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  1. zondacrypto
  2. zondacrypto exchange
  3. Verification of the source of funds
  4. Why is zondacrypto asking for this information when no bank has ever asked me this kind of question?

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  • From what amount is the source of funds deposited with the exchange verified?
  • How can I document cryptocurrencies that I have obtained, for example, by trading on another exchange? What documentation is sufficient in such a case?
  • How can I prove a donation if it did not exceed the amount to be reported to the Tax Office?
  • How can I prove the origin of the funds if they come from mining of cryptocurrencies or airdrops of various kinds?
  • How can I show my savings over the last dozen / many decades?
  • How do I show the source of the funds if I have exchanged cryptocurrencies on a platform from which no transaction confirmation can be generated?
  • How does the requirement to share information related to AML verification relate to the GDPR?
  • Is a simple statement on the source of funds sufficient, and does zondacrypto ask all Users about such matters?
  • Is verification of the source of funds a one-off event?
  • On what legal basis is information about my finances collected?
  • What are the consequences of refusing to submit a statement of sources of funds deposited to our platform?
  • What if I have produced the documents I was asked for but they are not sufficient?
  • What if my funds have not been credited to the balance and I have been asked to confirm the source of the funds deposited to the exchange?
  • What if the cryptocurrency comes from an exchange that no longer exists and I am unable to generate a confirmation?
  • Why do other exchanges that handle FIAT currencies not ask these kinds of questions?
  • Why do we not verify this type of issue when the funds are deposited and often only when the funds are withdrawn?
  • Why is the source of the funds required to be verified, despite the fact that they come from a bank that has already verified the funds?
  • Why is zondacrypto asking for this information when no bank has ever asked me this kind of question?

entriesSize: 18
differTime: 0.047

Why is zondacrypto asking for this information when no bank has ever asked me this kind of question?

Banks also verify the source of their customers' funds. They have direct access to the customer's account, and can also exchange customer information with each other, so the process is less "invasive" for the customer, often even unnoticeable.

A cryptocurrency exchange unfortunately does not have this capability, so we are obliged to engage the customer in this process to a much greater extent than other institutions. Banks also occasionally ask customers where the funds in their accounts that are linked to transactions on our exchange come from.

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