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 Proof of Source of Funds from customers who reach certain aggregated trading volumes.
As 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 that explains in detail 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 trade.
The review of your provided documents takes up to 2-3 business days. During busy periods with a high volume of transactions, documentation approval might take longer than expected.
Examples of acceptable forms of documentary evidence are detailed below:
Proof of source of funds for individuals
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Personal savings |
Savings bank account statement for the past 6 months in which the account holder's name, account number, transactions, and balance shall be visible. |
Employment income |
Payslip (no older than 3 months). Personal bank statement(s) demonstrating deposit salary into the account. |
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Gift or inheritance from a third party |
Documentary evidence from the donor (bank statement), copy of will. Personal bank statement(s) demonstrating funds deposited into the account. |
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Sale of investments |
Proof of income from investments (e.g. artwork, collector’s items), such as contracts and payment receipts which contain information on the buyer and seller and a bank statement showing settlement from the investment provider. |
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Sale of property |
Signed letter from Solicitor/Advocate or Estate Agent or Contract of Sale statement. Personal bank statement(s) demonstrating funds deposited into the account. |
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Loan |
Loan contracts in combination with bank statements showing the transaction |
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Dividends or profit from the company |
Latest audited company accounts statement. Personal bank statement(s) demonstrating funds deposited into the account. |
Proof of source of funds for Corporates
- The latest financial report that has been certified by an auditor. For smaller companies that do not need to have their financial report certified, it is sufficient to submit these without certification
- Bank statement in full. Please note that the account number, account holder name, and balance shall be visible.
If you are unable to provide the documents required by our Compliance Department:
- In the case of a Buy trade: we will refund you the bank transfer and will keep €20 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.
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 national law and Coinify is now registered with the Danish Financial Authorities. This means that Coinify is now legally obliged to conduct customer due diligence on our clients and ensure 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.