Bybit to tighten their KYC procedures starting 12th July 2021

JeromeTash

legendary

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Heisenberg

Quote from: arrowlove on July 24, 2021, 08:40:50 PM

TBH there were a few people warning of this when all exchanges began requiring 2factor authentication - KNOWING 99% of people would use their phone and google auth app. When regulators approached exchanges they simply checked google play to prove exchange did business with many eu or us customers. People even made videos how to link google account with exchanges.........

But Google Play doesn't just cover only EU or US customers. Also, exchanges are not the only accounts that use Google authentication app for 2-factor authentication.

The pressure from regulators mostly comes when exchanges start to buy and selling crypto using fiat currencies or accepting fiat deposits and withdrawals. Think about it.

arrowlove

newbie

Activity: 26

Merit: 5

TBH there were a few people warning of this when all exchanges began requiring 2factor authentication - KNOWING 99% of people would use their phone and google auth app. When regulators approached exchanges they simply checked google play to prove exchange did business with many eu or us customers. People even made videos how to link google account with exchanges.........

hugeblack

legendary

Activity: 2758

Merit: 4074

I became more reassured when a central platform not a KYC required more than decentralized platforms.
Overall there is no trust point in those platforms, you do not provide your data means you are fully trusted.
Data requires that there is a license and therefore the registration number and the rest of the data can be tracked.

2 Bitcoin daily barrier is considered great, many countries require 7k maximum of dollars.

Darker45

legendary

Activity: 2576

Merit: 1860

Quote from: magneto on July 06, 2021, 07:24:40 PM

Will this be the start of KYC on exchanges like Binance as well?

Binance is already implementing its own KYC such as facial recognition and proof of address, although the limits are different. If you compare it with the new Bybit verification, Binance offers a much higher limit for a lower verification tier. A 100BTC daily withdrawal for Binance would only require up to facial recognition. For Bybit, such verification level is only for 50BTC. In order to reach the 100BTC limit on Bybit, one has to submit proof of address. Proof of address for Binance would already give you unlimited BTC withdrawal.

https://www.binance.com/en/blog/421499824684902130/%E2%80%8BWhat-is-KYC-and-How-Is-it-Increasingly-Important-for-Crypto

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Given the similarity of the structure of these verification requirements between Bybit and Binance (2 BTC verification free threshold), it does seem like a precursor to Binance doing something similar.

Although I think both Bybit and Binance are keeping their 2BTC daily withdrawal limit to non-verified users.

Incidentally, both Bybit and Binance are caught in the same regulatory circumstances in Canada, UK, Japan, and other countries.

magneto

hero member

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Will this be the start of KYC on exchanges like Binance as well?

Given the similarity of the structure of these verification requirements between Bybit and Binance (2 BTC verification free threshold), it does seem like a precursor to Binance doing something similar.

Also, haven't we heard already that certain people are getting forced to undertake KYC at Bybit? There was a thread that is in service discussions that seems to suggest 12 BTCs have been locked out. Definitely a good time to withdraw funds from this exchange while you still can, before they go full draconian mode.

stomachgrowls

hero member

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Merit: 794

Quote from: Bitcoin_Arena on July 06, 2021, 05:26:21 PM

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Bybit said it is making the change in anticipation of significantly higher trading volumes following the planned introduction of spot trading and launch of a hot wallet.

If you have lots of Bitcoins in the exchange, brace your self.

Nothing special as if these kind of verification level just the same on Binance and no surprising that there would be sudden changes or alterations when it comes to limits.

About pulling off your funds Ex. you have 100 btc then having that non-kyc verified account then you could have 50 days before withdrawing it all but if you dont mind
about sharing your identity then its up to someones choice..

Thanks for the heads up buddy.

Bitcoin_Arena

copper member

Activity: 2128

Merit: 1814

฿itcoin for all, All for ฿itcoin.

In a KYC FAQ article that was updated today, any customer who want to move more than 2 BTC per day has to first undergo verification. This wasn't the case before.

According to Coindesk;

Quote

Bybit said it is making the change in anticipation of significantly higher trading volumes following the planned introduction of spot trading and launch of a hot wallet.

If you have lots of Bitcoins in the exchange, brace your self.

Topic: Bybit to tighten their KYC procedures starting 12th July 2021 (Read 158 times)