We have improved our KYC (Know-Your-Customer) Limits and Requirements on Bitbit.cash and Buybitcoin.ph
To further strengthen our compliance and Know Your Customer (KYC) process as required by the Banko Sentral ng Pilipinas (BSP), we have updated our daily cash-in and cash-out limits, as well as, verification requirements per level.
Starting November 15, Wednesday, these changes will be implemented to all new and existing Bitbit and Buybitcoin users.
This is only relevant for our Philippine-based customers.
New KYC (Know-Your-Customer) Limits Scheme
New KYC (Know-Your-Customer)Requirements
Why verify your account?
Verifying your account increases your daily limits and makes you eligible to access more benefits and rewards on Bitbit.
The information we collect is necessary for us to provide you with a secure, smooth, efficient, and customized experience. We also need it to prevent fraud, identity theft and misuse of our platform, and to comply with local BSP and AML regulations . Your privacy is important to us, see our Privacy Policy here.
For existing Bitbit users, you may see changes in your KYC Level based on the requirements you have already submitted. You may easily upgrade your account limits by going to the Account Settings page on your Bitbit app. Provide the required information and documents and allow us 1–3 business days to process your verification.
What transactions contribute to your Cash-in and Cash-out limits?
Cash-in transactions that contribute to your limits are:
- Deposit to bank (using OTC and DragonPay)
- Deposit to Cliqq or 7–11
- Deposit to any remittance/pawnshops
- Converting from PHP to cryptocurrency
EXCLUSIONS: Receiving PHP from other bitbit users. Paylink payments (PHP).
Cash-out transactions that contribute to your limits are:
- Withdraw to bank (using OTC and DragonPay)
- Send to any remittance/pawnshops
- Convert from cryptocurrency to PHP
EXCLUSIONS: Sending crypto from other bitbit users. Sending crypto to external crypto wallet. Paylink payments (PHP)
Also please note that buying load, paying bills, and buying game credits do not count toward your limits.
Verify your account today to enjoy higher transaction limits!
For further clarification, please send us a message at hello@bitbit.cash.
