FAQ — Individual KYC

What is KYC?

KYC (Know Your Customer) guidelines for financial services require that professionals make an effort to verify the identity, suitability and risks involved, in order to minimize the risk to the respective account.

 

Which products or services on Bybit require compulsory individual identity verification?
Starting from 8 May, 2023, Identity Verification of at least Lv.1 is mandatory for all Bybit products and services. 

Existing users that have not completed Identity Verification as of 8 May, 2023 will only be allowed to close existing open positions or orders, return loans, or make withdrawals. Any new trading activities will be restricted. Once the Identity Verification is completed, existing users can continue to use Bybit products and services.

For more information, please refer to the benefits of different KYC levels .

What are my daily withdrawal limits after completing identity verification?

Please refer to the withdrawal limits for each KYC level below:

Note:
— Daily withdrawal limit is updated every 12AM (midnight) UTC.
— Monthly withdrawal limit will reset at 12AM (midnight) UTC on the first day of each month.
— There is no monthly withdrawal limit for users who have completed Identity Verification Lv. 1 or Lv. 2.
— All token withdrawal limits shall follow USDT equivalent value.
— Please note that you may be required to provide KYC verification before Bybit approves your withdrawal request.
— VIP users are entitled to higher withdrawal limits which will be set by default at 1M for KYC Lv. 1 and 2M for KYC Lv.2 on your Account & Security settings. If you want to increase your withdrawal limit, you will need to manually adjust the withdrawal limit amount as per the guide below.

How to complete Individual KYC verification?

You can refer to the article  How to Complete Individual KYC Verification for a step-by-step guide.

 

 

 

How can I verify KYC on my Subaccount?
KYC verification is not available for Subaccounts, only main accounts are able to verify KYC.

 

 

 

How will my personal information be used?

Bybit ensures that your personal information will be encrypted and protected for privacy and security, and will be used for the sole purpose of verifying your identity to better serve you. It is neither shared nor repurposed for any marketing.

 


 

Why is KYC important?

1. Security and compliance: Bybit strives to provide a secure and compliant trading environment in accordance with regulatory requirements.

2. Prevent illegal activities: Prevent illegal activities and detect suspicious behavior as early as possible.

3. Provide enhanced services: Users who complete individual KYC can enjoy our Fiat services and Earn products, and attain higher limits for daily withdrawal.

4. Access exclusive offers: Gain access to exclusive promotions and events, such as Launchpads.

5. Provide convenience and security: In the case of lost credentials to access the platform, a KYC-verified account provides a simpler process to help you to recover your account.

 

How long does the KYC verification process take?

Generally, the KYC verification process takes approximately 15 minutes. However, due to the complexity of information verification, KYC verification may at times take up to 48 hours.

 

 

What should I do if the KYC verification process exceeds 48 hours?

If you encounter any issues with KYC verification, kindly contact us by submitting a case  to our Customer Support. Once you’ve submitted a case, you’ll receive an automated email with the case number stated. The relevant team will reach out to you within one working day. 

 

Can I have multiple KYC verified accounts in Bybit?
Bybit only allows one account per user to process KYC verification. If you would like to transfer your KYC verification to another account, please visit here for more information.

 

 

Can I use a different name to verify KYC level 1 and KYC level 2?

No, you can only use the same name with your KYC level 1 and KYC level 2.

 

How many times can I re-verify my KYC verification if it’s rejected? 

You may attempt to complete the identity verification process up to ten times per day. If your application has been denied more than ten times within a 24-hour period, please wait another 24 hours to try again.

 

 

Can I amend my KYC's information (Proof of Identity & Proof of Address) after verification?

No, you can't amend your KYC information after verification unless your legal information has changed, i.e. Legal Name, Nationality.

 

What kind of Proof of Identity documents are accepted?

Bybit only accepts documents issued by your country of origin which contain the following information: photo, name, date of birth, document number, date of issue. These include passport, identity card, residence permit and driving license. Domestic Passport, Student Visa, Working Visa or Travel Visa are not accepted.

 

 

What kind of Proof of Address documents are accepted?

The Proof of address documents accepted by Bybit include:

1. Proof of Identity containing your full name and full residential address (National ID, Passport, Driving Licence or Residence Permit)
2. Utility bills 
3. Official bank statements
4. Residential proof issued by government 
5. Internet/cable TV/house phone line bills
6. Tax returns
7. Council tax bills
8. Government-issued certificates of residence, etc.

 

Except for the Proof of Identity, your Proof of Address must be dated within the last three months. Documents older than three months will be rejected. 

 

Bybit does not accept the following types of documents as Proof of Address:

1. Domestic Passport
2. Mobile phone statement
3. Insurance document
4. Medical bills
5. Bank transaction slips
6. Bank or company referral letter
7. Handwritten invoice/receipt for purchases
8. Border passes

 

 

What are common reasons for verification failure?

Here are some of the common reasons why verification may be unsuccessful (not a complete list): 

1. The system detects other verified accounts with the same ID information. Please be informed that Bybit only allows one account to process verification for each person. 

2. Facial recognition fails. Please ensure to center your face in the frame. 

3. ID detection fails. Please ensure your original ID is clear and visible; overexposure, reflection or an incomplete image may lead to failure.

4. Screenshot/scan copy is not acceptable. Please upload the original document and resubmit.

5. Invalid document. Please resubmit using the supporting documentation guidance displayed on the verification page. 

6. Your profile violates the Bybit Terms of Service, such as being under the age of 18, or you may be from one of our service restricted countries. Please ensure you’ve read through our Terms of Service. 

 

 

 

 

For Business KYC verification information, please refer to FAQ — Business KYC.