If the Bitcoin transaction of your sell order is broadcasted and confirmed within 15 minutes for which we guarantee the rate, the exchange rate will be locked and your order's status will be set to Processing. It means that within 2 bank days we will send you a bank transfer provided that all the details we've got from you are correct and complete.
Remember that you can only use a bank account registered in your own name to receive the payout. Spouse's and Corporate accounts are considered 3rd party, and we will not send payouts to them for this reason. It is applicable even if you are the owner of the company. It is important to note that you need to provide a full name, as well as, correct bank account details to get the order processed successfully.
We suggest you always use the same bank account to receive payouts in a given currency (for example, use the same EUR bank account to receive all the payouts for your EUR Sell Orders.) Otherwise, some extra compliance checks might apply.
NOTE: For the successful completion of your order, it is critical to make sure that your bank accepts bank transfers from companies working with virtual currencies. It is the customer's responsibility to check this before sending us Bitcoins. If your bank does not accept Coinify's transfer, the amount sent will bounce back and we will have to resend it to another account in your name or issue a BTC refund.
Bear in mind that resending and refunding might incur administrative fees. Besides, any additional fees the banks involved might charge are to be paid by the customer.
Reasons leading to Sell Orders not being processed:
We have received less or more bitcoins than expected – in this case, an email with a refund link will be sent to you. Click on the link, enter a valid Bitcoin address from your wallet and your Bitcoins will be refunded to you. Note that when you have sent more bitcoins than the amount of your order, we will refund the surplus, if it is more than 18 200 satoshi, and still process your order.
We have received Bitcoins 15 minutes after the sell order was created – a refund email will be sent to you just like in the example above.
Please, keep in mind that Coinify may apply Compliance checks based on the aggregated traded volume. These checks can delay the issuing of a Sell Order payout, however, the exchange rate will not be affected and you will receive a payout for the same amount as promised when you made the order, provided the Bitcoins were received in time.
We will send you an email with detailed instructions in case you are requested to comply with one of these checks. For more information on them, see Declaration of Source of Funds.
IMPORTANT: Once Coinify sends out a payout, the transfers may take a few days to show in your bank account. Occasionally, payouts may be delayed due to, but not limited to, bank holidays varying in different countries, funds transfer delays, and the compliance checks mentioned above.
Under the 5th AML Directive, virtual currency platforms are now under the legal obligation to implement Customer Due Diligence (CDD) procedures for the purposes of anti-money laundering and countering the financing of terrorism (AML/CFT). In anticipation of the transposition of the 5th AML Directive into national law and as part of our efforts to sustain ourselves as a highly trusted financial institution, Coinify is fully committed to conducting customer due diligence on our clients and ensuring compliance with all applicable laws and regulations necessary to forestall and prevent money laundering. Take a look at our Legal Page to learn more about the Compliance checks Coinify performs, together with the enhanced due diligence processes and continuous monitoring throughout the customer life cycle that apply.