Crypto Exchange Bybit Strengthens Its Compliance and Risk Processes

Twitter icon  •  Published 1 week ago  •  Hassan Maishera

Crypto exchange Bybit has revealed that it will strengthen its compliance and risk processes thanks to the launch of its wallet control system.

Bybit, the world’s third most visited crypto exchange, announced on Monday, November 21st, that it is enhancing its risk management controls. In its press release, the crypto exchange said the move is part of its efforts to ensure the most secure environment for its customers and increase the resiliency of its platform.

The company added that the enhanced “wallet control system 3.0” covers the entire life cycle of user behavior and all business scenarios. The system utilizes multiple identifiers like geolocation, device ID and user ID. Furthermore, it tracks abnormal behavior, confirms the true identity and location of every client, blocks suspicious transactions, and detects intruders with pinpoint accuracy.

Bybit pointed out that the cutting-edge security technology will enable it to better identify, deter, defend, report, and act against potential intruders, attempted money laundering, and account theft. This is a huge step forward in supporting international efforts to enforce sanctions and transnational crime, Bybit added. 

The new system will help the cryptocurrency exchange’s 300-strong risk management and technology management department to ensure the continued safety of Bybit’s operations. The crypto exchange has always been big on compliance and ensuring that customers can access services on the Bybit platform securely. Bybit said it also has three security committees that cover technical risk, business risk and anti-money laundering (AML), respectively.

While commenting on this latest development, Gary Hamilton-Walker, global head of corporate affairs at Bybit, said;

“Our intention is always to provide maximum security and transparency for our clients. We always look to provide the industry’s most robust and resilient standards, and this addition to our customer and platform security will help us in providing even greater safe, secure, and compliant trading.”

Bybit pointed out that transparency has always been a cornerstone of its customer commitment and philosophy. Thanks to the wallet control system, Bybit will strengthen its ability to monitor and comply with many local and international KYC, AML, and sanctions regulations.

The wallet control system is just one in a number of physical security, risk and compliance measures Bybit is embracing, the cryptocurrency exchange concluded.

Bybit is a cryptocurrency exchange that was launched in 2018 and offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The low Bybit fees make it one of the fastest-growing cryptocurrency exchanges at the moment. Furthermore, Bybit reviews have generally been positive, as the exchange has provided traders with the necessary tools to trade successfully.


Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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