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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.
Read more: Bybit Becomes Latest Crypto Platform to Be Targeted by Canadian Securities Regulator
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