Exchange platforms grew in popularity as cryptocurrencies gained mainstream adoption because they helped people easily buy and sell digital assets. The most popular type of exchange operated on a centralized model, facilitating more than 85% of all crypto trading volume.
However, their popularity is beginning to diminish due to a lack of transparency and some strict know-your-customer (KYC) policies. Speaking of policies, one of the leading centralized exchanges, ByBit, is making KYC regulation mandatory for all its users. In reaction, many traders are leaving for hybrid exchanges, like Tradecurve.io.
ByBit to Enforce Mandatory KYC Regulation
One of the leading spot and futures crypto exchanges, ByBit has announced that it will be imposing mandatory KYC for all its users. Beginning May 8, ByBit users will need to complete KYC before they can access all of ByBit’s products and services.
According to ByBit, users who fail to complete the KYC verification before the deadline will only be allowed to withdraw their funds, return loans, and close existing open positions or orders.
They will be restricted from trading on ByBit until they complete their KYC verification on the exchange. There will be two levels of KYC verification, with level 2 requiring more information and increasing the allowed withdrawal limit.
Although ByBit has assured users that their information is encrypted for privacy and security reasons and will not be shared, the history centralized exchanges have with losing users’ information has left many users unimpressed by the mandatory KYC move.
The Migration to Hybrid Exchanges Intensifies
Although ByBit is set to move forward with its mandatory KYC regulation, many cryptocurrency users are moving away from centralized exchanges to hybrid exchanges. Binance, the biggest exchange, recently lost more than 20% of its market share.
Even Phemex, one of the leading centralized exchanges recently announced that it is ditching its centralized exchange structure for the hybrid model. Although Binance is not moving to a hybrid exchange, its CEO, Changpeng Zhao has joined in acknowledging the growing trend that is hybrid crypto exchanges.
Access More Markets with Hybrid Crypto Exchange Tradecurve (TCRV)
One of the reasons why people are moving to hybrid exchanges like Tradecurve is because of the significantly better offering. While ByBit is enforcing mandatory KYC verification, Tradecurve (TCRV) allows users to access the platform with only an email address and a wallet to connect (No KYC).
Tradecurve (TCRV) will have many unique features including access to leveraged products (500:1), Proof of Reserve (PoR) protocols, and automated trading. However the main feature is that it will allow users to trade stocks, forex, and commodities, all from one account.
All around, Tradecurve (TCRV) shows why there is so much interest in hybrid crypto exchanges. The exchange holds so much potential that experts believe it can become a top 5 crypto exchange, given that it grants crypto traders access to not only crypto buy other financial markets.
Tradecurve ($TCRV) is currently in presale and trades at a starting price of $0.01. Market analysts foresee a bull run of up to 100x in the first year of its launch as the Tradecurve (TCRV) platform gains popularity.
Buy presale: https://app.tradecurve.io/sign-up
Der Beitrag ByBit to Enforce Mandatory KYC Regulation, Crypto Users Move to Hybrid Exchanges erschien zuerst auf Crypto News Flash.