Freezing funds in Wallet

In accordance with Anti-Money Laundering / Counter-Terrorist Financing (AML/CFT) legislation, Wallet is required to know its customers (KYC), regularly monitor their activities and transactions, and apply the corresponding due diligence measures with regard to its clients, in accordance with a risk-oriented approach. Following such reviews, Wallet may decide to freeze user funds temporarily or permanently. In some cases, we reserve the right to freeze funds without allowing further withdrawal.

This is essential to prevent the use of Wallet services for unlawful purposes, and to protect Wallet and its user from becoming part of a chain of illegal crypto transfers. Continue reading for more information on why funds may be frozen and what restrictions may apply.

Why would Wallet freeze funds

Occasionally, Wallet may suspend or terminate access to account funds to ensure the safety and security of its users.

Decisions to freeze funds may be based on internal assessments, and Wallet has no obligation to disclose their details. Additionally, in cases of regulatory requests, law enforcement measures, or court orders, the disclosure of complete information will be limited.

Note: such decisions do not aim to cause inconvenience, but, rather, to protect our users from potential risks and ensure the sustainable development of our service.

Reasons for freezing funds in Wallet

Here are possible reasons why access to funds can be restricted:

  • Wallet complying with with local laws, as well as international and local regulatory requirements or court orders
  • Confirmation of user participation in fraudulent, unlawful, or forbidden activities
  • Requests to Wallet from regulators or law enforcement concerning a user account
  • User is a subject to international sanctions, or participates in transactions associated with internationally sanctioned entities
  • Wallet receiving reports from third-party institutions of confirmed illicit transactions associated with a user account
  • Internal risk assessment confirming a violation of the User Agreement
  • Confirmed user participation in pyramid schemes, fraud, or scams.

How long can funds be frozen for

The freeze period depends on multiple factors, including the results of ongoing reviews.

The length of a freeze often depends on its reason:

  • Enhanced account review in the scope of AML/CFT requirements: such reviews usually take up to 30 business days.
  • External investigations and requests: until the reviews of corresponding authorities are complete.
  • Security issues: until all the necessary reviews and account recovery procedures are complete.
  • Court provisions: until the case is resolved, or the freeze is lifted by the respective agency.

Kindly note that freezes may be temporary or permanent. Read more

Can I withdraw funds if they are frozen

It is not possible to withdraw frozen funds from Wallet.

Learn more about frozen funds

How can I restore access to frozen funds

If your balance has been frozen, you can contact our customer support. We will carefully check your situation and let you know if it is possible to lift restrictions.

In some cases, Wallet will require additional information or documents from you. Rest assured that we will keep you informed throughout the process.

Can the freeze be lifted

There may be instances where we might not be able to unfreeze your Wallet funds. According to cl.7 of the User Agreement, Wallet may suspend or terminate access to its services, including fund withdrawal, upon detected violations — for example, if there was an unlawful use of Wallet, an incoming request from law enforcement, or a recorded violation of AML/CFT policies.

If your funds are frozen, please contact Wallet support for further details. Our team will investigate your case and inform you if it is possible to lift the freeze.

Here are some recommendations on how to avoid frozen funds:

  • Review and comply with the User Agreement.
  • Follow the P2P Market Rules while trading on the P2P Market.
  • If you receive a Wallet request to verify or to provide additional information, make sure to fulfill all its requirements.
  • Always provide true, factual information, and submit authentic document copies when going through KYC or filling out data in Wallet.
  • Do not participate in fraud, money laundering, terrorist financing, and international sanctions evasion.
  • Do not use anonymous services or mixers.
  • Do not use third-party accounts or funds without proper authorization.

Learn more about possible reasons for access restriction by reading the additional information in this section.