Sumsub is ready to share the results of their partnership with Bybit.

Sumsub, an internationally-acknowledged identity verification and KYC/AML compliance provider, is ready to present the results of their partnership with Bybit, a global crypto trading and staking platform with over 6 million users worldwide.

Bybit became Sumsub’s customer in July 2021, and the entire integration process took around a month. By offering an automated KYC system, Sumsub helps Bybit reduce its consumption of human resources, so that their employees could focus on complicated cases identified by the system itself. Moreover, Sumsub’s solution is able to stop fraudsters from passing onboarding while detecting forged documents and duplicates.

Sumsub has provided Bybit with two levels of verification. The first level of verification — ID verification and a facial biometric check (liveness) — is enough for users who wish to withdraw up to 50 BTC. The second level applies to those who wish to operate with larger sums, and involves a proof of address (PoA) check to verify that users aren’t coming from crypto-restricted countries.

As a crypto exchange, Bybit is famous for their care for customers and the client experience, which is reflected in their approach to KYC. They provide fast feedback on each case of unsuccessful verification so that the end users know what’s wrong and can get onboarded quickly and successfully.

One of the greatest benefits that Sumsub brings to Bybit is a user verification process that usually takes about one minute. The average pass rate is 78% for first-level verification — that is, liveness + ID check. Plus, Sumsub detects up to 99% of forgery attempts targeting Bybit.

With Bybit’s future development and global expansion, Sumsub will do its best to remain their long-term KYC/KYB partner, creating any updates necessary to sustain growth in the fast-moving world of crypto.