Coinmotion users can send cryptocurrencies from their Coinmotion accounts to external cryptocurrency wallets and services. For security and regulatory purposes there are instances where this feature might be temporarily limited or delayed.
How long does the review take?
We review pending cryptocurrency transfers multiple times a day, even on weekends and public holidays. Typically, the review process should only take a few hours to a maximum of one day. However, if we need more information from you regarding the transfer, there may be a slight delay.
Why does Coinmotion require more information about my transfers?
At Coinmotion, we take the safety of our customers' virtual currency transfers very seriously. Cryptocurrency transfers are permanent and cannot be reversed, so we want to ensure that funds sent through our platform are secure and are going to the correct place (and not to any fraudsters or possible scams).
Like banks and other financial institutions, we are required by law to verify the identity of our customers and understand their backgrounds and activities. This helps us prevent fraud and money laundering. Therefore, we may request more information about your transfers to meet these legal requirements and protect your funds.
Our top priority is the security of your funds, and we are committed to following all legal regulations to ensure the safety of your transactions. If we need more information from you, it is to protect you and your assets.
What is the legal basis for requesting additional information?
As part of the "Know Your Customer" process, we must identify who is making transactions and whose funds are being used. This is mandated by laws such as the Act on Virtual Currency Providers and the Anti-Money Laundering Act. These regulations help prevent fraud and money laundering, ensuring that transactions are legitimate and secure.
How can I facilitate crypto withdrawals?
To increase the security of your account and thus decrease the need for additional reviews, we recommend activating two-factor authentication (2FA) on your account. 2FA significantly enhances the security level of your account and reduces the risk of account misuse, making us more confident in automating your crypto transfers.