Restricted and Sanctioned Countries FAQs


Government regulations change from time to time. Many countries now want all crypto exchanges to be registered individually in their countries irrespective of wherever they are licensed. Wealth99 is currently licensed and registered in Estonia to provide global crypto exchange and wallet services. Still, countries like the USA, Malaysia, etc. require businesses like Wealth99 to register locally as well. As the laws keep on updating and changing, Wealth99 as a business needs to take measures in order to remain fully compliant. Wealth99 currently is working on a number of licenses/registrations for different countries so that they can allow customers from those countries to continue trading and also onboard new customers.

See below for frequently asked questions:

What is a Restricted Country?

The crypto world is ever-evolving, and countries are introducing new crypto laws to better regulate the industry. Many new crypto laws require all exchanges whether foreign or domestic to register with the countries’ regulator before providing services to their residents. These new laws and requirements started coming into effect from late 2019 onwards, thus for Wealth99 to comply with those laws it needs to restrict the onboarding of new customers and trading restrictions for existing customers. Wealth99 is working to get licensed/registered in those countries but it takes time and the process is quite lengthy.


What is a Sanctioned Country?

Sanctioned countries are those countries that are engaged in or suspected to engage in money laundering or terrorism financing activities. Therefore, these countries are subject to economic sanctions. Wealth99 Global is an EU-registered entity and is bound by EU laws to restrict residents from signing up for its exchange from sanctioned countries.


Why does it say account not verified?

Account not verified means that we do not have your full KYC documents as per the current compliance requirements. Back in the days signing up for crypto platforms was a simple process of just providing an email address. With the regulatory changes happening over time, it has now become mandatory for all customers of Wealth99 to provide all relevant KYC documents and details for verification. Wealth99 strives to be a fully compliant business.


I am from a restricted country, what happens to my coins?

Your coins are still safe on our platform, you can log in anytime to our platform and view your balances. We only do not allow you to further trade or buy/sell on our platform. Wealth99 is currently working to get the relevant license/registration in these restricted countries but it will take time. If you do not want to wait and want to move your coins, we can help you transfer them to your external wallet upon compliance analysis, simply submit a request, choose My Account > Compliance, and let us know.


Why wasn’t I told when I signed up on your platform and bought coins?

The crypto world is ever-evolving, and countries are trying to regulate this market. From time to time countries come out with new laws and regulations for crypto platform businesses like Wealth99. To abide by those laws and regulations Wealth99 needs to register and get licensed in those countries to continue to provide service to the residents of those countries. As the regulations are new, it takes time for any business to understand, prepare the required documents, and get registered. At times the process is quite lengthy and can take months to complete.


My account was already verified, why does it say not verified now?

Compliance regulations change from time to time in the crypto industry. Earlier it was quite easy to register on an crypto platform, the only thing you need to provide was your email address. With time all that has changed. As per the current regulations, every customer needs to be fully identified and verified as per the compliance regulations. This means providing an identity document like a Passport or Driving license and a utility bill for proof of address.