Here’s ‘Why’ & ‘How’ You Should Complete Your KYC on ByteX

Here’s ‘Why’ & ‘How’ You Should Complete Your KYC on ByteX

Dire Need for KYC Verification?

KYC (or KYB) verification allows the platform to fight against the likes of hackers, money launderers, market manipulators, impersonators and anyone who can potentially harm the users or platform or both. 

It further helps financial institutions in effective risk categorization, to determine the legitimacy of the funds deposited on the platform and to deny services to the lawbreaking individuals & institutions. 

What are the Benefits of KYC Verification?

ByteX offers a wide array of services. A non-KYC verified users have access to limited features ; restricting them to only explore the platform. To take advantage of the complete ByteX ecosystem, a user must be KYC (or KYB verified).

Confused between KYC and KYB verification? Refer this guide to avoid any confusion: https://support.bytex.io/support/solutions/articles/73000567298 

What are the Steps involved in KYC?

ByteX follows a simple and easy 3 step process to make the entire execution quick and easy for the user. 

Step-1: Provide your personal information and upload the required documents chosen from the list of preferred government documents to verify your identity. 

Refer this for complete list of documents: https://support.bytex.io/support/solutions/articles/73000572359 

Step-2: Documents uploading is followed by a real-time Liveness Check. It compares the users’ face with the government issued document provided by the user. This helps in tackling any impersonation attempts. 

Step-3: A confirmation screen appears seeking confirmation before final submission of documents to our KYC partners; SumSub and HyperVerge.

List of Hotlisted Countries

ByteX is a global platform and doesn’t discriminate access to its services based on ethnicity, religion, geographical location or any other factors. But in order to adhere regulations and compliances ByteX at present doesn’t provide services in the following countries/regions/states/provinces:

1. Afghanistan
2. Algeria
3. Bahrain
4. Belarus
5. Bosnia & Herzegovina
6. Cambodia
7. Central African Republic
8. Cuba
9. Democratic People’s Republic Of Korea
10. Democratic Republic Of The Congo*
11. Egypt
12. Guyana
13. Holy See
14. Iran
15. Iraq
16. Israel
17. Jordan
18. Kuwait
19. Laos
20. Lebanon
21. Libya*
22. Mali
23. Myanmar
24. Nicaragua
25. North Korea
26. Oman
27. Pakistan
28. Palestine
29. People’s Republic Of China*
30. Qatar
31. Russia*
32. Saudi Arabia
33. Somalia
34. South Sudan*
35. Sudan
36. Syria*
37. Turkey
38. Uganda
39. Ukraine
40. United Arab Emirates
41. Vanuatu
42. Venezuela
43. Vietnam
44. Yemen
45. Zimbabwe

Special Circumstances Among the Banned Countries

• Libya is hotlisted but Libyan Arab Jamahiriya is accepted for registration & KYC verification.
• People’s Republic Of China is hotlisted but China is accepted for registration & KYC verification.
• Russia is hotlisted but the Russian Federation is accepted for registration & KYC verification.
• South Sudan is hotlisted but Sudan is accepted for registration & KYC verification.
• Syria is hotlisted but the Syrian Arab Republic is accepted for registration & KYC verification.

All the users of ByteX must comply with the KYC/KYB verification to access deposit, withdrawal, and trade features of the ByteX ecosystem. Non-verified users under any circumstances will not be allowed ( and able to) interact with the ByteX trading products.