Start a conversation

Proof of Source of Funds

Coinify would like to ensure that traders who are using our trading platform can prove that the source of their funds is legitimate. Therefore, our Compliance Team reserves the right to request a Proof of Source of Funds from customers who reach certain aggregated trading volumes.

As a proof, you will be asked to provide us with a valid document which will allow us to check and look closer into the source of the funds you are using to finance your trading activity.

We have made sure to make this process as hassle-free as possible. You will receive an email from us which explains in details what you need to do and has a direct link to upload your documents. You can reach the exact volume amount which will trigger the email during placing either buy or sell order.

The review of the your provided documents takes up to 2-3 business days.

Important: During busy periods with a high volume of transactions, documentation approval might take longer than expected.

In addition, if you are unable to provide the documents required by our Compliance Department:

  • In the case of a Sell trade: we will refund you an amount of bitcoins equivalent to the FIAT value of your payout at the moment the refund is issued.
  • In the case of a Buy trade: we will refund you the bank transfer and will keep €10 to cover the administrative fees related to the bank transaction.
  • In instances where documentation is not provided, your account will be disabled until the required documents are uploaded and approved.

Examples of acceptable forms of documentary evidence are detailed below:

Personal savings

Personal bank statement(s) demonstrating deposit/gifted monies

Employment income

Personal bank statement(s) demonstrating deposit monies, wages and tax statement

Gift or inheritance from a third party

Documentary evidence from the donor (bank statement), copy of will

Sale of investments

Statement from investment provider or bank statement showing settlement from investment provider

Sale of property

Signed letter from Solicitor/Advocate or Estate Agent or Contract of Sale statement


Loan agreement or statement

Insurance Claims

Letter from Insurance provider

Dividends or profit from the company

Latest audited company accounts statement

Lottery/Gambling win

Evidence from the lottery company/winning receipt

A receipt from the service you bought the bitcoins from (for example, an exchange) and a screenshot from your wallet that shows the transaction from that service to you.

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 January 2020 the 5th AML Directive transposed into nation law and Coinify is now registered with the Danish Financial Authorities. This means that Coinify is now legally obliged 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. 

Choose files or drag and drop files
Published Date = 12/02/2018
Last Updated Date = 01/04/2020
Was this article helpful?