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KYB: The verification process
KYB: The verification process
Updated over a week ago

More and more businesses are holding crypto, and we are all for it. We are genuinely excited to see your company embrace the potential and opportunities of the crypto landscape.

We want to see you thrive and succeed, so we have established a verification procedure that allows businesses to onboard and use all that Bybit Powered by SATOS can offer.

In this article, we wanted to go through the verification procedure so that you and your business know what to expect and what documents we need. Let us go ahead and get started.

Step 1: The Questionnaire

The first step consists of the questionnaire, a list of give or take 35 questions. It sounds like a lot, but it does not take much time if you have your business information beside you.

These questions include your business, legal structure, intentions for using bybit and transaction profile.

Step 2: Providing documents

Once it is finished, we will email you a list of the documents we need to verify. This is as follows:

Ownership Chart

First, we require an ownership chart. It should display all businesses and persons, regardless of the percentage. This means that even companies or people who own 1% of whichever entity should be shown on the organogram. Please take a look at the example of a fully exhaustive organogram below.

Verifying the Legal Entities

Now that you have set up your organogram, we want to verify all legal entities in the chain of command. If we look again at the example, four entities will undergo verification: Bitcoin B.V., BSV Holding, CW Holding and GA Holding.

We need the following documents from each entity:

  1. Articles of incorporation;

  2. Most recent shareholder registry;

  3. Chamber of Commerce Extract (not over three months old).

Quick note: We require a separate shareholder registry; the Chamber of Commerce extract is insufficient.

We also ask you to keep us up to date if there are any changes in your shareholder registry. You are exempt from providing a shareholder registry if you own a sole proprietorship.

We need a dated bank statement (not over three months old) from the applying entity (Bitcoin B.V.) to finalise this section. This is necessary regardless of whether you intend to deposit Euro.

Step 3: Verifying the UBO, Legal Representative or Board Members

Once you have sent over your documents, we will look at them as soon as possible. If the documents are accepted, we invite you to verify the company's Ultimate Beneficial Owners (UBO). These shareholders own more than 25% of the business; in our example, these are S. Nakamoto and G. Andresen. If you have a legal representative representing your business, we ask that you verify this person.

What if there are no UBOs?

If there are no UBOs present, we shall verify the board members of the applying entity.

The verification procedure

The verification procedure is relatively straightforward. Depending on the number of persons we must verify, we send you one or several links that redirect to a verification page. The individual is asked to verify their identification and upload Proof of Residence on this verification page. Once that is done, we will continue to step 4.

Step 4: Verifying the Transaction Profile

If you have no intentions of depositing euro or crypto onto Bybit (e.g. affiliates) and have not done so in the past, you do not have to complete this step to be verified. Instead, we can turn off the deposit options, and you can only withdraw your affiliate income. You are also welcome to use the affiliate income for trading.

If you intend to deposit, we will ask you for a Source of Funds that verifies the origin of your wealth. In other words, your audited financial accounts and statements, including cash positions, profit & loss statements (including the explanation), and balance sheets over the last year.

There are alternatives to the mentioned documents above. We recommend you read the article below for the complete list of documents.

Step 5: Closing Conversation

We will finish the verification with a conversation once all documents are accepted. This conversation is via Google Meet and should not take any longer than 15 minutes.

During the meeting, we will go through answered the questions and the provided documents. We will let you know about our rules and check your identification. Please make sure you have your ID on hand.

It is only necessary for one of the verified persons to be present in the conversation.

If everything checks out, we will approve your verification, and you can start using the platform shortly after.

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