Bybit, the world\u2019s fifth-largest cryptocurrency derivatives exchange by trading volume, is planning to impose Know Your Customer rules.<\/p>\n
The Singapore-based company posted several statements on introducing major KYC policies on its platform in order to \u201cimprove security compliance for all traders.\u201d\u00a0<\/p>\n
A spokesperson for Bybit customer support told Cointelegraph that the new KYC rules are likely to be implemented by mid-July:<\/p>\n
\u201cThis might be launched in the middle of the month. Users who would like to withdraw more than 2 BTC daily will be required to pass KYC.\u201d<\/p><\/blockquote>\n
Individuals will have two KYC verification levels with Bitcoin withdrawals capped at 50 BTC and 100 BTC. Businesses have one KYC verification level with a 100 BTC limit.\u00a0<\/p>\n
Some crypto enthusiasts subsequently suggested that Bybit\u2019s new KYC policies would negatively impact the exchange\u2019s trading volumes. \u201cBybit volume will dry up. Why would you kyc there? It\u2019s actually not enough of a good exchange to even want to do that,\u201d Tradeboicarti16 noted on Twitter.<\/p>\n
Related: Binance faces regulatory upheaval as lawmakers target \u2018global\u2019 exchanges<\/em><\/strong><\/p>\nBybit has recently become the subject of increased scrutiny from global financial regulators. In mid-June, Canada\u2019s Ontario Securities Commission announced it will be holding a hearing against Bybit regarding the crypto exchange’s alleged violations of Canadian securities law. Previously, the Japan Financial Services Agency warned that Bybit was not registered to operate crypto services in the country.<\/p>\n
In March, Bybit suspended services for customers in the United Kingdom following a blanket ban by the Financial Conduct Authority on retail crypto derivatives trading.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Bybit, the world\u2019s fifth-largest cryptocurrency derivatives exchange<\/p>\n","protected":false},"author":3,"featured_media":131288,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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