International crypto exchange Bybit announced that it implemented “wallet control system 3.0,” which will enhance its risk management control and will cover the entire life cycle of user behavior and all business scenarios.

According to the exchange, its newly launched program is part of the company’s continued efforts to ensure the most secure environment for its customers and increase the resiliency of its platform.

“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,” Bybit said ina press release.

The firm also emphasized that its Wallet Control System 3.0 will help the exchange to better identify, deter, defend, report, and act against potential intruders, attempted money laundering, and account theft, which is 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,” Bybit explained. 

Lastly, the exchange also highlighted that one of the benefits that the new system is to comply with local and international KYC, AML, and sanctions regulations.

“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,” concluded Gary Hamilton-Walker, global head of corporate affairs of Bybit, adding that transparency has long been a cornerstone of Bybit’s customer commitment and philosophy. 

What is Bybit?

Established in 2018, Bybit is a platform where crypto traders can find a matching engine and multilingual community support. Its main office is in Victoria, Seychelles and is a partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR) and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.

Last September, Ben Zhou, the CEO of Bybit Exchange, has called for the traditional markets to embrace the future of money through the use of cryptocurrencies. 

This statement supported the venture of Yeeha Games, a Bybit-backed GameFi platform, in entering the web3 gaming industry. (Read more: Bybit Announces Web3 Entry of GameFi Platform Yeeha Games | BitPinas)

There was also a Bybit Community Meetup in Manila last July at Sheraton Hotel. (Details at Bybit Meetup Manila | BitPinas)

This article is published on Crypto Exchange Bybit Launches ‘Wallet Control System 3.0’ to Boost Risk Management

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