{"id":5042,"date":"2021-07-06T15:26:48","date_gmt":"2021-07-06T14:26:48","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=5042"},"modified":"2021-07-06T15:26:55","modified_gmt":"2021-07-06T14:26:55","slug":"bybit-exchange-implements-know-your-customer-kyc-rules","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bybit-exchange-implements-know-your-customer-kyc-rules\/","title":{"rendered":"Bybit exchange implements Know Your Customer (KYC) rules"},"content":{"rendered":"\n
The world\u2019s fifth-largest cryptocurrency derivatives exchange <\/a>Bybit is implementing KYC rules to improve security and the exchange also believes the addition will lead to a significant increase in trading volumes. <\/h5>\n\n\n\n
\"Bybit<\/figure>\n\n\n\n

Bybit, the world's fifth-largest bitcoin derivatives exchange by trading volume, is considering implementing Know Your Customer regulations.<\/p>\n\n\n\n

The Singapore-based firm made repeated announcements\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> about implementing substantial KYC regulations on its platform to “enhance security compliance for all traders.”<\/p>\n\n\n\n

According to a spokesman for Bybit, KYC procedures will be implemented on July 12 to better secure user accounts and cash.<\/p>\n\n\n\n

Individuals will have two tiers of KYC verification, with Bitcoin withdrawals capped at 50 and 100 Bitcoin (BTC).<\/p>\n\n\n\n

Users will be needed to submit an identity document and facial recognition for KYC 1 level verification, while KYC 2 level verification will demand additional proof of address, according to a Bybit representative.<\/p>\n\n\n\n

Businesses have one stage of KYC verification with a limit of 100 BTC.<\/p>\n\n\n\n

Bybit's representative stated that KYC is being implemented in advance of the launch of its spot exchange and hot wallet in order to provide customers with the “most secure experience,” adding:<\/p>\n\n\n\n

“With these exciting new additions, we expect to see a significant increase in trading volumes. As we expand our offerings beyond derivatives, we are delighted to be able to bring to spot trading the same level of quality service that users have come to associate with Bybit.”<\/p><\/blockquote>\n\n\n\n

Following that, some crypto enthusiasts speculated that Bybit's new KYC<\/a> procedures will have a detrimental influence on the exchange's trading volumes. \u201cBybit volume will be depleted.<\/p>\n\n\n\n

Why would you KYC in such a place? On Twitter, Tradeboi Carti commented, “It's actually not enough of a good exchange to even want to do that.”<\/p>\n\n\n\n

International banking regulators have increasingly increased their attention to Bybit. The Ontario Securities Commission said in mid-June that it would hold a hearing against Bybit over suspected securities law violations by the crypto exchange.<\/p>\n\n\n\n

The Japan Financial Services Agency had previously issued a warning that Bybit was not registered to provide crypto services in the nation.<\/p>\n\n\n\n

Following the Financial Conduct Authority<\/a>‘s blanket prohibition on retail crypto derivatives trading in March, Bybit ceased services for customers in the United Kingdom.<\/p>\n","protected":false},"excerpt":{"rendered":"

The world\u2019s fifth-largest cryptocurrency derivatives exchange Bybit is implementing KYC rules to improve security and the exchange also believes the addition will lead to a significant increase in trading volumes. Bybit, the world’s fifth-largest bitcoin derivatives exchange by trading volume, is considering implementing Know Your Customer regulations. The Singapore-based firm made repeated announcements about implementing […]<\/p>\n","protected":false},"author":12,"featured_media":5043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,32],"tags":[149,662,1136,961],"class_list":["post-5042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-crypto-exchange-news","tag-btc","tag-bybit","tag-customer","tag-kyc"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/07\/Bybit-exchange-implements-Know-Your-Customer-KYC-rules.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/5042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=5042"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/5042\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/5043"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=5042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=5042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=5042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}