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Bybit to Introduce Stricter Customer-Identification Procedures Next Week

Users will have to undergo facial recognition and share identity documents make withdrawals.

Updated Sep 14, 2021, 1:21 p.m. Published Jul 6, 2021, 3:03 p.m.

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

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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.

KYC Bybit

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.