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When we ask you to provide proof of source of funds, it can be confusing at first. You might be wondering why we need something like this as a bitcoin platform — it's your money, isn't it?
We understand that it can be unpleasant to share sensitive financial information. We would like to explain the need for this to you in this article.
Why is a Proof of Source of Funds required?
As a platform fully regulated by the Austrian Financial Market Authority (FMA), we are required by law to ask you for proof of source of funds in certain cases. This not only protects against illegal activities such as money laundering or terrorist financing, but also helps us prevent fraud and protect your assets.
Our ultimate goal is to create a secure environment where you can trade and manage your bitcoin with complete peace of mind.
What exactly is a Proof of Source of Funds?
A proof of source of funds provides information on how you obtained the money that you deposited into your 21bitcoin account. We are less interested in which account you sent the money from, but where it originally came from. Was it money earned from work, inheritance, or the sale of a property? Such proof helps us ensure that your transactions are processed securely and in compliance with the law.
Examples of accepted Evidence
So that you are well-prepared, we have put together a list of documents that you can use as proof of source of funds:
- Wage, salary, pension slips (not older than six months)
- A current tax return
- Account statements showing incoming payments. Please note that all proof must not only show your IBAN and your name, but also the IBAN and the name of the sender from which you received the money. Complete details such as date and amount are also required.
- An inheritance declaration or a notification from the Tax or Finance Ministry
- A certified purchase contract of a property
- A signed purchase agreement for a car, artwork, or similar
- A summary from a brokerage platform regarding stock sales or similar
- A donation agreement signed by all parties
We may request additional or different documents in individual cases.
The Amount of individual Transfers is irrelevant
Please note that depositing smaller amounts or carrying out multiple transactions does not release you from the obligation to provide proof of source of funds. This legal requirement applies regardless of the amount of payments and may be necessary in individual cases even for smaller amounts.
When is the Source of Funds Process triggered?
The source of funds process is triggered when your deposits exceed thresholds based on numerous customer-specific factors and set under the Anti-Money Laundering Regulation (AML5). For regulatory reasons and to prevent misuse, we are not allowed to disclose these limits. It may also happen that the process is initiated internally due to risk or security aspects.
Tip: If you are planning to carry out larger transactions, we recommend that you submit an appropriate proof of source of funds in advance to avoid potential delays. A list of accepted proofs can be found here: What Documents are accepted as Proof of Source of Funds?
Data Protection comes first
We are fully aware that you are handling sensitive data when you provide us with a proof of source of funds. Protecting your personal data is therefore of the highest priority for us.
We store your data in accordance with data protection regulations and handle it with the utmost care. Data will only be passed on to third parties if required by law.
Working together through the Process
We know that proving the source of funds is not standard practice for many users and may raise questions. That is why we want to make this process as simple and transparent as possible. If you don't have documents to hand or aren't sure which proofs are accepted, you can always reach us via our in-app support chat.
We are happy to help you and guide you through the entire process.
Conclusion
For us, trust is the basis of every successful business relationship. By helping us verify the source of your funds, you ensure that we can continue to ensure the security and integrity of our platform.
At the same time, we give you the protection you deserve — and ensure that 21bitcoin remains a safe place for all your bitcoin matters.
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