Bybit crypto exchange to enforce KYC rules

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Bybit, the world’s fifth largest cryptocurrency derivatives exchange by transaction volume, plans to impose Know Your Customer rules.

The Singapore-based company has issued several statements about introducing key KYC policies on its platform to improve security compliance for all traders.

A Bybit customer service spokesperson told Cointelegraph that the new KYC rules are expected to be implemented by mid-July:

It could be launched in the middle of the month. Users who wish to withdraw more than 2 BTC per day will need to spend KYC.

Individuals will have two levels of KYC verification with Bitcoin withdrawals capped at 50 BTC and 100 BTC. Companies have a KYC verification level with a limit of 100 BTC.

Some crypto enthusiasts have subsequently suggested that Bybits’ new KYC policies will negatively impact exchange trading volumes. The Bybit volume will dry out. Why would you want kyc there? It’s actually not enough of a good exchange to even want to do it, Tradeboicarti16 noted on Twitter.

Related: Binance Faces Regulatory Upheaval As Lawmakers Target Global Exchanges

Bybit has recently come under increased scrutiny from global financial regulators. In mid-June, the Ontario Securities Commission announced that it would hold a hearing against Bybit regarding alleged violations of Canadian securities law by the crypto exchange. Previously, the Japan Financial Services Agency warned that Bybit was not registered to operate crypto services in the country.

In March, Bybit suspended services for clients in the UK following a general ban by the Financial Conduct Authority on trading in retail crypto derivatives.

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