Risk ManagementBybit Strengthens Compliance and Risk Processes

Company keen on a responsible and well-regulated crypto market
PRNewswire PRNewswireNovember 18, 20224 min

Bybit, the world’s third most visited crypto exchange, has announced it is enhancing its risk management controls as part of the company’s continued efforts to ensure the most secure environment for its customers and increase the resiliency of its platform.

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

This cutting-edge security technology will allow Bybit to better identify, deter, defend, report, and act against potential intruders, attempted money laundering, and account theft. A significant step in supporting international efforts to enforce sanctions and transnational crime.

The new system will aid Bybit’s 300-strong risk management and technology management department to ensure the continued safety of Bybit’s operations. Bybit also has three security committees that cover technical risk, business risk and anti-money laundering (AML) respectively.

Transparency has long been a cornerstone of Bybit’s customer commitment and philosophy. The wallet control system will strengthen the company’s ability to monitor and comply with many local and international KYC, AML, and sanctions regulations.

This security enhancement is just one in a number of physical security, risk and compliance measures Bybit is embracing

“Our intention is always to provide maximum security and transparency for our clients,” said Gary Hamilton-Walker, global head of corporate affairs at Bybit. “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.”

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