Bybit cryptocurrency exchange introducing KYC rules

Bybit, the fifth largest crypto derivatives exchange in the world by trading volume, plans to introduce Know Your Customer rules.

The Singapore-based company has published several statements introducing key KYC guidelines on its platform to “improve security compliance for all merchants”.

A Bybit customer support spokesman told Cointelegraph that the new KYC rules are expected to be implemented in mid-July:

“This could be rolled out in the middle of the month. Users who wish to withdraw more than 2 BTC per day must pass KYC. “

Individuals 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 later suggested that Bybit’s new KYC guidelines would have a negative impact on the exchange’s trading volume. “Bybit quantities will be exhausted. Why are you there It really isn’t enough of a good exchange to even want to do it, “Tradeboicarti16 Note on twitter.

Related: Binance faces regulatory volatility as lawmakers target “global” exchanges

Bybit was recently scrutinized by global financial regulators. In mid-June, the Canadian Ontario Securities Commission announced that it would hold a hearing against Bybit over the crypto exchange’s alleged violation of Canadian securities laws. Previously, the Japan Financial Services Agency warned that Bybit was not registered to operate cryptocurrency services in the country.

In March, Bybit shut down services to UK customers after the Financial Conduct Authority banned retail crypto derivatives trading.