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Bybit to Introduce Stricter Customer Identification Procedures

2 mins
Updated by Kyle Baird
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In Brief

  • Individuals and businesses to face more KYC on Bybit.
  • Lengthy documentation provision will be required.
  • Pressure on Binance continues to pile up.
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The Bybit cryptocurrency exchange is ramping up its know-your-customer (KYC) procedures with new requirements rolling out next week.

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

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

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

Withdrawing more than two BTC from the exchange entails a lengthy process of documentation provision and verification. This includes documents issued by the country of origin such as a passport, full name, date of birth, front and back photo identification documents, and facial recognition screening.

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

Bybit corporate client requirements

The requirements for businesses to withdraw more than two BTC from the exchange are even steeper. Company account holders need to provide a certificate of incorporation, articles, constitution 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 owning 25% or more interest in the company is also required. Bybit stated that the process can take as long as 48 hours for verification.

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

In late June, BeInCrypto reported that Canadian financial regulators alleged that Bybit 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 raft of U.K. banks including TSB, NatWest, and Barclays have recently refused to process transactions or limiting what their clients can do regarding crypto purchases.

Faced with growing regulatory scrutiny in Britain, Binance said last month that customers will no longer be able to use the popular Faster Payments on-ramp to withdraw GBP from the exchange.

On July 7, Binance suspended Euro deposits via the Single Europe Payments Area, or SEPA, due to circumstances beyond the exchange’s control, it stated in an email to customers.

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

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...