Our desire is to deliver a transparent, convenient and fast service. At the same time, just like other financial institutions, we must adhere to strict AML and KYC procedures.
We refund bank transfers in these cases:
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The bank transfer amount is much higher than the trader's daily trading limits or below our minimum amount to process buy trades (50 EUR)
- The handling fee is paid through a separate bank transfer. In this case, we refund the transfer only if the amount is higher than our administrative fees
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The name on the bank account used to send the transfer is different than the name in the document used to verify the trader's account
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The bank transfer comes from a corporate bank account*
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The bank transfer comes from a sole proprietorship account*
- The bank transfer comes from a money transfer service (e.g. Western Union)
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The trader sends two bank transfers for the same trade (and does not create a new trade). The transfer that could not be processed will be refunded
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The trader sends a bank transfer without creating a trade and does not create one.
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The trader refuses or fails to submit Proof of Source of Funds documents. This is a mandatory check that needs to be completed in order to continue trading
- The trader refuses or fails to provide documentation for our additional identity check. This is a mandatory check used verify the authenticity of the account's identity and the security of the bank transfer.
Important: when issuing refunds for the above cases, Coinify will deduct an administrative fee from the transfer amount.
*Only Corporate Trade accounts approved by Compliance are allowed to send transfers from corporate bank accounts or sole proprietorship accounts.