How to complete KYC verification on Bybit? Is it mandatory?

Understanding KYC Requirements on Bybit

1. Bybit enforces Know Your Customer (KYC) procedures as part of its regulatory compliance framework across multiple jurisdictions including Singapore, Dubai, and the European Economic Area.

2. Users accessing fiat deposit services, margin trading, or derivatives with elevated leverage must undergo identity verification before activating those features.

3. The platform categorizes accounts into Tier 0 (unverified), Tier 1 (basic ID verification), and Tier 2 (enhanced verification with proof of address and additional documentation).

4. Failure to complete KYC when prompted may result in restrictions such as inability to withdraw funds beyond a low threshold or suspension of advanced trading tools.

5. Regulatory mandates from authorities like the ADGM Financial Services Regulatory Authority require exchanges to maintain verified user records to prevent money laundering and terrorist financing.

Step-by-Step KYC Submission Process

1. Log into your Bybit account via web or mobile application and navigate to the “Identity Verification” section under Security Settings.

2. Select your country of residence and choose the appropriate document type—national ID card, passport, or driver’s license.

3. Upload clear, unobstructed images of both front and back sides of the selected ID; ensure all text and security features are legible.

4. Complete facial verification by following on-screen instructions for a real-time selfie with liveness detection enabled.

5. For Tier 2 verification, submit a recent utility bill, bank statement, or government-issued document showing your full name and residential address dated within the last three months.

Common Reasons for KYC Rejection

1. Blurry, cropped, or glare-affected document photos that obscure critical fields such as date of birth, expiry date, or photo.

2. Mismatch between the name on the submitted ID and the registered account name, including discrepancies in middle names or transliteration errors.

3. Use of expired identification documents—Bybit does not accept IDs past their stated validity period.

4. Inconsistent information between ID and selfie, such as differing head coverings, eyewear that conceals eyes, or visible editing artifacts.

5. Submission of non-government-issued documents like student cards, health insurance cards, or temporary permits not recognized for KYC purposes.

Impact of KYC Status on Account Functionality

1. Tier 0 accounts face daily withdrawal limits capped at 0.01 BTC or equivalent in other cryptocurrencies and cannot access spot margin or futures trading.

2. Tier 1 verification lifts withdrawal ceilings to 100 BTC per day, enables spot trading with leverage up to 10x, and grants access to Bybit Launchpool and NFT marketplace features.

3. Tier 2 status unlocks institutional-grade services including OTC desk access, higher perpetual contract position sizes, and eligibility for Bybit Earn staking programs with enhanced APY tiers.

4. Unverified users attempting fiat on-ramps via third-party providers like MoonPay or Mercuryo will encounter immediate transaction failure regardless of funding source.

5. Certain promotional campaigns—including referral bonuses, trading competitions, and airdrop distributions—are exclusively available to accounts holding active Tier 1 or Tier 2 status.

Frequently Asked Questions

Q: Can I use a passport issued by a country where I don’t currently reside?A: Yes, Bybit accepts passports from any internationally recognized sovereign state, provided the document remains valid and matches your registered personal details.

Q: Does KYC need to be repeated if my passport expires?A: Yes, users must re-verify using a newly issued, valid identification document once the previously submitted ID reaches expiration.

Q: Are there language requirements for supporting documents during Tier 2 verification?A: Documents in non-Latin scripts must include official English translations certified by a licensed translator or embassy representative.

Q: What happens if I decline to submit KYC information?A: Accounts without completed verification remain functional for basic spot trading but lose eligibility for withdrawals above nominal thresholds and all derivative-related services.