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Verification on Bybit crypto exchange

Verification on a cryptocurrency exchange BybitThe registration of a customer’s identity is not formally required in order to deposit, trade, and withdraw cryptocurrencies. But the withdrawal cryptocurrencies Limited to the equivalent of 2 VTS. Registration on the site bybit.com without further verification on the exchange refers to the KYC0 level.

Now, however, all crypto exchanges are tightening KYC (“Know your customer”) regulations, reducing customer anonymity. Therefore, Bybit, while allowing operation without document verification, reserves the right to request documents from the user at any time. According to rule 17.4 of Bybit crypto-exchange, customer is obliged to comply with Bybit’s requests for documents and other information related not only to the account, but also to any individual transaction on the exchange.

The Bybit crypto-asset platform regularly requests documents from new users if they conduct transactions. That’s why it’s right to verify documents right after registration. To verify an individual, you need to hover your mouse over the user profile icon on the upper right side of the site. In the menu that appears, click on “Account and security”. The page opens with “Account Information”, where the “KYC Verification” line is on the right side with a “Pass” button. By clicking on it, the user goes to the page “KYC Verification”.

 

This page specifies the status of verification, the limit of cryptocurrency withdrawal, the choice of country of residence. Here you can find the first level verification service “Lv.1 Basic verification” and the second level “Lv.2 Confirmation of residence”. The verification process begins with the button “Pass” at the bottom of the service. You should prepare good quality photos of your documents in advance.

 

By the way, on the same page, just below, is the “KYC Guide”, which is a video, in English, but with Russian subtitles. After clicking on the “Pass” button, in the center of the page appears the usual form for uploading documents to the site. Here’s what it takes to get the KYC1 level:

  • An ID card issued by the country of which the user is a citizen. If a Russian citizen is being checked, then a passport photo in unfolded form is required.
  • Driver’s license, ID-card, residence permit are also accepted for verification. Documents in the form of plastic cards are photographed on both sides.
  • In the form of downloading the document you will need to select the appropriate country, you can not make a mistake.
  • Specifies the full name of the account user.
  • The date of birth is indicated.

After uploading the photos, you need to click on the “Next Step” button, go to the face scanning service and click “Start,” and the webcam should turn on. The user should move his head in a circle in the center of the service. This completes the facial recognition process. Before sending the data for verification, make sure that there is a check mark next to the document that it has been uploaded. By clicking on the “Next” button, the data is sent for verification.

After the verification is completed, the service returns to the download page, where the user’s status after verification is indicated. Verification is completed within 15 minutes, but the exchange warns that the process may take up to 48 hours. If longer, it is suggested to contact Bybit support at [email protected]. Completion of verification to KYC1 level expands cryptocurrency withdrawal limits by up to 50 VTS. To pass the verification to KYC2 level, it is necessary to confirm the client’s place of residence. Technically, the document verification process is the same as for the previous level. But additional documents are required.

  • a receipt for payment of utilities;
  • bank statement;
  • state certificate of residence registration.

Bybit warns that the ID card does not prove residence, nor does the insurance or the client’s cell phone account statement. The bank statement is not replaced by a bank statement, a cover letter from the bank or any handwritten documents. After completing the verification to KYC2 level, cryptocurrency withdrawal limits are expanded to 100 VTs. Switch to the corporate verification service with the “KYC for corporate clients” button. Corporate verification is done differently than identity verification. For corporate verification on Bybit you need to send scans of such documents to: [email protected]:

  • certificate of registration of a legal entity;
  • founding documents;
  • register of shareholders and register of directors;
  • the owner’s identity card and proof of residency;
  • director’s ID card;
  • information about the direct owner of the account.

But the list can be different, so it’s advisable to contact Bybit’s crypto-exchange support service for clarification beforehand. Service guarantees confidentiality of information, but according to rule 17.4 it can report personal information to regulators, and according to rule 17.3 exchange can send disturbing information to law enforcement agencies.

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