I saw a blogger who wanted to withdraw over 10,000 U from Bybit and was deemed to have a risky account, then was shamefully asked to provide a video holding their ID 😧
A brief discussion on my views:
This 'risk control' has simply become a display of power—Bybit's requirement for users to shoot a video holding their ID is essentially the platform using safety as a guise for discipline.
The withdrawal of 10,000 U should not trigger humiliating verification, but rather a reflection by the industry on the 'reasonable risk control boundaries':
- Technical aspect: 2FA + biometric recognition is sufficient to balance security and dignity
- Power relations: The essence of forcing users to objectify themselves (holding identification) is an infringement on individual data sovereignty by the platform.
- Industry comparison: While competitors complete verification in 3 seconds using AI facial recognition, Bybit's 'medieval-style scrutiny' reveals either technological backwardness or a deliberate creation of compliance testing.
The original intention of cryptocurrency was to resist financial hegemony, but now it has been replicated by some exchanges with the most arrogant scrutiny logic of traditional banks. This is not only a problem for Bybit but also a reflection of the entire CeFi world deviating from the spirit of decentralization.
