Bybit’s search for stronger safety measures comes as they expect an influx of new users with the launch of their spot exchange and wallet services.
Bybit is improving its KYC process with Sumsub’s two-level KYC verification to manage Bitcoin (BTC) and other crypto asset withdrawals. For amounts over 50 BTC, users will have to submit a photo of their ID and go through a facial biometrics check. For amounts over 100 BTC, they will also have to submit their proof of address. For businesses, the withdrawal level is set at 100 BTC by default.
According to the official press release, Sumsub’s KYC tools will better align Bybit’s work with global regulatory requirements, without risking violations and compliance fines.
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