Bybit will introduce KYC rules to reduce risks

Prominent Bitcoin and Ethereum trading platform Bybit will introduce KYC programs for transactions above 2 BTCs to beat down risks to customers’ accounts.

The Singapore-based firm believes the “know your customer” initiative is “necessary to improve security compliance for all traders.”

Excerpts from the company’s website highlight the importance and registration process for the various KYC levels.

A Bybit representative while speaking to Cointelegraph said the verification rules may kickstart later this month.

“This might be launched in the middle of the month. Users who would like to withdraw more than 2 BTC daily will be required to pass KYC.”

NEXT: Brazilian Police arrest Banco Group President for Embezzling Crypto worth $300M

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