By Andrei Skvarsky.
The know-your-customer (KYC) solution acquired by Bybit, a cryptocurrency exchange with more than 6m users worldwide, from identity verification firm Sumsub in summer 2021 has shown excellent performance since then, according to a Sumsub statement on April 4.
Using the kit takes about one minute to carry out the entire necessary testing process. The solution has enabled Bybit to detect up to 99 per cent of forgery attempts, the two firms say.
One needs identity verification and a facial biometric (liveness) check to withdraw up to 50 bitcoins. To operate with a larger sum, one also needs a proof of address test to verify that one is not based in a crypto-restricted country.
Sumsub says its solution is applicable to about 6,500 document types in more than 220 countries and territories. The firm is headquartered in London and has offices in Berlin, Limassol in Cyprus and Miami.
Bybit has moved its headquarters from Singapore to Dubai, two weeks after the emirate brought out a crypto-friendly law, the FinanceAsia website said on April 4.
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