Bybit, one of the top five major cryptocurrency exchanges, partners with leading identity verification solution provider Sumsub to eliminate possible safety threats for millions of users. The companies will achieve this through enhanced KYC/AML routines and secure identity checks that take no longer than 5 minutes, even in the most complex cases.
Bybit, a top tier cryptocurrency derivatives exchange, is integrating Sumsub to enhance their KYC compliance and improve security for more than 2 million traders. Bybit’s search for stronger safety measures comes as they expect an influx of new users with the launch of their spot exchange and hot wallet services. This is an important step, given that the burgeoning cryptocurrency market is still vulnerable to cybercrime and loses up to around $3 billion every year to money laundering schemes.
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Bybit is improving its KYC process with Sumsub’s two-level KYC verification to manage Bitcoin and other crypto asset withdrawals. For amounts over 50 BTC, users will have to submit a photo of their ID and go through a quick facial biometrics check. For amounts over 100 BTC, they’ll also have to submit their proof of address. For businesses, the withdrawal level is set at 100 BTC by default. The verification process will take no longer than 5 min, so users can quickly get on to trading.
These new controls will improve the way user accounts and funds are protected from criminal activity. Sumsub’s KYC tools will better align Bybit’s work with global regulatory requirements, without risking violations and compliance fines that in the U.S. have reached a staggering $2.5 billion.
“Security remains top of mind as Bybit continues through our greatest transformation to date by launching a spot exchange and hot wallet — offering ever more products and ever greater freedom to ever more clients. We are delighted to find a partner in Sumsub to further safeguard client assets without sacrificing much in user experience.”—Ben Zhou, founder and CEO of Bybit.
“The cryptocurrency market is getting more attention not only from trading enthusiasts, but also from increasingly tough regulators. That’s why any company in crypto has to implement solutions that ensure their KYC/AML routine is sophisticated and that users are onboarded quickly and securely, without any conversion setbacks. We’re happy to help Bybit provide the best possible service for their global clients.”—Jacob Sever, Co-founder of Sumsub.
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