Understanding the Know Your Customer (KYC) process is crucial for anyone looking to engage in activities on Bybit, because it is simply mandatory. This guide provides detailed explanations of the KYC requirements, the verification process, and other related queries to identify yourself on Bybit.
What is KYC?
KYC, or Know Your Customer, is a regulatory and security measure implemented by financial services to verify the identity of clients. This process is mandatory on almost every crypto exchange. Read more about why here.
Why is KYC Required?
KYC is crucial in the financial services sector to verify the identity of customers, assess potential risks, and ensure security compliance. Bybit utilizes KYC to prevent money laundering and the financing of illicit activities, ensuring a safe trading environment for all users.
Do I Need To Verify Every Sub Account On Bybit?
KYC verification is exclusive to main accounts only. Subaccounts cannot undergo KYC verification independently.
How Long Before I Get Verificated on Bybit?
The KYC verification process typically takes about 15 minutes but can extend up to 48 hours depending on the complexity of the verification.
KYC Levels and Daily Withdrawal Limits
Bybit implements a tiered KYC system, where higher levels provide enhanced benefits and higher withdrawal limits. These limits are the following:
- Non-KYC Users: Daily withdrawal limit ≤ 20K USDT; Monthly limit ≤ 100K USDT
- Individual KYC Level 1: Daily limit ≤ 1M USDT
- Individual KYC Level 2: Daily limit ≤ 2M USDT
- VIP Levels: Ranges from daily limits of 6M USDT to 30M USDT for higher VIP tiers
Note that there is no monthly withdrawal limit for users who have completed KYC Level 1 or Level 2.
Restrictions and Multiple Accounts
- Bybit allows only one KYC-verified account per user. If you need to transfer KYC credentials to another account, specific procedures must be followed, and you have to reach out to Bybit Support.
- KYC verifications must comply with country-specific regulations, and users cannot use different names for different KYC levels.
Step-by-Step Guide to Level 1 Identity Verification
Completing Level 1 KYC verification is the first step to unlocking more features on Bybit. Here’s how you can do it:
Step 1: Access Account Settings
Click on the profile icon located in the upper right corner of the Bybit navigation bar, and select the “Account & Security” page.
Step 2: Initiate Verification Process
Navigate to the “Identity Verification” section under Account Info and click on “Verify Now” to begin the process.
Step 3: Start Level 1 Verification
Under the Level 1 Identity Verification section, click “Verify Now” to proceed with your identity verification.
Step 4: Provide Your Documentation
Select the country or region that issued your ID and the type of identity document you will upload. Ensure that the document photo clearly displays your full name and date of birth. Click on “Next” to continue.
Note: Users from Nigeria and the Netherlands should refer to the ‘Special Requirements Verification’ section due to specific country regulations.
Step 5: Complete Facial Recognition
Perform a facial recognition scan using your laptop camera to verify your identity.
Note: If you encounter issues reaching the facial recognition page, please try again after 30 minutes, or contact Customer Support if the problem persists.
Step 6: Submit Your Verification
After completing the previous steps, click “Next” to submit your information. Once verified, a “Verified” icon will appear in the top left corner of the Level 1 window, and your withdrawal limits will be increased.
Step-by-Step Guide For Upgrading to Level 2 Identity Verification
For higher fiat deposit and withdrawal limits, proceed to Level 2 verification:
Start Level 2 Verification
Navigate to the Level 2 section and click “Verify Now.”
Agree to Data Processing
Check the box to agree to the processing of your personal data and prepare to upload the required documents.
Upload Proof of Address
Bybit accepts documents such as utility bills, bank statements, and government-issued residential proofs. Ensure that these documents are dated within the last three months; older documents will be rejected.
After submitting your documents and completing the verification process, your limits for deposits and withdrawals will be increased accordingly.
How Different KYC Levels Affect Trading and Services on Bybit
There is not only a limit on withdrawal amounts associated with your verification status. There is more to be unlocked if you get to higher levels. These include:
- Crypto and Fiat Transactions: Enhanced deposit and withdrawal capabilities.
- Trading: Full access to Bybit’s trading suite including advanced options for professional traders.
- Finance: Involvement in crypto loans, lending, and participation in Bybit’s wealth management programs.
- Exclusive Access: Entry into special programs such as Bybit’s Launchpool and NFT offerings.
Common Reasons for KYC Verification Failures and Solutions
Identification Problems
Issues often arise from incorrect, missing, or unreadable names and dates of birth, unclear photos on IDs, or missing signatures on passports. To prevent these problems, it’s crucial to:
- Ensure all personal details are clear and visible.
- Include a clear photo and ensure the signature is present where required.
Address Verification Challenges
Another common issue is when the proof of address does not match the name on the account, or when the submitted documents are not accepted as proof. To address these issues:
- Submit recent address documents (dated within the last three months) that clearly display your full name and address.
- Use acceptable forms of address documentation such as utility bills, bank statements, or government-issued residence proofs.
Submission Errors
Users sometimes upload screenshots, scans, or non-original documents. To ensure compliance, upload original documents in PDF format or provide clear photos without any modifications.
Document Completeness
Missing pages from documents can also pose issues. Ensure that all required pages are uploaded and display all necessary details.
Face Recognition Technology Challenges
Facial Mismatch or Document Inconsistency
Problems occur when facial features do not match those on the provided ID, or when face recognition technology fails to proceed. To resolve these issues:
- Ensure the photo on the ID matches your current appearance and is clearly visible.
- Perform face recognition in well-lit conditions without any obstructions.
Compliance Issues
Multiple Account Registrations
Attempting verifications with the same ID for multiple accounts can flag compliance issues. It’s advisable to use only one account for KYC verification. If multiple accounts are detected, select one for verification continuation. KYC can be transferred over, but only with the help of Customer Support.
Geographical Restrictions
Users from certain restricted countries or regions may face challenges in completing the verification process. To avoid potential issues, please consult Bybit’s terms and conditions to confirm that your country is not among those restricted from service.
How to Resubmit Your KYC Verification
If your initial attempt at KYC verification fails, prepare by reviewing Bybit’s requirements and ensuring your documents and setup are correct. When ready, click on [Verify Now] to restart the verification process.
Please Note: If you can’t find a Bybit email, you can check your spam/junk folder.
Conclusion
Completing KYC verification on Bybit is a simple and straightforward process that unlocks benefits and enhances the security of your trading experience. Ensure that you provide accurate information and follow the guidelines closely to avoid any issues.