What Is KYC Verification?
KYC, short for Know Your Customer, is a verification process that helps financial and crypto platforms confirm the identity of their users. It ensures that the personal information provided is accurate, valid, and compliant with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
📌 What Is the Purpose of KYC?
KYC is not just a regulatory requirement — it’s also a key measure for protecting user accounts and platform security. By completing KYC verification, platforms can help prevent:
- Fraudulent activities
- Money laundering
- Account misuse
- Identity theft and impersonation
KYC also contributes to creating a transparent and compliant trading environment.
🛡️ Why Do You Need to Complete KYC on BYDFi?
To ensure secure and compliant transactions, BYDFi requires all users who deposit fiat currencies to complete KYC verification before making any withdrawals.
- If you top up your account using bank transfers or other fiat deposit methods, KYC must be completed before crypto withdrawals are enabled.
- Once submitted, KYC applications are reviewed within 1 hour (typically faster).
📄 What Documents Are Required for KYC?
To complete the KYC process, you will usually need to provide:
- A valid government-issued ID (passport, national ID card, or driver’s license)
- A selfie or facial recognition for identity match
- Proof of address (such as a utility bill or bank statement — if required)
Once your KYC is approved, your account will gain full access to key features such as withdrawals, higher withdrawal limits, and participation in platform campaigns.
✅ Benefits of Completing KYC Verification
- Strengthens account security
- Prevents fraud and unauthorized access
- Unlocks fiat deposit and crypto withdrawal functions
- Ensures compliance with global regulations
Need help with your KYC process? Visit our Help Center or contact 24/7 Live Support through the app or website.