BYDFi Restricted Countries

BYDFi Restricted Countries

BYDFi operates in compliance with international laws and regulatory guidelines, including Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) standards, which necessitate restrictions in certain jurisdictions. 

The exchange does not provide access to users in regions such as China, the United Kingdom, Iran, North Korea, Bangladesh, and Kazakhstan. These restrictions are in place to align with evolving global regulatory frameworks and to ensure secure and lawful operations. 

Traders are encouraged to regularly consult BYDFi's official list of restricted countries to verify their eligibility and stay informed of any updates based on changing regulations.

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BYDFi Supported Countries

‍BYDFi, a globally accessible cryptocurrency exchange, operates in over 190 countries, including the United States, Australia, and Singapore, offering a wide range of trading options for users. 

While some regions are restricted due to regulatory requirements, individuals with dual citizenship or entities based in approved countries may still be eligible to use the platform, provided they adhere to the compliance standards of those regions. 

For example, a user residing in a restricted area but holding citizenship in a supported country could open an account using their alternate credentials, ensuring they align with the rules of the eligible jurisdiction. BYDFi encourages users to review its terms and conditions to ensure full compliance.

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BYDFi KYC Requirements

Completing BYDFi's Know Your Customer (KYC) verification is essential for accessing the platform's full features and ensuring account security. Here's a short guide for both PC and mobile users:

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KYC on Desktop/PC

1. Access Account Settings: To complete KYC on a desktop device, log in to your BYDFi account, click on your profile icon, and select "Account and Security."
2. Initiate Verification: Click the "Unverified" button located at the top right corner.
3. Provide Personal Information: Select your country, enter your first and last name, and proceed as instructed.
4. Upload Identification Documents: Submit clear images of a valid government-issued ID (e.g., passport, driver's license) and a recent proof of address (e.g., utility bill or bank statement not older than three months).
5. Complete Facial Verification: Follow the on-screen prompts to take a selfie, ensuring your face is clearly visible.
6. Submit for Review: After providing all necessary information, submit your application and await confirmation. The review process is typically completed within an hour.

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KYC on Mobile App

1. Open the App: To complete KYC on a mobile device, launch the BYDFi app and tap the menu icon in the upper-left corner.
2. Navigate to KYC Verification: Select "KYC Verification" from the menu.
3. Start Verification Process: Tap "Verify" and follow the guided steps.
4. Enter Personal Details: Choose the country corresponding to your ID and input your personal information as prompted.
5. Upload Required Documents: Use your device's camera to capture and upload images of your ID's front and back, along with a selfie. Ensure images are in JPG or PNG format and do not exceed 5MB in size.
6. Submit Application: After completing all steps, submit your application and wait for the verification, which is usually processed within an hour.

For additional assistance, BYDFi's customer support is available via live chat. Completing KYC verification enhances your account's security and grants access to higher withdrawal limits and the platform's comprehensive features.

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BYDFi Licenses

BYDFi is strengthening its global presence by aligning with regulatory standards in key jurisdictions, showcasing its commitment to compliance and user security. The platform has two licenses, one from the United States (MSB Registration No.31000215482431 with FinCEN) and Canada (MSB Registration No.M22636235 with FINTRAC). 

While the platform does not currently hold a Virtual Asset Service Provider (VASP) license in Europe, it still operates in all member states, providing access to a wide range of trading services, including spot and derivatives trading.

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About BYDFi

BYDFi, formerly known as BitYard, is a Singapore-based cryptocurrency exchange established in 2020. It offers a comprehensive suite of trading services, including spot trading, derivatives, leveraged tokens, and copy trading. 

In January 2023, the exchange rebranded to BYDFi, standing for "BUIDL Your Dream Finance," reflecting its commitment to empowering users in the digital finance space. The platform is accessible in over 190 countries and serves a global user base exceeding 500,000 individuals.

The platform supports over 550 cryptocurrencies, providing users with a diverse range of digital assets to trade. BYDFi is recognized for its user-friendly interface and competitive fee structure, with spot trading fees ranging from 0.1% to 0.3%. 

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Bottom Line

BYDFi has established itself as a globally accessible and compliant crypto exchange, offering diverse trading options in over 190 countries while adhering to strict regulatory standards. 

With user-friendly features, robust security measures, and comprehensive KYC processes, the platform ensures a secure and seamless trading experience for both retail and institutional clients.