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Bybit’s Commitment to KYC and Combating Financial Crime
19/08/2022 18:42
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Bybit’s Commitment to KYC and Combating Financial Crime

As part of our vision to be a crypto ark of the world, the reliability of our platform and security of our customers is our top priority. On this note, we are home to a series of Know Your Customer (KYC) policies, in our efforts to collaborate with regulators on Anti-Money Laundering (AML). Our KYC policies cover both individual and business entities, deploying a mix of customer due diligence, transaction monitoring, and risk management processes.

Our KYC is Designed for Compliance

KYC is based on the principals of Customer Due Diligence (CDD) — a practice adopted by financial institutions to mitigate financial crime, money laundering, and terrorist financing.

The use of CDD verifies the identity of our users and helps us to ensure transactions on our platform are legitimate. As crypto grows and matures as an asset class, this kind of compliance becomes necessary for the industry to flourish.

Bybit employs a suite of comprehensive tools to enhance our anti-financial crime capabilities. This year, we integrated Refinitiv World-Check One on our platform — a screening system that enhances and streamlines our compliance procedures. This makes us more compliant with regulators around the world and supporting law enforcement. Ultimately, this prevents criminal actors from abusing Bybit’s ecosystem and ensuring next-level protection of our users.

Our KYC is Easy and Efficient for Users

Bybit has partnered with Sumsub — an all-in-one verification platform designed to catch fraudsters and aid businesses in meeting compliance regulations worldwide. Together, we created a sliding scale of KYC clearances. Users can withdraw up to two bitcoin (BTC) without any verification, and larger withdrawals are possible after completing KYC levels 1 and 2.

The first level of verification — ID verification, and a biometric liveness check— opens up KYC level 1, which allows users to withdraw up to 50 BTC. If clients require more, we have KYC level 2, which involves a proof of address (PoA) check to ensure Bybit is compliant with countries that have chosen not to participate in the crypto industry for now.

Level 1 verification usually only takes a minute to complete, with the vast majority of users passing the first time. This step allows us to detect 99% of forgery attempts, and enables us to better protect our platform.

Our KYC Protects Users

This technology creates a formidable barrier to fraudsters, especially when combined with Bybit’s ongoing investment in upholding and strengthening security standards, which includes keeping customer funds safe in an industry-leading cold storage system.

Bybit is committed to keeping all personal data private and confidential. It will only be used to verify your identity so we can better serve our users.

Crypto & blockchain articles are created with the support of ByBit – leading crypto platform.

Bybit

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