Date of publication: 
Time to read: 
Views: 
Verification on cryptocurrency exchanges is becoming mandatory for most users, and Bybit is no exception. The KYC (Know Your Customer) process helps the exchange to guarantee the safety of transactions, comply with international standards and fight money laundering.
In this article, let's find out for what purposes verification is needed, what documents will be required, and how to go through it step by step.
Why do I need verification on Bybit?
Verification on Bybit (or other centralized cryptocurrency exchanges) is a user identification procedure aimed at complying with legal regulations, improving security and providing access to various features and services on the platform. Here are a few reasons why verification is important on Bybit:
1. Compliance with standards and regulations (KYC and AML)
KYC (Know Your Customer) is a procedure that requires users to provide personal information so that the exchange can verify their identity. This helps Bybit meet international financial and cryptocurrency requirements.
AML (Anti-Money Laundering) is measures implemented to combat illegal financial transactions. The verification process is essential in preventing crimes such as money laundering, terrorist financing and other types of financial offenses.
To fulfill these requirements, the exchange needs to verify the identity of users and monitor suspicious transactions.
2. Security
Verification helps to increase security for both the user and the platform itself. It prevents fraud, such as registering accounts with fake data or third parties accessing accounts. Also, verified accounts have additional security measures such as two-factor authentication.
3. Increased withdrawal limits
Without verification, Bybit has limits on the amount of funds that can be withdrawn from the platform. Verified users have access to increased withdrawal limits. This is especially important for those who plan to work with large amounts.
For example:
Without verification, withdrawal limits can be several thousand dollars per day.
After verification, the limits can increase to significant amounts (tens of thousands or even more, depending on the type of verification).
4. Access to all features of the platform
Verification gives full access to additional services and tools such as:
Futures trading.
Access to the entire selection of assets (including those that require strict verification to participate in trading).
Participation in certain offers or promotions that are only available to verified users.
5. Protection against fraud and scams
Verification helps prevent fraud and unauthorized access to accounts. By being verified, the user helps the exchange to fight fake accounts and fraudsters, as well as confirms their identity, which reduces the risks for all participants of the platform.
6. Legal protection and reliability
Verification also ensures that all user actions on the platform comply with the laws and regulations established in the jurisdiction where Bybit operates. This is important to protect both the rights of users and the platform itself from possible legal risks.
7. Use of additional features (e.g. lending)
Verified users can use additional features such as lending or borrowing provided by Bybit. These services require proof of identity to prevent fraud and ensure compliance with regulations.
8. Better Terms of Service
Verified users can receive a higher level of service and support. In case of account or transaction issues, verified users can be given higher priority assistance.
9. For cryptobot trading
To access all Bybitexchange products, including trading with Veles cryptobots, verification on the exchange must pass the Standard level minimum. In addition, to withdraw funds from the exchange into fiat, identity verification is a requirement.
What documents are required for verification
To go through the KYC procedure on Bybit you will need:
Identification documents: passport, driving license or national passport.
Proof of residential address: utility bills, bank statements or documents related to housing registration.
Selfies or photo document: upload a high-quality image or take a live photo using a webcam or mobile app to verify your identity.
It is important that all documents are up to date and clearly legible.
What are the KYC levels available on Bybit?
There are several levels of verification available to choose from on the Bybit exchange, each with its own benefits and limits.
Basic KYC level
Requirements: minimal data (name, address, date of birth).
Capabilities: suitable for small transactions.
Limits: limited withdrawal of funds and no access to advanced features of the exchange.
KYC level “Lv.1”
Requirements: upload ID and address verification.
Features: significantly increased withdrawal limits.
Limits: up to 1 000 000 USDT per day.
KYC level “Lv.2”
Requirements: additional proof of identity (possibly video identification).
Features: maximum limits and access to exclusive services.
Limits: up to 2,000,000 USDT per day.
Bybit Corporate Verification
Requirements: company registration documents, beneficiary data, corporate accounts.
Opportunities: access to Bybit's corporate solutions.
Limits: individual conditions for large organizations.
How to pass verification
To pass any of the verification levels, you will need to provide personal data, as well as documents confirming your identity.
First level on Bybit (Lv.1)
Authorization on the platform: log in to your personal account on the Bybit website.
Go to the KYC section: open the settings and select “Identity Verification Level 1”.
Filling in the details: provide your name, date of birth, residential address.
Provide document: upload one of the documents offered: passport, ID card or driving license.
Confirm addresses: attach a document confirming your residence.
Wait for verification: the process takes from a few minutes to a day.
Level 2 on Bybit (Lv.2)
Update data: if you have already passed KYC Lv.1, start the procedure “Verification of identity level 2”, for this you need to go to your personal cabinet, open the verification section and select “Advanced”
Click on the Confirm Address button, then select your country and upload a photo of the document confirming your address (the document must be no older than 3 months).
Additional confirmation: you may need to take selfies with the document or undergo video identification.
Verification completion: once submitted, the request will be processed within 1-2 business days.
Corporate verification
Company registration: create a corporate account on Bybit.
Submission of documents: send the statutory documents, beneficiary details and company information.
Contacting a manager: Bybit representative may request additional data.
Confirmation: company verification takes longer, usually up to 7 working days.
Conclusion
Having a verified Bybit account is an extremely important aspect for users who want to use the exchange to its full potential. The KYC process guarantees security, compliance with all legal requirements, and convenience. By following the instructions, you can easily confirm your identity and access all the features of the platform.
FAQ
1. Can I use Bybit without verification?
Yes, but with limitations: reduced withdrawal limits and no full access to some features.
2. How long does the verification process take?
On average, verification takes from a couple of minutes to a day. In case of platform load it may take up to 2 working days.
3. What types of documents are required to verify identity?
Citizen's passport, driver's license or national ID card.
4. Is it possible to complete KYC through a mobile app?
Yes, the process is available both on the web version and through Bybit's mobile app.
5. What to do if the verification is rejected?
Check that the uploaded document photos are clear and up-to-date. If the problem persists, contact support.
