the planned introduction of spot trading and launch of a hot wallet.
  • “We have had KYC procedures on certain selected group of customers since last year,” a Bybit spokesperson said. “The new policy is to implement the procedures in a more systematic way, as part of our efforts to align our KYC procedures with the industry standard.”
  • In order to withdraw more than 2 BTC in a day, users will have to undergo facial recognition and share an identity document. To take out more than 50 BTC, they will also have to show proof of address.

Read more: Bybit Becomes Latest Crypto Platform to Be Targeted by Canadian Securities Regulator

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