There are 2 levels of KYC identity verification on ByBit. We have prepared instructions for passing both KYC levels. Before passing the verification, register an account on ByBit and prepare your webcam.
- What is KYC verification?
- What is the KYC verification meaning?
- What information is in need while KYC verified?
- Why do you need to get KYC verification?
- Does ByBit require KYC?
- How to get a ByBit KYC verification?
- And here goes the ByBit signup bonus 👉
What is KYC verification?
KYC (Know Your Client) is a method of confirming the user's identity (verification) on the exchange. The KYC verify procedure is designed to create safe trading conditions on various platforms, including cryptocurrency ones. KYC regulations meet national and international cryptocurrency regulation requirements.
What is the KYC verification meaning?
Today, financial regulators in various countries are tightening requirements for cryptocurrency exchanges. In this regard, exchanges are forced to introduce an identity verification procedure and establish restrictions for anonymous users.
Regulators pressure on exchanges due to the fact that more and more money is laundered through cryptocurrencies, cases of fraud and sponsorship of crimes are becoming more frequent. To make cryptocurrency transactions more transparent, it is necessary to verify the users of the exchange. For this, the KYC procedure is used, what determines the KYC verification meaning.
What information is in need while KYC verified?
When passing to verify KYC procedure, the following data is provided:
- Your full name;
- Date of Birth;
- Country and address of residence;
- ID-certificate (passport, driver's license, etc.);
- Phone number.
* Some exchanges may additionally request bank statements to verify billing address and other information.
After specifying the data, you must confirm them. For example, enter a code from an SMS on your phone, download a scan of your passport and a selfie with your passport.
Why do you need to get KYC verification?
Some members of the cryptocurrency community believe that verification on exchanges violates the basic principle of the blockchain - the anonymity of each participant. However, regulation of cryptocurrency exchanges is a trend that cannot be stopped. Providing a safe trading environment in accordance with national and international regulations will make cryptocurrency exchanges more attractive to new users and have a positive impact on the development of the market as a whole in the future.
Does ByBit require KYC?
Identity verification on the ByBit is required to increase the withdrawal limits: more than 2 BTC per day. The rest of ByBit's capabilities are not limited by passing KYC.
How to get a ByBit KYC verification?
There are several levels of verification, each of which corresponds to a certain withdrawal limit: KYC 0 (does not require verification), KYC 1 and KYC 2
We have prepared a summary table with a description of the ByBit KYC verification levels and their limits. 👇
I level of ByBit KYC verification
1. In the upper corner of ByBit website, hover over the profile icon and select the "Account and Security" item.
2. Opposite the item "Identity verification (KYC)", click "Verify now".
3. In the block "Lv.1 Basic Verification" press "Verify now".
4. Then select the country of issue of the identity document and indicate the type of document. In this manual, a passport is taken as an example.
Upload a photo of the document by clicking "Upload document". After the download is complete, click "Next step".
5. Now it's time to use the webcam to take a picture of the face. To start the verification process, click "Start", follow the instructions on the screen.
Scan the face again by clicking "Start".
6. After completing the face scan, check the data and click "Next step".
The first level KYC ByBit verification is passed. To pass the second level of verification, click "Return" or go to the page "Identity verification (KYC)".
How to pass the II level of ByBit verification
1. Get back to the "Identity verification (KYC)" page and choose "Verify now" in the right column (Lv.2 Residency Verification).
Pay attention, that it will only be available to choose after completing the first level of ByBit KYC verification.
2. Upload a photo of the document confirming the place of residence. The requirements for the document are indicated in two columns. To upload a photo, click on "Upload document". After downloading, click "Next step".
3. Check all the data and click "Next step" again.
4. It's only left to wait for the completion of data verification.
5. After completing the data verification process, you will be redirected to the "Identity Verification (KYC)" page. The second level verification status will be displayed here.
❓❓❓ How long does KYC verification take? The processing time will take from a few hours to 24 hours in most cases.
Ready! Both levels of verification have been passed.
And here goes the ByBit signup bonus 👉ByBit Bonus
Follow this link and register to get a $20 bonus (in BTC equivalent). To receive it, you need to make a first deposit of at least 0.02 BTC. Then, within 24 hours, you will be credited with a bonus.
IMPORTANT! Only a newly registered user can receive the bonus, so if you have already opened an account with ByBit, you will have to create a new account to receive the bonus. When doing this, use a new email address or phone number. Enter the data and the ByBit referral code in the appropriate fields, click on the "Register" button and confirm this action with the code for authentication. The code will be sent to the specified mail or phone number.