The British Virgin Islands-based Bybit Fintech Limited has announced the cryptocurrency derivatives exchange is introducing an updated know-your-customer (KYC) policy on July 12. Bybit notes that it already had certain KYC requirements implemented, but the new system reform is meant to “improve security compliance for all traders.”
Bybit Says Companies and Individual Clients Mandated to Complete Systematic KYC Policy by July 12
The cryptocurrency derivatives exchange Bybit plans to introduce a systematic KYC element to the platform by July 12. The exchange is letting customers know in various terms of service (ToS) updates. The firm will be applying the update next week and it applies to individual traders and companies as well.
“If your company wants to withdraw more than 2 BTC a day, you’ll need to complete KYC verification,” Bybit’s ToS update published on July 5 details.
Bybit finally adding kyc
— ∞ CO฿IE (@CryptoCobain) July 3, 2021
Documents show that Bybit Fintech Limited is headquartered in Road Town, Tortola, British Virgin Islands. The company is regulated by the British Virgin Islands’ finance and insurance sector. According to Bybit’s company profile on Dun & Bradstreet, the crypto derivatives exchange has over 100 employees and generates $3.42 million in sales.
Bybit’s recently added KYC updates for companies and individuals, follow the warning that the Financial Conduct Authority (FCA) issued against Binance Markets Limited last week. Regulators have been cracking down on virtual currency service providers (VASPs) worldwide in order to comply with the crypto recommendations drafted by the Financial Action Task Force (FATF).
Real Name, Proof of Residency, Photo ID, and Facial Recognition Screening Required
The crypto derivatives exchange Bybit also notes that “all token withdrawal limits shall follow BTC index price equivalent value,” which means 2 BTC equivalent withdrawals need to pass KYC. Bybit’s website further notes that after July 12, KYC requirements will mandate the need for a document issued by the country of origin (passport/ID), full name, date of birth, a front and back official document photo, and the user will need to pass “facial recognition screening” as well.
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
Similar to the FCA’s recent warning to Binance, Bybit got a warning from Japan’s top financial watchdog on May 28, 2021. The Japanese government’s Financial Services Agency (FSA) had claimed at the time, the crypto exchange Bybit allowed residents of Japan access to the exchange. A report published in August 2020, indicates Bybit “added support for the Japanese yen and South Korean won.”
Bybit also faced a hearing on June 21, with Canada’s Ontario Securities Commission when the regulator alleged that Bybit was “accountable for disregarding Ontario securities law and to signal that crypto asset trading platforms flouting Ontario securities law will face regulatory action.”
Bybit’s recent regulatory compliance update notes that once KYC documents are verified customers can then “withdraw up to 100 BTC a day.” The KYC process can take up to fifteen minutes or in more complex situations “KYC verification may take up to 48 hours,” Bybit details.
What do you think about the cryptocurrency derivatives exchange Bybit introducing a systematic KYC element to the trading platform? Let us know what you think about this subject in the comments section below.
source https://news.bitcoin.com/crypto-derivatives-exchange-bybit-to-introduce-stringent-kyc-policy/
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