Cryptocurrency exchange Bybit will require corporate clients and individuals to go through KYC procedures to withdraw bitcoins.
According to the website, the measure was introduced in order to "enhance security requirements for all traders".
Companies are required to provide a list of documents and data to be able to withdraw between 2 BTC and 100 BTC per day.
From individuals, Bybit requires a passport, personal information and passing facial recognition. In this case, the exchange will allow withdrawals from 2 BTC to 50 BTC daily.
To increase the limit to 100 BTC, the user needs to confirm their residential address.
There is no word on the timeline for implementing the rules.
Some in the cryptocurrency community were skeptical of the initiative. One Twitter user suggested that the new policy would have a negative impact on trading volume.
Bybit volume will dry up. Why would you kyc there? It’s actually not enough of a good exchange to even want to do that. I’d kyc mex or FTX before bybit tbh
Recall that in June, the Ontario Securities Commission accused Bybit of violating local securities laws.