Bybit Will Require Facial Recognition


Bitcoin derivatives exchange Bybit will require stricter know your customer (KYC) procedures for individuals and corporations who wish to withdraw more than 2 BTC on a given day, including facial recognition screening.

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

Bybit’s new directives for individuals were recently posted on its website. The article details the three levels of KYC verification that users need to choose from. The first, “KYC 0,” does not require any verification but caps daily withdrawals to 2 BTC. Those who wish to take control of more bitcoin, up to 50 BTC, would have to move to “KYC 1,” which requires photos of a national identification document, full name, date of birth, and facial recognition screening. Lastly, users who wish to withdraw up to 100 BTC daily will also need to provide proof of residential address.

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