Deribit, a leading derivatives exchange, has implemented KYC (Know Your Customer) requirements to enhance platform security and comply with regulatory obligations. KYC involves verifying a user's identity and address, helping prevent illicit activities and protect users from fraud. This guide provides a detailed overview of Deribit's KYC process, eligibility criteria, verification methods, and potential consequences of non-compliance.
Individual Accounts:
Age 18 or older
Proof of address within the past 3 months
Corporate Accounts:
Registered business entity
Deribit offers two primary verification methods:
1. Email Verification:
2. ID and Address Document Verification:
Step 1: Create an Account
Step 2: Verify Your Email
Step 3: Submit ID and Address Documents
Step 4: Verification Review
Trading Restrictions:
Unverified accounts may have trading limits imposed or their accounts suspended.
Loss of Funds:
Failure to complete KYC may result in funds being frozen or forfeited.
Legal Liability:
Deribit is obligated to report suspicious activity to authorities. Non-compliance with KYC could lead to legal consequences.
Keep Your Documents Updated:
Ensure your ID and proof of address documents are up-to-date to avoid unnecessary delays in verification.
Use High-Quality Images:
Upload clear and legible images of your documents for faster processing.
Be Patient:
KYC verification can take a few hours or days. Avoid multiple submissions, as this can delay the process.
Submitting Invalid Documents:
Ensure your documents are valid and meet the required criteria before submitting them.
Mistyping Information:
Carefully review the information you enter, especially your name, address, and ID number.
Using Documents from Third Parties:
Submit only original documents in your own name. Using documents from third parties is against KYC regulations.
1. The Case of the Misidentified Trader
2. The Story of the Forgotten Address
3. The Lesson of the Frozen Funds
Deribit's KYC requirements are essential for maintaining platform security, preventing fraud, and meeting regulatory obligations. Understanding and following these requirements is crucial for traders. Failure to comply can result in trading restrictions, loss of funds, and legal consequences. By completing the KYC verification process promptly and accurately, users can unlock the full capabilities of the Deribit platform while protecting their funds and reputation.
Verification Method | Trading Limits |
---|---|
Email Verification | Up to 10 BTC per day |
ID and Address Document Verification | Unlimited |
Document Type | Purpose |
---|---|
Passport | Identity and citizenship |
Driver's License | Identity and address |
Utility Bill | Proof of address |
Bank Statement | Proof of address and financial status |
Stage | Estimated Duration |
---|---|
Email Verification | Instant |
Document Submission | Within a few hours or days |
Verification Review | Within a few days or weeks |
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