As the global crypto trading industry grows, the Know-Your-Customer (KYC) requirement has become a standard practice among top cryptocurrency trading platforms. Bybit, one of the top trading platforms for digital assets, offers a diverse range of cryptocurrency investment products and services. As part of their efforts to collaborate with regulators on anti-money laundering (AML) and KYC rules, some processes are required to verify accounts on the platforms. This guide thoroughly explains the verification levels available and how long it takes to complete the Bybit verification process.
How Long Does the Bybit Verification Process Take?
The time it takes to complete the Bybit verification process depends on the tier chosen. There are three verification levels for individuals which include Basic, Level 1 and Level 2. Basic verification can be completed in about a minute. For enhanced accounts, Level 1 takes about 5 minutes to process and Level 2 can take up to 48 hours due to the additional information and documentation required.
For more information on the verification levels and the associated account limits and restriction, read our full Bybit review.
Can You Speed up the Bybit Verification Process?
The best way to expedite the verification stage on Bybit is to have all of the necessary documentation at hand for the respective verification level. Secondly, ensure the information entered is an exact match of the documents uploaded. This will ensure there are no delays due to incorrect information submitted. Mistakes made by the individual can result in the rejection of the document submission and will have to repeat the process again.
What Should You Do If Verification Is Taking Too Long?
Bybit verification may take longer than anticipated. If individuals are having difficulties with their KYC process, such as uploading a photo of their documents, they should look into the following:
- Ensure that the document photo clearly displays the full name and date of birth. If users are having trouble uploading photos, they should ensure that their I.D. photos and other information are clear and haven't been tampered with.
- Upload the following proof of address documents: utility bills, bank statements, and government-issued residential proof. Bybit does not accept the following documents: I.D. cards, driver's licenses, government-issued passports, mobile phone statements, insurance documents, bank transaction slips, bank or company referral letters, and handwritten invoices/receipts.
Crypto users who are experiencing issues with their KYC verification and take longer than the expected timeframe, they can also contact the Bybit team via LiveChat support or send an email to email@example.com.
Why Complete the Verification Process on Bybit?
ID verification is a global standard that is enforced by financial regulators in many countries around the world. The purpose is to verify a customer's identity to pinpoint any risk concerns. KYC procedures in the crypto industry aid in preventing financial crimes such as identity theft, money laundering, financial fraud, financing of terrorism, and others. This will also positively impact the industry's overall future and sustain growth in the crypto industry.
The second reason to complete ID verification is to obtain higher withdrawal limits and features that can be restricted for unverified accounts. Withdrawal limits are increased from 2 BTC to a maximum of 100 BTC when accounts are fully verified. This is important to know when deciding to withdraw from Bybit and cash out to a bank account.
Furthermore, as verified Bybit users, traders gain access to special features, such as token airdrop events and the ability to fund Launchpool initiatives. In addition, verified investors can engage in Bybit Earn projects such as Launchpad and Launchpool.
The Verification Levels on Bybit
There are different levels of verification on Bybit, and each one has a different withdrawal cap: Basic (only email verification required), KYC Level 1, and KYC Level 2.
KYC Level 0 - Unverified account (Max 2 BTC withdrawal per day)
This Level includes investors who create an account and verify their email addresses. Users can withdraw up to two Bitcoins (BTC) without submitting additional documentation. They can withdraw larger amounts after completing KYC Levels 1 and 2.
KYC Level 1 - Increased withdrawal limit (Max 50 BTC per day)
Most platform features are unlocked at Level 1. Users can withdraw up to 50 BTC daily after completing the first Level verification, which includes an I.D. check and a face recognition check. Customers should ensure their ID clearly displays their full name and date of birth. The document should be legible and not be altered in any way.
Most customers pass Level 1 verification on their first attempt, which takes less than five minutes. Because of the collaboration with Sumsub, the average pass rate for first-Level verification is 78%. Bybit claims that this step will help them better defend their platform by detecting 99% of forgery attempts.
KYC Level 2 - Highest withdrawal limit (max 100 BTC per day)
Level 2 (Residency verification) adds further benefits but requires more user information. KYC Level 2 requires proof of address (PoA) check to ensure that Bybit complies with countries that have restricted crypto trading. Utility bills, bank statements, and government-issued residential proofs are among the documents accepted by Bybit.
Customers will receive an email confirming Bybit's verification of the documents, after which they can withdraw up to 100 BTC daily. Although the KYC verification process takes about 15 minutes to 48 hours, in some rare cases.
How Long Does Each Bybit Verification Level Take?
The estimates for the Bybit verification speed on each level are shown in the table below:
|Level of Verification||Processing Time Estimates||Requirements||Restrictions|
|Basic KYC||1-2 minutes||Email only||Withdraw 2 BTC per day|
|Level 1 KYC||5 minutes||Personal information, photos of identity documents (passport), facial verification||Withdraw up to 50 BTC daily|
|Level 2 KYC||Up to 48 hours||The above and Proof of residence (utility bill, bank statement)||Withdraw 100 BTC and below daily, and access exclusive promotions and events such as Launchpad|
How to Complete the Bybit Verification Process - Complete Guide
Here is a step-by-step guide on how to complete the Bybit KYC process to become familiar with the process and expedite the approval.
The initial step is to log into the Bybit account and navigate to the "Account Security" option in the top right corner. Click on the "Account Security" link and then proceed to the section where it shows the "Identity Verification" columns. Select the verification level and click on "Verify Now".
Step 2 - Upload identification documents
In the Level 1 section, click "Verify Now". Next, choose the country where the identity document was issued and specify the kind of document (e.g., passport). Then, by selecting "Upload document", investors can upload a document picture. Once the upload is finished, select "Next step".
Step 3 - Complete facial identification
At this point, It's time to use the webcam to capture a face photo. Click "Start" and follow the on-screen directions to initiate the verification procedure. Recreate the face scan by selecting "Start". After completing the facial scan, check the data and click "Next step". When the initial KYC ByBit verification is successful, click "Return" or go to the "Identity Verification (KYC)" page to take the second step of verification.
Frequently Asked Questions
Yes, individuals can use the Bybit exchange without verification. However, they will be restricted to a 2 BTC withdrawal limit daily and won't be able to participate in Bybit Earn projects, such as Launchpad and Launchpool, which fully verified customers would have access to.
To get verified for Level 1 on Bybit, investors need to upload a government-issued I.D. (e.g a driver's license) and take a facial scan. Then, for further verification, investors must upload a proof of residence document (e.g., utility bills).
Yes, Bybit requires a government-issued I.D. for customers to get verified for the Level 1 KYC. This can be a passport or driver's license. Also, users must produce a residential address document for Level 2 validation.
Bybit is one of the few non-KYC exchanges that enable individuals to trade crypto without submitting identification documents. Although, the withdrawal limit is capped. For enhanced verification accounts with greater features and withdrawal limits, individuals will need to complete the KYC process. In most cases, the verification process on Bybit can be completed in under 5 minutes. The highest verification which gives access to exclusive promotions takes up to 48 hours to be approved which is quite lengthy.