Important Note: The following article applies only to clients in the UK and the EU. If you are located outside of these regions, please refer to this article for more information. For clients in Australia, please visit here.
What is the announcement?
From January 31, 2025, all crypto-asset withdrawals will cease on the Wealth99 Global platform.
Why is this happening?
This decision is driven by two key factors:
Security
In 2023, Wealth99 discontinued crypto withdrawals in Australia to address security concerns, such as password mishandling and increased scrutiny from governments and banks. This policy aligns with industry standards, where wealth platforms typically only allow fiat withdrawals. Clients have welcomed this added layer of security, as it reduces the risk of scams by preventing transfers to external platforms.
By blocking crypto withdrawals, we ensure your assets remain safe, even if your account details are compromised. If someone gains access to your account, whether through accidental disclosure or a hack, they could withdraw your crypto, and once it’s gone, it’s unrecoverable. While this is not Wealth99’s fault, we cannot provide institutional-grade security while leaving the door open for potential theft.
Platform Evolution
This feature sets Wealth99 apart from crypto exchanges, which primarily focus on crypto payments, trading, and gambling. As a result, exchanges do not provide institutional-grade security or personalized support.
Wealth99, on the other hand, is a wealth platform. Traditional wealth platforms do not allow withdrawals of invested assets; they operate on a fiat-on/fiat-off model. This policy aligns Wealth99 with the wealth management sector, enhancing security for our clients.
Starting January 31, 2025, this policy will also apply in the UK and the EU. While crypto withdrawals will no longer be supported, you can still:
- Deposit both crypto and fiat funds
- Withdraw fiat to your bank account
- Sell crypto and convert it to fiat
If you need to transfer your crypto, please do so before January 31, 2025. This change ensures your crypto holdings remain secure, even in the unlikely event of a breach.
Why This Change is Important
- Wealth Platform Evolution: This update marks a key step in our transition to a comprehensive ‘wealth platform’, where investors can build long-term wealth with digital assets, much like traditional wealth management platforms such as St James's Place, UBS Wealth Management, and HSBC. On wealth platforms, withdrawals are made in fiat currency.
- Enhanced Security: Ceasing crypto withdrawals mitigates the risk of clients’ funds being stolen in the event of device or account hacks. With banks globally cracking down on crypto exchanges due to scam risks, this change ensures Wealth99 is secure and independent from those threats.
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Institutional-Grade Custody: This new policy aligns with Wealth99’s commitment to providing institutional-grade security, including licensed custody. It offers a level of protection that goes beyond typical crypto exchanges, ensuring the peace of mind that wealth builders expect.
What is a crypto withdrawal?
A crypto withdrawal refers to moving digital assets such as cryptocurrencies from a platform to another external wallet.
What do I need to do?
No action is required. However, if you need to transfer your crypto before the change, please do so before January 31, 2025. 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.
How do I withdraw my money?
After January 31, 2025, crypto withdrawals will no longer be available. You will need to liquidate your holdings and withdraw fiat currency to your registered bank account.
- UK Users: Bank deposits and withdrawals in GBP can only be made to and from your registered local UK bank account.
- EU Users: Bank deposits and withdrawals in Euro can only be processed via SEPA transfers within the EU. International transfers (both incoming and outgoing) will not be supported.
What about crypto deposits?
You can still deposit crypto as usual.
What about withdrawal limits?
We offer high limits on withdrawals. If you encounter any issues, please inform us as we use a strict ‘hot/cold’ wallet solution for security.
What about Dacxi Coin withdrawals?
From January 31, 2025, Dacxi Coin withdrawals will be facilitated via an over-the-counter (OTC) solution, ensuring security and transparency. We recommend keeping your Dacxi Coins on the platform as there is no trading reason to withdraw them.
What if I want to buy crypto and send it to someone?
This is considered a "payment" function, which is not the focus of a wealth platform. For crypto payments, you should use a crypto exchange.
Starting January 31, 2025, you will need to use a crypto exchange for buying and sending crypto. However, you will still be able to transfer crypto between Wealth99 accounts.
Anything else I need to be aware of?
Funds can only be withdrawn to your registered bank account, a standard feature on wealth platforms to protect against theft by hackers. If hackers access your Wealth99 account, they would still need to hack your bank account, which is protected by your bank’s security measures.
But isn’t Wealth99 a crypto exchange?
Wealth99 has never been a typical "crypto-exchange." Unlike other exchanges that focus on trading or crypto-gambling, our core focus has always been on the wealth sector of the digital asset revolution. We're dedicated to helping people build long-term wealth, much like traditional wealth management firms such as UBS or Morgan Stanley. Our platform and support are designed to provide institutional-grade security and personalized wealth-building services, not short-term crypto transactions.
For any questions or concerns, please contact us at hello@wealth99.com.