Bybit KYC for Firms and Individual Clients: a Guide

As Bybit will be launching this July 2021, it has implemented the Know Your Customer conformity for its firm-oriented and single crypto investor clients to sign up. The KYC ordeal is potent verification conformity for financial services to authorize and secure the client’s identification. This is done through reviewing the client’s representative bank account statements, service bill payments, and government authorized cards.

The Bybit review forecast for trading pursuits in tandem with the KYC conformity will enable an engaging and high-level user adoption. There are three stages for the KYC process on the Bybit trading platform. The first one permits a single-day cap on withdrawal of 2 BTC tokens and is authorized as the initial sign-up mandate. The second stage permits a withdrawal boundary of 50 BTC tokens. The third stage of KYC permits a single-day withdrawal restriction of 100 BTC tokens. Going forward, clients will be able to access more peculiarities from this conformity.

The Bybit review forecasts that the KYC will enhance the security traits of the crypto exchange platform. This implementation has centered on employing potency to safeguard the Bybit client’s crypto assets and trades.

Documents of the aforementioned mandates need to be attached along with the email to Bybit:

1. The business establishments’ embodiment of initial records.
2. Reports, character certificates, or a record of membership agreements.
3. List of affiliates from the enterprise and the Board of Directors enrollment records.
4. The business corporation’s residence evidence documents and Passport Identification records of the Ultimate Beneficial Owner (UBO) warrant revenue profits worth 25% of the companies’ interest.
5. Residence Evidence and Passport identification record of any single director from the respective business establishment if the member appointed is different from the UBO.
6. Residence Evidence and Passport identification record of the enterprise’s business account administrator/crypto investor regarding the representative being different from the UBO.

After verifying the above-mentioned records by the trading platform Bybit, the client will be sent an endorsement email. With the authorization mandate completed, the client can withdraw funds of 100 BTC in one day respectively.

The method for authorizing KYC for individual clients:

1. Visit the user avatar on the trading platform and go to the Account Security landing page on Bybit.
2. Click the first level of the Basic Verification section and proceed further by pressing the Verify Now button.
3. The KYC process will now be initiated, where the identification record card of the individual’s country and passport identification details need to be rendered. This is done by scanning the passport record document and scanning a picture using the facial recognition feature.
4. The files on Bybit need to be produced in the format of JPEG/JPG/PNG. In addition to this ordeal, the documented capacity should be less than 500 KB.
5. In order to enter into level one, the passport needs to be verified by Bybit. Once the authorization process message is received, the client can credit daily crypto tokens worth 50 BTC.
6. To enter into level two to credit daily crypto tokens worth 100 BTC, the authorization message for service bill records and the user’s bank account records must be rendered.

The KYC attestation mandate is orchestrated within a 48-hour time frame depending on the intricacy levels of the authorization process records.