Why do we collect proof of funds documents?
Coinmotion Ltd is legally obligated to Know Your Customer. The customer goes through the Know Your Customer (KYC) process at the beginning of the customer relationship, and the situation is assessed annually through a KYC form that needs to be completed. In addition to the customer information form that needs to be completed yearly, we are required to inquire about additional information regarding the origin of the funds when necessary.
In accordance with our terms of use, we adhere to Anti-Money Laundering legislation, apply comprehensive practices related to customer identification, and also require our users to provide comprehensive information. We understand that providing the requested documents may take some time, but by law, we need to have sufficient and up-to-date information regarding, among other things, our customers' activities and the origin of their funds.
What do I need to do?
We request proof of funds through an internal message on Coinmotion. If you have received such a message, we ask you to respond to the questions regarding the proof of funds and provide the necessary documents. Please note that the proof of funds should state where the funds were originally obtained from. You can find a list of documents for different sources of income in the following articles:
Why is proof of funds requested?
We are required to request proof of funds by law. If you are unable to provide the proof, please contact our customer service through Coinmotion's internal messages.
What is the minimum amount above which a proof of funds/wealth is required?
We cannot share the internal processes used to trace the origin of funds as this information could be used to avoid tracing the origin of funds.
Do I have to provide proof of funds if I have purchased digital assets on Coinmotion, do not complete any further transactions and only want to withdraw capital gains?
No, you don’t have to. The request about proof of funds only applies to deposits made to Coimotion. If you make capital gains on Coinmotion, you do not need to provide proof of funds for these gains.
Can I file a complaint about the processing of the proof of funds?
We always try to provide you with the best assistance possible with the provision of a proof of funds. Should you still wish to make a complaint, you can do so by contacting our customer support.
What can I do if the exchange I used to handle certain trades no longer exists?
If you are unable to provide the proofs of funds, for example, because an exchange on which the transactions took place has stopped operating, you can send us the following information and we will check whether it can be used as proof:
- Name of the exchange
- Wallet addresses & transaction IDs
- Name and amounts of coins, tokens, assets and fiat currencies that were bought, sold and traded
- Was this exchange also used as a Fiat Gateway or only for the trading of cryptocurrencies?
- Is there still data available such as (e.g.):
- Emails (e.g. confirmation emails for purchases, sales and trades)
- Transaction histories (as screenshots or exports)
- Proof of fiat deposits (e.g. bank statements)