Bybit to introduce stricter customer identification procedures

The Bybit cryptocurrency exchange is ramping up its Know Your Customer (KYC) procedures with the rollout of new requirements next week.

In two notices on its website on July 6, the crypto exchange posted updated KYC procedures for individuals and businesses.

People who want to withdraw more than two BTC (around $ 70,000 at current prices) per day will now need to complete a full KYC check. Anything below this limit does not currently require any form of personal identification.

Much like Binance, Bybit does not process banks and fiat transfers directly, but channels them through third-party payment providers. Therefore, these KYC requirements are for crypto-only withdrawals.

Withdrawing more than two BTCs from the exchange involves a lengthy process of providing and verifying documentation. This includes documents issued by the country of origin, such as a passport, full name, date of birth, front and back photo ID, and facial recognition screening.

The third level of KYC for crypto withdrawals up to 100 BTC requires proof of residential address documents such as utility bills, bank statements, or government issued residential proof.

Bybit enterprise customer requirements

The requirements for businesses to withdraw more than two BTCs from the exchange are even stricter. Corporate account holders must provide a certificate of incorporation, articles of association, incorporation or memorandum of association, and a register of members and directors.

It doesn’t end there, the passport or ID and proof of residency of the ultimate beneficial owner (UBO) or director with a 25% or more interest in the business are also required. Bybit said the process can take up to 48 hours for verification.

Founded in 2018, Bybit, headquartered in Singapore, currently claims to have more than two million customers.

In late June, BeInCrypto reported that Canadian financial regulators were alleging Bybit had violated the country’s securities laws.

More pressure on Binance

The move comes as pressure mounts on Binance, the world’s largest and most popular crypto asset exchange.

A large number of UK banks, including TSB, NatWest and Barclays, have recently refused to process transactions or limit what their customers can do regarding crypto purchases.

In the face of growing regulatory oversight in Britain, Binance said last month that customers will no longer be able to use the popular Faster Payments ramp to withdraw GBP from the exchange.

On July 7, Binance suspended euro deposits through the Single European Payments Area, or SEPA, due to circumstances beyond the stock exchange’s control, she said in an email to clients.

Binance has also come under scrutiny in Asia, where regulators in Singapore and Thailand have put pressure on the company.

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