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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.