The cryptocurrency exchange Bybit will require corporate clients and individual customers to complete KYC procedures to withdraw Bitcoin.
According to information on the site, the measure was introduced to “raise security standards for all traders.”
Companies must provide a list of documents and data to enable withdrawals from 2 BTC to 100 BTC per day.
From individuals, Bybit requires a passport, personal information and completion of facial recognition. In this case the exchange will permit withdrawals of 2 BTC to 50 BTC per day.
To increase the limit to 100 BTC, users must verify their residential address.
Some representatives of the crypto community were skeptical of the initiative. One Twitter user suggested that the new policy would adversely affect trading volume.
Bybit volume will dry up. Why would you kyc there? It’s actually not enough of a good exchange to even want to do that. I’d kyc mex or FTX before bybit tbh https://t.co/mm9nJBmwZ3
— Tradeboi Carti (@tradeboicarti16) July 3, 2021
Representatives of Bybit told ForkLog in a comment that the new rules would take effect on 12 July 2021. The company added that it is making the changes ahead of the launch of spot trading and the hot wallet.
«Согласно внутреннему опросу сообщества, большинство ритейл-пользователей, держащих на счету менее 2 BTC, отметили как «плюс» или «нейтрально» запуск KYC, для них это не является критическим моментом», — заявили в Bybit.
Earlier in June, the Ontario Securities Commission accused Bybit of violating local securities laws.
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