Important Note: The following article applies only to clients outside Australia, the UK, and the EU. If you are located in the UK or the EU, please refer to this article for more information. For clients in Australia, please visit here.
What is the announcement?
To enhance the security of your assets, we are implementing an important update to our withdrawal policy. Starting January 31, 2025, crypto withdrawals from clients outside Australia, the UK, and the EU will be processed manually by our Operations team. Withdrawals will only be allowed to hosted wallets managed by licensed cryptocurrency platforms or exchanges.
Why is this happening?
In 2023, we made the decision to discontinue crypto withdrawals within Australia due to increasing security concerns, including:
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Risk of unauthorised access: If your account access is compromised—whether through accidental disclosure or a hack—external crypto transfers can make your assets vulnerable to unauthorised access and theft.
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Rising regulatory scrutiny: Governments and financial institutions have heightened their focus on ensuring crypto transactions are secure and compliant.
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Growing threats from scams: External transfers often pose risks, such as unauthorised transactions or fraudulent schemes.
This policy aligns Wealth99 with industry standards, where wealth management platforms typically support only fiat withdrawals. By restricting crypto transfers to hosted wallets on licensed platforms, we aim to protect our clients from vulnerabilities.
Based on the positive outcomes of this update, we will introduce a comparable policy on our global platform, restricting how crypto withdrawals are made from January 31, 2025.
How does this impact you?
By removing the ability to transfer crypto directly to external platforms, we’ve significantly lowered the chances of:
- Falling victim to phishing scams or fraud.
- Accidental mismanagement of funds during transfers.
This updated approach ensures that your assets remain safeguarded, even in the unlikely event of a breach.
What action do you need to take?
You do not need to take any immediate action. However, if you plan to transfer your cryptocurrency holdings to an external platform, please ensure that you complete this process before January 31, 2025. After this date, all withdrawals will be restricted to hosted wallets on licensed cryptocurrency platforms. Supporting documentation will be required to verify ownership of your wallet and to confirm that it is hosted on a supported exchange (not unhosted wallets such as USB sticks, Ledger, or MetaMask).
Additional Information:
- To support you during this transition, we’ve reduced our crypto withdrawal fees, making it more convenient for you to transfer your assets if needed. You can review the current fees by visiting this link.
- Due to banking channel restrictions, Wealth99 is able to offer fiat deposit and withdrawal services only within Australia, the UK, and the EU. For clients outside these regions, you can deposit cryptocurrency into your Wealth99 account to buy or sell crypto directly on the platform.
- For Dacxi Coin holders, we’ll offer an over-the-counter (OTC) solution for withdrawal needs.
We understand that this change may require adjustments, and our team is here to assist you. If you have any questions or need support, please reach out to our customer service team at hello@wealth99.com.