The Self-Regulatory Organization (SRO) in the US, the Securities and Exchange Commission (SEC), has banned all ICOs until they undergo the Know-Your-Customer (KYC) requirements. The SEC has also banned the sale of cryptocurrencies by unregistered brokers and dealers. The agency is carrying out a big crackdown on all cryptocurrency and ICOs.
The Crypto market continues to consolidate in the aftermath of the SEC’s unilateral decision to reverse the agency’s long-standing position that the operation of a cryptocurrency exchange is a securities offering. The SEC’s decision lays out two ways to obtain a license to operate a national securities exchange, one of which is to comply with the recently issued BitLicense. As a result, we will closely monitor events at Bitfinex and other platforms that have moved to the new process.
Bybit, a cryptocurrency exchange based in South Korea, announced plans to implement requirements for KYC (Know Your Customer) in the near future. This will be one of the first exchanges to have rigorous KYC verification requirements for its users. This is a positive step, however, it is unclear what the exchange intends to do once it has verified users, or whether this verification will be free for its users.
Bybit, the world’s fifth-largest cryptocurrency derivatives exchange by trading volume, plans to introduce know-your-customer rules.
The Singapore-based company has made several statements regarding the implementation of important KYC policies on its platform to improve security compliance for all traders.
A customer service representative from Bybit told Cointelegraph that the new KYC rules are likely to come into effect in mid-July:
The launch could take place in the middle of the month. Users wishing to withdraw more than 2 BTC per day must pass a KYC check.
For individuals, there are two levels of KYC verification with bitcoin withdrawal limits of 50 BTC and 100 BTC. Companies have a KYC verification level with a limit of 100 BTC.
In response, some crypto-enthusiasts have suggested that Bybit’s new KYC policy will have a negative impact on the exchange’s trading volume. The biblical volume will dry up. Why would you want to go there? In fact, the stock market is not good enough to even want to do that, Tradeboicarti16 noted on Twitter.
Related: Binance faces regulatory change as lawmakers focus on global exchanges
Bybit recently came under heightened scrutiny from global financial regulators. In mid-June, the Ontario Securities Commission (Canada) announced that it would hold hearings against Bybit for the cryptocurrency exchange’s alleged violations of Canadian securities laws. Earlier, Japan’s Financial Services Agency warned that Bybit was not registered to trade cryptocurrencies in the country.
In March, Bybit suspended its UK customer service after the Financial Conduct Authority imposed a blanket ban on retail sales of cryptocurrency derivatives.Bybit, the world’s largest crypto exchange, announced that starting from January 1st, 2018 it will implement Know-Your-Customer (KYC) rules in an effort to reduce the risks of money laundering and unauthorized transfers.. Read more about phemex kyc and let us know what you think.
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