2024-10-02 16:33:51Since the strategic partnership began on Jun 15, 2023, SATOS has been providing asset custody services for all Dutch users currently served by Bybit. Users who are identified as Dutch citizens or residents based on their proof of identity or proof of address are required to complete the Mandatory Bybit SATOS Onboarding to access Bybit's services.
What are the differences before and after completing Bybit x Satos Verification?
| Before | After |
| Restrictions in accessing Bybit services to comply with Regional Compliance. | Access to products and services that comply with the regulatory requirements in the Netherlands. |
How do I complete verification as a Dutch national with Bybit x SATOS?
To complete verification with Bybit x SATOS as a Dutch national, kindly follow these steps:
- Mandatory Bybit SATOS Onboarding
- ID and Face Verification
- Bank Verification
Note: Follow the instructions provided during each step of the process. If you have specific questions or encounter issues, please refer to the information in this FAQ.
Where can I complete the Mandatory Bybit SATOS Onboarding?
There are two (2) methods available to process the Mandatory Bybit SATOS Onboarding:
a) Method 1: Go to the Identity Verification page and click the Complete SATOS Verification button to access the questionnaire.
b) Method 2: Upon entering the product page that requires Identity Verification, a pop-up window will appear reminding you to complete the additional Identity Verification steps. Follow the provided instructions to successfully finish the process.
Is the questionnaire mandatory for all Dutch nationality users?
Yes, completing the questionnaire is the first mandatory step for users who identify as Dutch nationals.
What is the processing time for reviewing the Mandatory Bybit SATOS Onboarding submissions?
The results of the questionnaire review will be delivered promptly.
How to start ID and Face Verification for new users?
New users are required to complete the Mandatory Bybit SATOS Onboarding before initiating the Identity Verification process.
What is the Bank Verification process?
To complete Bank Verification, you can either make a fiat deposit or complete the advanced questionnaire. Please note that your deposited funds will only be available after your account is verified by SATOS. In the event of a temporary suspension of the fiat deposit channel, you will be directed to complete the advanced questionnaire.
How can I consider the entire process to be completed?
Upon successfully completing all three (3) verification steps, your account will be forwarded to Bybit x SATOS for verification. Your account status will be updated to Verified once this process is completed. You can refer to the screenshot below for an example of a Bybit x SATOS-verified account.
Why is Name Screening Required after Identity Verification?
Name screening is performed before data is transmitted to ensure compliance with regulatory requirements. This process is a vital component of financial institutions' efforts to identify individuals on government-sanctioned and PEP (Politically Exposed Person) lists. These measures are in place to mitigate the risks associated with activities like money laundering and terrorist financing.
What are the outcomes of the Bybit x SATOS verification?
|
Outcomes |
Implications | |
|
Bybit x SATOS Verification |
Identity Verification on Bybit | |
|
Approved |
Approved |
Your assets will be under the custody of SATOS. You will have access to products and services provided by Bybit x SATOS. |
|
Not Approved |
Approved |
Your deposit to Bybit x SATOS will be refunded to the original payment account. You will have access to products and services provided by Bybit. |
|
Not Approved |
Not Approved |
Your deposit to Bybit x SATOS will be refunded to the original payment account. You will not have access to products and services provided by Bybit. |
Is there any restriction on making my first deposit?
Yes, there is a deposit limit in the bank verification process, allowing only one deposit with a maximum amount of 500 EUR. If you deposit more than 500 EUR, the amount will be fully refunded and will not be considered as your first deposit. Subsequent successful deposits within the limit will then be regarded as your first deposit.
If I specify that my account is for business during the questionnaire, can I still deposit in EUR?
If, in the advanced questionnaire, you declare your account as intended for business purposes, Bybit x SATOS will validate this information via email correspondence. If Bybit x SATOS confirms that your account qualifies as an institution, you will be ineligible for fiat currency deposits.
Why is my deposit locked in assets despite having successfully made the transaction through Fiat Deposit?
To credit the deposit into your Funding account, you have to complete the Bybit x SATOS verification process including the Mandatory Bybit SATOS Onboarding, ID and Face Verification, and Bank Verification. Once your account has been verified by Bybit x SATOS, your Fiat will be credited to your Funding account.
If I made a deposit but did not manage to complete Identity Verification within the next seven (7) days, is it automatically refunded, or do I need to apply for a refund?
It is not automatically refunded if you failed to complete Identity Verification within the seven (7) days. To request a refund, please visit the Orders page, select Details, and click on Refund. Once you click on Refund, the funds will be immediately returned to your deposit account.
Can I cancel a completed deposit during the Bybit x SATOS Identity Verification review?
Currently, the cancellation of a completed deposit during the Bybit x SATOS Identity Verification review is not supported. If you would like to cancel your order, please wait for seven (7) days, and you can initiate the cancellation on the order Details page by clicking on Refund. The refunded amount will be immediately returned to your deposit account.
Can I still receive rewards from Bybit if my Bybit x SATOS verification is rejected but my Identity Verification on Bybit is successful?
If your Bybit x SATOS verification is unsuccessful, your deposit to Bybit x SATOS will be refunded. You may proceed to make a deposit on the Bybit platform during the event period to qualify for rewards.
If the verification by Bybit x SATOS is not successful, will it have any impact on my deposit?
In this scenario, your assets will be refunded automatically.
What should I do if the SATOS verification process exceeds 48 hours?
If you encounter any issues with delayed verification, kindly add complianceops@satos.eu to your email contacts and send an email with your UID to proceed with your verification. An agent will respond to your request soon to continue your verification procedure.
Why are my assets automatically refunded?
There are several reasons that may lead to automatic refunds:
| Reason | Description |
| Initiated Refund | You initiated a refund. |
| Name Mismatch | The name of the bank account for deposit does not match the name of Identity Verification on Bybit. |
| No Custody Requirement by SATOS | You do not have access to the custody services provided by SATOS. You will need to deposit your funds through the Bybit platform. |
| Security Reasons | Your account may occur for security reasons |
Is there a subsidiary relationship between Bybit and SATOS?
Bybit and SATOS are two (2) distinct entities, and neither is a subsidiary of the other.
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