In the realm of digital assets and cryptocurrency trading, ensuring user security and regulatory compliance is paramount. It’s here that the concept of Know Your Customer (KYC) becomes crucial. This article aims to elucidate the importance and process of KYC verification on Bybit – a leading cryptocurrency exchange platform.
We will delve into the details of KYC on Bybit, the requirements for different products and services, and explain the steps involved in completing the KYC process. Furthermore, we will provide insights into how your personal information is protected, why KYC is significant, and what benefits come with a KYC-verified account. Whether you’re a seasoned trader or just starting your journey in cryptocurrency trading, this guide will equip you with all the necessary information about KYC in the context of Bybit.
About Bybit
Bybit is a world-leading cryptocurrency exchange platform that aims to revolutionize the current digital currency marketplace with its comprehensive suite of sophisticated trading tools, state-of-the-art security measures, and dedication to providing a seamless, intuitive experience for both professional and novice traders alike.
With its robust matching engine, Bybit offers users unmatched trading speed and reliability, ensuring an optimal trading experience across various digital currencies and financial derivatives.
Introduction to KYC
KYC, an abbreviation for Know Your Customer, is a vital regulatory guideline within financial services. It mandates that professionals undertake thorough efforts to authenticate identity, ascertain suitability, and evaluate associated risks, thereby safeguarding each account from potential threats.
Bybit KYC — How Does It Work?
As of May 8, 2023, Bybit mandates a minimum of Lv.1 Identity Verification to access all its products and services. Users who haven’t undergone Identity Verification by this date will retain limited capabilities, including closing current open positions or orders, returning loans, and withdrawing funds. New trading activities will, however, be barred until Identity Verification is accomplished. Once verified, users are free to explore and utilize Bybit’s entire range of products and services. For an in-depth understanding of KYC levels’ perks, refer to our separate guide on KYC-level benefits.
Bybit KYC: Withdrawal Limits Post-Identity Verification
Withdrawal limits are contingent on your KYC level. Here is a snapshot of the different limits:
- Non-VIP (Non-KYC): Daily ≤ 20K USDT; Monthly ≤ 100K USDT
- Individual KYC Lv.1: Daily ≤ 1M USDT
- Individual KYC Lv.2: Daily ≤ 2M USDT
- VIP 1: Daily ≤ 6M USDT
- VIP 2-4: Daily ≤ 8M USDT
- VIP 5: Daily ≤ 10M USDT
- Supreme VIP and above: Daily ≤ 12M USDT
Note that the daily withdrawal limit refreshes at 12 AM (midnight) UTC. The monthly withdrawal limit is reset on the first day of each month at the same time. KYC Lv.1 or Lv.2 verified users don’t have a monthly withdrawal limit. All token withdrawal limits are equivalent to USDT value. KYC verification might be a prerequisite for withdrawal approval. VIP users enjoy increased withdrawal limits, initially set at 1M for KYC Lv.1 and 2M for KYC Lv.2. Manual limit adjustment is possible via the Account & Security settings.
If you want to know more about crypto exchanges that don’t require KYC, you should head over to our latest blog post: How To Buy Crypto Without KYC
The Significance of KYC
KYC serves numerous purposes on Bybit, including:
- Ensuring security and compliance with regulatory requirements.
- Preventing illicit activities and early detection of suspicious behavior.
- Providing enhanced services for KYC-compliant users, including Fiat services and Earn products, plus higher daily withdrawal limits.
- Enabling access to exclusive promotions and events like Launchpads.
- Simplifying the account recovery process for KYC-verified accounts in the case of lost credentials.
Bybit KYC — Verification Details
KYC Verification Duration
On average, KYC verification is completed within 15 minutes. However, due to the intricate nature of the verification process, it may extend up to 48 hours. In case the KYC verification extends beyond 48 hours, or you encounter any other issues, submit a case to our Customer Support. An automated email with the case number will be sent to you, and our team will revert within one working day.
KYC Verification Limitations
Bybit restricts KYC verification
to one account per user. If you wish to transfer your KYC verification to another account, detailed instructions are available on our platform. Users must maintain consistent naming across KYC Lv.1 and Lv.2 verification.
KYC Verification Attempts
If your KYC verification is rejected, you have the option to re-verify up to ten times per day. If you’ve faced rejection more than ten times within a 24-hour window, you must wait another 24 hours before attempting again.
Bybit KYC — Additional Information
Modifications to KYC Information
Once verified, KYC details (Proof of Identity & Proof of Address) cannot be altered unless there’s a change in your legal information, such as your legal name or nationality.
Document
Bybit accepts identification documents issued by your home country, which include your photo, name, date of birth, document number, and date of issue. This could be your passport, identity card, residence permit, or driving license. We do not accept Student Visa, Working Visa, or Travel Visa as valid documents.
Your Proof of Address must be no older than three months. Accepted documents include utility bills, official bank statements, government-issued residential proof, Internet/cable TV/house phone line bills, tax returns, council tax bills, and government-issued certificates of residence, among others.
Please note that we do not accept domestic passports, mobile phone statements, insurance documents, medical bills, bank transaction slips, bank or company referral letters, handwritten invoices/receipts for purchases, or border passes as valid Proof of Address.
Common Reasons for Verification Failure
Verification might fail due to various reasons, such as:
- The system identifies another verified account with the same ID information. Bybit only permits one account to process verification per person.
- Facial recognition fails. Ensure your face is centered in the frame.
- ID detection fails. Your original ID must be clear and visible. Overexposure, reflection, or an incomplete image could lead to failure.
- Uploaded screenshot/scan copy is unacceptable. Original documents must be uploaded.
- Invalid document. Resubmit using the document guidance on the verification page.
- Violation of Bybit’s Terms of Service, such as being under the age of 18 or from service-restricted countries. Make sure to read through our Terms of Service.
By understanding and adhering to Bybit’s KYC process, users can confidently navigate the platform, ensuring a secure and seamless trading experience.