Bybit is one of the most popular cryptocurrency exchanges, known for its advanced security protocols and user-friendly features that continue to evolve. Bybit KYC (Know Your Customer) verification was introduced in mid-2021, enhancing the platform’s security and offering more benefits for users. However, it’s essential to understand the Bybit KYC verification process before starting your crypto trading journey.
What is Bybit KYC?
KYC, or “Know Your Customer,” is a process that helps exchanges verify users’ identities. This verification requires specific identification documents, enhancing security by deterring hackers and fraudsters. While KYC on Bybit improves security, it does limit anonymous trading, a hallmark of decentralized blockchain platforms.
Bybit KYC Verification Process
Bybit’s KYC verification process involves several steps designed to confirm user identities. Here’s a breakdown of how to complete KYC on Bybit and what Bybit KYC requirements are.
Standard KYC Process
The basic KYC process requires customers to provide:
- Government-issued identity documents (ID or passport)
- Facial recognition scans
- Proof of residential address for higher verification levels
For some users, this is a one-time procedure, but others may need to verify their identity periodically to maintain security and meet Bybit KYC verification process standards. Bybit also employs OCR technology for document verification and AML (anti-money laundering) screening to check for high-risk individuals.
Is KYC Mandatory on Bybit?
While not mandatory, completing KYC on Bybit allows traders to access higher withdrawal limits and exclusive features. Without KYC, Bybit limits daily withdrawals to 2 BTC. KYC verification increases withdrawal limits significantly, up to 50 BTC with Level 1 and up to 100 BTC with Level 2 verification. Completing KYC is essential for accessing Bybit Earn projects, like Launchpool and Launchpad.
Bybit KYC Levels
Bybit offers KYC verification for both individual and business accounts, each with different requirements and benefits. Here’s a look at each type:
Individual KYC
Individual users who complete Level 1 KYC verification can increase their withdrawal limit from 2 BTC to 50 BTC. Level 2 verification, which requires proof of residential address, raises the withdrawal limit up to 100 BTC. Documents needed for individual verification include:
- Level 1: Government-issued ID and facial recognition
- Level 2: Proof of address, such as a bank statement, utility bill, or government-issued residential proof
Business KYC
Business KYC verification on Bybit requires more extensive documentation to secure higher trading and withdrawal limits. Required documents include:
- Articles of incorporation or memorandum of association
- Certificate of incorporation
- Director information
- UBO (Ultimate Beneficial Owner) residency proof
- Register of Directors and members
Like individual accounts, business accounts can achieve higher withdrawal limits by completing both levels of KYC verification.
Benefits of KYC on Bybit
Implementing KYC on Bybit offers several advantages, including enhanced security and higher withdrawal limits. KYC security on Bybit also reduces the risks of money laundering and other illegal activities. Additionally, it enables Bybit to restore hacked accounts and prevent unauthorized access, making the platform safer for users.
How Long Does Bybit KYC Take?
The Bybit KYC process generally takes up to 48 hours, depending on the type and level of verification required. Bybit account verification steps are straightforward, but users must ensure they submit accurate documentation to avoid delays.
Final Takeaways
Bybit’s KYC requirements and process ensure a secure and compliant trading environment. Although KYC verification compromises anonymity, it provides multiple benefits for crypto traders by safeguarding assets and reducing risks. Understanding Bybit’s account verification steps and trading limits without KYC is crucial for a seamless trading experience.
Considering signing up on Bybit? Complete KYC verification for a more secure trading experience and access to exclusive features on the platform.
