Transaction Review

1. What is transaction review

2. How to return a failed deposit

What is transaction review

What does transaction review mean

This is a standard procedure that helps us understand that cryptocurrency assets do not pose any risk to our service or our clients' funds. Due to the specific features of blockchain technologies, crypto assets are always associated with certain risks. Malicious users often use the anonymity of the blockchain for illegal schemes or as a tool for legalizing funds.

Wallet is a custodial service that operates in accordance with the regulatory requirements, so we must perform AML review. Wallet reviews all transactions to comply with cryptocurrency business standards and the regulator's requirements.

What is the transaction review performed for

1. Combating illegal activities: reviews help detect suspicious patterns and high-risk transactions associated with money laundering, terrorism funding, or other illegal activities.
2. Law Compliance: we must comply with the law and regulatory requirements, including KYC (Know Your Customer) and AML (Anti-Money Laundering), prevention of terrorism funding and violation of international sanctions.
3. Users’ protection: transaction reviews enhance user safety by preventing security threats and financial risks.
4. Business Image protection: Wallet, like other cryptocurrency services, aims to uphold its reputation as a reliable and secure platform, thus making transaction reviews essential for the platform.

How long it takes to review the transaction

Due to the increased load, the transaction review time may increase up to 4 business days. In rare cases, it may require more time or additional information from the user for analysis.

For example, it may be identity verification, information about sender or recipient, proof of address or proof of funds document. In such a case, we will send you a notification in the chat with Wallet with the further instructions if we need some more time for the review.

You can find Wallet’s terms in the User Agreement here.

Which documents are accepted as Source of Funds or Wealth

In some cases we may ask for the documents confirming the source of the cryptocurrency, funds or wealth to make a decision regarding your situation.

It can be either:

• Letter from Bank/Accountant stating assets;
• Bank statement and/or equities statement;
• Pay stub(s) showing previous two years income;
• An accountant’s letter stating a client’s real estate holdings and inheritance suffice for net worth;
• Contract of sale (real estate, moveable property);
• Statement of dividend payment.

We will send you the request for document upload in the chat with Wallet. The review may take up to 24 hours after you successfully submit the documents. The functionality of your account may be limited while under review. We will send the following notification with the results.

My transaction did not pass the review, what does it mean

When reviewing a transaction, various parameters are considered, such as the source and destination of the transaction, their transaction histories and the origin of the cryptocurrency being sent.

If an incoming transaction fails the review, it cannot be credited to Wallet. If an outgoing transaction fails the review, it cannot be withdrawn to the target address.

As such, there are multiple reasons why cryptocurrency may not be credited. For example, you may be sent crypto from a trusted friend, but if the cryptocurrency they transferred was associated with a sanctioned exchange or darknet activity, or if it is currently transferred to a similar service, the transaction will fail the review process. 

Read how to return a deposit that failed the review here.

My transaction did not pass the review, how to avoid this in future

We cannot predict if a transaction will pass the review due to numerous parameters. If you want to trace your transaction history, consider using AML review services. Although third-party reviews do not ensure approval in Wallet, they can provide insights into the cryptocurrency's origin, ownership, and associated services.

My transaction is being reviewed, and I am asked to pass verification, is it mandatory

Yes, it is. Identity verification is mandatory to pass if you’ve received such a request when your transaction is under review.

Additional information by you is required for us to analyze the transaction and make a final decision after successful verification.

How to return a failed deposit

My deposit did not pass the review, how can I return it

You should have received a notification asking you for a return address.

If you received such a notification, then:

1. Open your chat with @wallet
2. Reply to our message by sending a wallet address for return to the chat.

3. Wait for the review results – it will take several minutes. If the address doesn’t pass the review, the system will ask you for another one.

If the review is successful, the funds will be automatically sent to the provided address, minus the network fee.

What requirements should the address meet for a cryptocurrency return

The address should meet the following requirements:

1. It belongs to the same network from which the crypto was sent. For example, if the initial transaction was made in the TON network, then we are only able to return it to TON-based addresses.
2. It belongs to an external service, not to another Wallet user. Since the transaction didn’t pass the review inside Wallet, it will not be possible to use a return address from another Wallet account. We will be able to return the cryptocurrency only to a wallet address from a different crypto service.
3. You own this address. Since blockchain transactions are irreversible, please make sure that the return address is one that you control, to avoid fund loss. Once the return is successfully sent, it will not be possible to return the funds.

4. The address does not require a comment/memo/tag for return

   When transferring assets in the TON blockchain (such as TON, NOT, DOGS, HMSTR, USDT on TON) to an exchange, you need to indicate a destination tag (memo/comment) in order for the exchange to identify your transaction. It is not possible to indicate a tag/memo/comment for return transactions, so exchanges cannot be used to receive your funds. To avoid loss of funds, we kindly ask you to provide a standalone wallet address that is not associated with an exchange.

How long does it take to review a return address

Reviews for return addresses usually take several minutes to complete. In rare cases, it may require more time. Once the review is completed, you will receive a notification in @wallet chat.

I received a return notification, but the cryptocurrency didn’t arrive

If you received a notification on successful return, it means that the transaction has been sent to the specified address. You can check the transaction status in the blockchain.

To do this:

1. Go to your chat with @wallet and check the message about the return withdrawal to the address you indicated

2. Open the blockchain explorer (for example, TONScan) and search for the chosen return address via the search tab there
3. Check the transaction status.

If the withdrawal transaction hasn’t reached the required number of confirmations, then simply wait. If the transaction appears as successful, please contact the support team of the service that manages the address you specified.

Can I return a transaction to the sender’s address

Yes, you can choose to have the funds returned to the sender’s address. You can also indicate any address convenient for you, if it meets our requirements.

I accidentally entered the wrong address for return, is it possible to cancel the withdrawal

No, it is not possible to cancel the withdrawal, as all blockchain transactions are irreversible.

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