• General FAQ

• How to complete verification

  • Deposit
  • Withdrawal

General FAQ

What is Travel Rule?

The Travel Rule requires virtual asset service providers (VASPs) like banks, exchanges, custodial solutions, and financial service providers to identify and share the origins and destinations of crypto transactions. 

What is VASP?

VASP stands for Virtual Asset Service Provider. It refers to any business or entity that conducts activities related to virtual assets, such as exchange services, transfer services, custodial services, or any other financial services.

What are Virtual Asset (VAs)?

Financial Action Task Force (FATF) defines Virtual Assets (VAs) as digitally represented value that can be traded, transferred, or used for payment or investment purposes but does not have a physical form, including cryptocurrencies, stablecoins, utility tokens, security tokens, or non-fungible tokens (NFTs).

Why do we need Travel Rule?

The Travel Rule is needed to prevent money laundering, terrorist financing, and other financial crimes in the crypto space. It ensures that Virtual Asset Service Providers (VASPs) share specific transaction details when transferring virtual assets.

Will Bybit EU implement Travel Rule?

Yes, we will collect certain information about your crypto deposits and withdrawals. This will affect individual customers when conducting transactions to and from the VASP (other cryptocurrency exchange) or personal wallet (such as Metamask or any other decentralized wallet provider).

How would it affect me as a Bybit EU customer?

Bybit EU will require you to provide the following information for crypto deposit and withdrawal: 

 

Do I need to do wallet address verification for all deposits and withdrawals?

It depends on the transaction you made, according to the details below. 

 

a. Crypto Deposit

For deposits from VASPs, Bybit EU does not require wallet address verification from users, and the deposit will be credited to your Funding Account after the system confirms that the information between Bybit EU and the counterparty VASP (sender’s platform) can be matched. However, please note that under special circumstances, you may be required to fill up a declaration form. 

 

In the meantime, for deposits of more than 1000 USD from the personal wallet, you will need to complete both wallet ownership verification by opening the verification link on the Deposit History page. 

 

If the deposit is from another person’s wallet, you can copy the verification link and send it to the sender to prove the address. 

 

Once the verification is done, the deposit will be credited to your Funding Account.

 

b. Crypto Withdrawal

You must provide the information of the beneficiary party and whether the transfer is going to a VASP or private wallet.

 

 

For withdrawal to VASP, the recipient’s name is required and your withdrawal will be processed if the information submitted can be matched with the recipient exchange. For a personal wallet, you will need to further complete the address verification from the withdrawal history page to prove your wallet ownership.

 

When do I need to do wallet address verification?

You will need to do the wallet ownership verification for both deposit and withdrawal from the respective transaction history if the sender or recipient address belongs to a personal wallet.

What should I do if my deposit and withdrawal are from or to another person’s wallet?

If the deposit and withdrawal are from or to another person’s wallet, you can copy the verification link from your deposit or withdrawal history, and send it to another person to complete the verification.

Do I need to do verification for the same address for deposit and withdrawal?

No, you only need to verify an address once.

I have submitted a withdrawal request to VASP, but it says “No Match Found Yet”?

This can happen when the withdrawal destination has not found a match for the recipient information input. You can still submit your withdrawal request, and the withdrawal will be processed once we receive a response from the recipient exchange. You can cancel your withdrawal at any time during the process. 

 

Can I cancel my withdrawal?

Yes, you can cancel your withdrawal as long as you have not done the verification. If the Cancel button is grayed out, you can no longer cancel your withdrawal request. 

Why does it show “Information Match Failed” for my withdrawal?

This is because the recipient information you provided does not match the details from the recipient's destination. Please ensure you fill in the correct information to submit your withdrawal request.

 

Does any amount of deposits and withdrawals require verification?

Yes, any deposit and withdrawal amount is subject to verification.

What would happen if my verification failed?

For deposit, it will be refunded to the sender’s wallet provider. For withdrawal, the funds will be refunded to your Funding Account. 

Will this information be shared with third parties?

The information will only be shared with other regulated VASPs involved in the transaction, as legally required, and will be treated with the utmost confidentiality. Bybit EU takes stringent security measures to prevent unauthorized persons from accessing customer data.

How to complete wallet address verification for Deposit and Withdrawal

Deposit

You need to complete the wallet address verification by entering the sender’s information. If the deposit comes from a Personal Wallet, you are required to complete the declaration form. To complete the wallet address verification for deposit, please follow the steps below:

Step 1: Go to your deposit history, look for the deposit that needs to be completed the deposit information, and click on Continue.

 

Step 2: Select where this deposit comes from: Exchange or Crypto Service Provider, or Personal wallet, enter the sender’s information, and click on Submit.

 

Step 3: Click on the proceed icon on Wallet Ownership Verification. Connect to the wallet if you are receiving the deposit from your Personal Wallet. 

 

 

 

Step 4: If the deposit is from a Personal Wallet, you will need to sign a declaration via the verification link. The declaration process is as follows: 

 

a. Enter the Verification page and click on Continue to proceed.

 

 

 

 

 

2. Select and confirm your country of residence.

 

 

 

 

c. Click on Connect wallet to proceed. 

 

 

 

 

4. Sign the transaction.

 

 

 

 

 

 

Withdrawal

Before you can submit the withdrawal request, you will need to complete the wallet verification process as follows:

 

Step 1: Select your coin, address, and chain type to withdraw as per usual.

 

Step 2: Select whether the withdrawal is to the Exchange or Crypto Service Provider, or Personal wallet. Then, fill in the Recipient name details. The provided data must match the name registered on the destination exchange. 

 

Step 3: Click on the Submit button after entering the information, and complete the verification to submit your withdrawal request. Once the verification is passed, your withdrawal will be processed. 

 

Step 4: If you make withdrawals to a personal wallet, you will need to do further verification from your withdrawal history. Look for the withdrawal that requires wallet ownership verification, and click on Go to process. 

 

Step 5: Please complete the verification and declaration by following the same steps outlined in the deposit process starting from Step 3. 

 

Once the verification process is completed and passed, the withdrawal will be processed.