Bybit To Introduce Stricter KYC Procedures

It’s been just reported that crypto derivatives exchange Bybit will be extending its KYC procedures to more clients starting July 12 in order to help protect users’ funds.

As the online publication mentioned above noted, Bybit said it is making the change in anticipation of significantly higher trading volumes following the planned introduction of spot trading and the launch of a hot wallet.

“We have had KYC procedures on certain selected group of customers since last year,” a Bybit spokesperson said.

They continued and pointed out the fact that “The new policy is to implement the procedures in a more systematic way, as part of our efforts to align our KYC procedures with the industry standard.”

It’s been also revealed that in order to withdraw more than 2 BTC (+0.23%) in a day, users will have to undergo facial recognition and share an identity document.

Also, it’s been reported that in order to take out more than 50 BTC, they will also have to show proof of address.

State of the crypto markets

The crypto market looks good today, with the most important coins trading in the green. There have been all kinds of optimistic predictions about the price of Bitcoin these days, and they continue.

One of them has just been made by the Celsius Network CEO.

It’s been just revealed that Alex Mashinsky predicted the fact that Bitcoin can soar above $140,000 this cycle – but this can only happen only surviving one last sell-off event.

He recently said that Bitcoin has so far survived two massive bearish catalysts in a short amount of time.

“We have seen two capitulation selling events for BTC in the past two months.

1. Retail FOMO (fear of missing out) bought the run-up to $65,000. Sold ~$3B worth.

2. Flash selling last week of ~$3B that included miners & China retail, some FUD (fear, uncertainty and doubt) selling. We are about to see the third and last wave…”

Stay tuned for more news.

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