When we receive cryptocurrency from our customers, we immediately convert it into fiat currency, so the fiat funds are ready for the payout, and await completion of PSOF (Proof of Source of Funds) or EPSOF (Enhanced Proof of Source of Funds) verification.
Coinify's Compliance Team reserves the right to request Proof of Source of Funds (PSOF) from customers who reach certain aggregated trading volumes. You will receive an email from us detailing what you need to do, along with a direct link to upload your documents. The review of your provided documents normally takes up to 2–3 business days. You can read more about the PSOF process here.
If you cannot provide the documents requested by our Compliance Department, we will take one of two actions: either convert your fiat funds back to cryptocurrency at the current exchange rate or finalize the trade and deactivate your trading account. Please note that this process may lead to variations in the final amounts due to fluctuations in cryptocurrency prices. As these price changes are beyond our control, we cannot assume responsibility for any differences that may arise.
If you have any further questions, feel free to contact our Support Team.