Additional verification for withdrawing crypto

Coinmerce has implemented a new verification requirement concerning external wallets.

Why?

As part of the registration with the Dutch Central Bank (DNB), all crypto providers operating in the Netherlands have to comply with the Sanction law. Part of this Sanction law is the screening of counterparties in transactions. Meaning, when you send cryptocurrency to an external wallet, you will first have to verify you are the owner or have control of this external wallet. More about this regulatory requirement can be found here.

We do understand this additional measure may feel excessive and privacy infringement for some of you. Unfortunately, we don't make the laws and have no choice but to implement this measure.

What does this mean for you as a customer?

For customers who store their cryptocurrency on Coinmerce and have never sent, and never will send cryptocurrency to a wallet outside of Coinmerce, nothing will change.

But if you are a customer who sends cryptocurrency outside of Coinmerce, a new process will appear next time you try to do so. The process has the goal to verify you are the owner of the wallets you are trying to send funds.

Different kind of wallets

There are three different kinds of external wallets you can verify:

Personal wallet:
A wallet for which you own the private key, like a hardware-, software-, mobile- or web wallet. For example Ledger, Trezor, Exodus, Blockchain.com.

Exchange wallet:
A wallet which is provided by an exchange or broker. With these wallets, you don't have access to the private key and your wallet is linked to the account. For example Binance, KuCoin or Kraken.

New private wallet:
We provide you with a new personal wallet outside of Coinmerce. This wallet is automatically verified because we can be confident you own the wallet.

How do I verify a wallet?

Verifying an exchange or personal wallet is done as following. Login to your Coinmerce account, click your account and choose address book. Choose to add a new wallet. Optionally you can also verify a wallet by entering the withdrawing process from your wallets. Verification is performed through one of the following verification methods:

Uploading a screenshot of the address/wallet
- The screenshot should show the public address.
- The screenshot should show the entire screen. In case of a website, also the URL.
Possible for both Exchange and Personal wallets. Reviewed during business hours.

Performing a small deposit
Send a small amount of cryptocurrency from the address/wallet you are trying to verify to Coinmerce. Do not send the funds to your regular deposit address! There is a unique deposit address for this verification.
Only possible for Personal wallets and reviewed during business hours

Signing
Use your private key to sign a message we provide to you. By signing the message, a hash is generated. Provide us with the hash, and we can be sure you are the owner of the wallet. Please note that this method is recommended for technical/advanced customers only.
Only possible for Personal wallets. Instant verification

Important

Once a wallet is verified, it is added to your address book. In the future, you can easily select the address and withdraw without any verification needed.