• General FAQ

• How to complete verification

  • Deposit
  • Withdrawal

General FAQ

What is the Travel Rule?

The Travel Rule requires Virtual Asset Service Providers (VASPs), including exchanges, custodial wallets, and financial service platforms, to identify and share information about the origin and destination of crypto transactions. It is a global anti-money laundering (AML) measure designed to enhance transparency and traceability.

What is VASP?

A VASP (Virtual Asset Service Provider) is any business that offers services involving virtual assets, including exchanges, wallet providers, or custodians. In this context, it refers to crypto service providers like Bybit.

What are Virtual Assets (VAs)?

According to the Financial Action Task Force (FATF), Virtual Assets are digitally represented units of value that can be traded, transferred, or used for payment or investment but do not exist in physical form. Examples include cryptocurrencies, stablecoins, utility tokens, security tokens, and NFTs.

Why is the Travel Rule necessary?

The Travel Rule is essential to prevent financial crimes such as money laundering and terrorist financing. It ensures that VASPs exchange required information when processing virtual asset transfers, thereby improving trust and security in the crypto ecosystem.

Will Bybit TR implement Travel Rule?

Yes, we will collect certain information about your crypto deposit and withdrawals. This will affect individual and business 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 does the Travel Rule affect me as a Bybit TR customer?

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

 

 

Note: 

To check if any further action is required for the crypto deposit and withdrawal, please go to the Deposit or Withdrawal History. 

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 other VASPs, Bybit TR 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 TR 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 from the personal wallet, you will need to complete both the wallet ownership verification and declaration form 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 name and ID of the beneficiary party and whether the transfer is going to a VASP or private wallet.

 

 

For withdrawal to VASP, no further verification is required and your withdrawal will be processed if the information submitted can be matched with the recipient exchange. Nevertheless, you may still be required to complete the declaration form. Please refer to the withdrawal guide below.  

For a personal wallet, you will need to further complete the address verification from the withdrawal history page to prove your wallet ownership, as well as the declaration form. 

 

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 happens if my verification fails?

If your wallet address verification fails, you can resubmit the verification by clicking the Retry button. Please ensure that you select the correct type of wallet and enter the correct information, such as the originator’s or recipient’s name.

 

Can I request a refund to a different wallet if verification fails?

Yes, you can initiate a refund from the Deposit History page or the Pending Assets tab in your Funding Account. Select the coin, chain type, new wallet address, and amount. Then click Submit.

 

 

Important: Double-check all refund details before submitting.

 

 

 

Will this information be shared with third parties?

The information will only be shared with other regulated VASP involved in the transaction, as legally required, and will be treated with the utmost confidentiality. Bybit TR 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 if the deposit comes from the Personal Wallet, and under certain circumstances, you may also be asked to verify the deposits from VASP. To complete the wallet address verification for deposit, please follow the steps below:

 

Step 1: Go to your deposit history, look for the deposit with Wallet Ownership Verification Required, and click on Go to process. 

 

Step 2: Select where this deposit comes from: My wallet or Another person’s wallet, and 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.

 

 

Under certain circumstances, you will need to complete a declaration process via the verification link. The declaration process is as follows: 

 

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

 

b. Select and confirm your country of residence.

 

c. Click on Self-declaration to proceed. 

d. Complete the withdrawal supplementary declaration by entering the Full name of the counterparty, Wallet provider name, and National ID Number/ Passport Number / Tax Number of the counterparty. Then click on Continue to submit.

 

 

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 VASP or Personal Wallet. Then, fill in the Recipient name, and Recipient ID details. The provided data must match the name and ID registered on the destination exchange. 

 

Step 3: If you make withdrawals to VASP, you may click on the Submit button to submit your withdrawal request. Once the verification is passed, your withdrawal will be processed. However, please note that you may be required to submit a declaration form in special situations. Please refer to Step 4 for the step-by-step instructions about the declaration process. 

Step 4: If you make withdrawals to your 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.

 

 

 

 

 

 

You are required to complete the verification and declaration during the process, as shown below: 

 

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

 

b. Complete the withdrawal supplementary declaration by entering the Full name of the counterparty, Crypto Asset Service provider’s name, National ID Number/ Passport Number / Tax Number of the counterparty, and the Transaction Purpose. Then click on Continue to submit.

 

Step 5: Once the verification process is completed and passed, the withdrawal will be processed.