Unhosted Wallet Verification/Self Declaration

Why Do You Need To Verify My Unhosted Wallet?

With the implementation of the Travel Rule, cryptocurrency transfers valued over 1000€ to unhosted wallets (such as offline wallets, cold or hardware wallets, mobile wallets, and browser wallets) require a digital signature to prove wallet control before making the transfer. This needs to be done once, after which you can easily make future transfers to that address.

Verifying an unhosted wallet does not involve verifying the wallet itself but the ownership of its address. This is an important distinction, as, for example, Ethereum wallets (ERC20) often use a single address for transactions, while UTXO-based cryptocurrencies like Bitcoin and Litecoin can use multiple addresses.

How To Verify An Unhosted Wallet Ownership In Coinmotion?

Step-By-Step Process:

1. Initiating the cryptocurrency transfer: Make a cryptocurrency transfer in Coinmotion as usual.
2. The platform will present you with a pop-up window requesting you to verify wallet ownership. Click the blue "Verify" button to proceed with the process.
3. Message for verification: The platform will provide a message to verify the wallet address.
4. Creating a signature: You can create a signature in your wallet application (the function is usually called "Sign/Verify"). Once you have created the signature, you can copy it into the "Signature proof" field.
5. Verifying the address: Once Coinmotion receives the signed proof, the platform verifies the wallet address. After successful verification, transfers to this address can be made without further checks.

Self Declaration

If you are transferring cryptocurrencies that do not support Unhosted Wallet Verification (such as LTC, XRP, XLM, ADA), or if you are unable to complete the verification process for other reasons, you can verify the address through a Self Declaration. While a Self Declaration follows the same general principle, the information required differs slightly from Unhosted Wallet Verification.

Step-By-Step Process:

1. Initiate the cryptocurrency transfer: Make a cryptocurrency transfer on Coinmotion as usual.
2. The platform will present a pop-up window asking you to verify the ownership of your wallet. Continue the process by clicking the blue "Verify" button.
3. In the next window, proceed by clicking the “Continue on this device” button.
4. After this, the platform will provide a new window where you can fill in your wallet details and complete the Self Declaration.
5. Answer the questions presented by the platform.
6. Profile verification: Once Coinmotion has received the necessary information for the Self Declaration, the platform will verify your wallet address.
7. After a successful verification, transfers to this address can be made without a new self declaration.

Through these processes, we ensure that our customers' transactions are both secure and compliant with current regulations.