The enhanced verification, which will become active from July 12, will involve advanced facial recognition and identification documents.
New KYC verification will operate on two-levels under the new requirements.
The first level of KYC verification grants exchange-users withdrawals of up to 50 Bitcoin (BTC) and will require proof of ID alongside algorithmic facial recognition. The second level of KYC verification grants larger withdrawals capped at 100 BTC, with these extended account caps requiring further proof of address.
Bybit has increased in prominence as an exchange recently, reporting more than a trillion dollars in trading volume during Q1 of this year.
Regulators crackdown on Bybit
Moves to enhance KYC verification are a direct response to a turbulent couple of months for Bybit following a series of regulatory clampdowns.
In May, Japan’s Financial Services Agency published a public letter to Bybit stating that the exchange had no licence to operate in the country.
The most recent allegation against the exchange was from the Ontario Securities Commission in June, which accused Bybit of operating an unregistered cryptocurrency trading platform in violation of securities laws.
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