Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: RSRS on July 06, 2021, 02:36:20 PM
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Bybit, the world’s fifth-largest cryptocurrency derivatives exchange by trading volume, is planning to impose Know Your Customer rules.
The Singapore-based company posted several statements on introducing major KYC policies on its platform in order to “improve security compliance for all traders.”
A spokesperson for Bybit customer support told Cointelegraph that the new KYC rules are likely to be implemented by mid-July:
“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.”
Individuals will have two KYC verification levels with Bitcoin withdrawals capped at 50 BTC and 100 BTC. Businesses have one KYC verification level with a 100 BTC limit.
Some crypto enthusiasts subsequently suggested that Bybit’s new KYC policies would negatively impact the exchange’s trading volumes. “Bybit volume will dry up. Why would you kyc there? It’s actually not enough of a good exchange to even want to do that,” Tradeboicarti16 noted on Twitter.
Related: Binance faces regulatory upheaval as lawmakers target ‘global’ exchanges
Bybit has recently become the subject of increased scrutiny from global financial regulators. In mid-June, Canada’s Ontario Securities Commission announced it will be holding a hearing against Bybit regarding the crypto exchange's alleged violations of Canadian securities law. Previously, the Japan Financial Services Agency warned that Bybit was not registered to operate crypto services in the country.
In March, Bybit suspended services for customers in the United Kingdom following a blanket ban by the Financial Conduct Authority on retail crypto derivatives trading.
Sourch (https://cryptonews.net/en/news/market/979143/)
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Bybit exchange previously announced that it was reviewing its policy towards crypto exchanges, having reported “a very large increase in customers looking to buy cryptocurrencies” in recent months.
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Sky Mavis will deploy a dedicated server for esports competitions to ensure that events run smoothly. Axie Infinity’s servers have been slow or inaccessible at times this week, seemingly due in part to increased user demand along with what the developer says are distributed denial of service (DDOS) attacks and server hosting issues.