Bybit to Introduce Stricter Customer-Identification Procedures Next Week

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.

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