Bybit Partners with Sumsub to Enhance Trading Experience for Traders

Bybit, one of the largest cryptocurrency exchanges worldwide with 2 million users, has formed partnership with leading identity verification solution provider Sumsub, to wipe out potential threats for its millions of users.

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The crypto exchange 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,” said Ben Zhou, founder and CEO of Bybit.

In mid-July, Fazzaco reported that Bybit was launching spot crypto trading services​ with the addition of pairs of Bitcoin (BTC), Ethereum (ETH), XRP, and EOS against Tether (USDT).