Are you an active WhiteBIT user and have suddenly received an AML blocking letter for one of your deposits? We understand that the list of requested materials to confirm the transaction may make you worry about the safety of your funds.
That is why, in this article, we will try to understand the reasons for this situation and the options for solving it.
Why does the blocking trigger?
In its work, WhiteBIT is guided by the principles of transparency and “cleanliness” of funds, observing security rules and acting within the legal framework. For this purpose, WhiteBIT uses a risk-based approach to counteracting/preventing money laundering and/or terrorist financing (Anti-Money Laundering).
The risk level of a particular transaction is determined using a specially developed complex system, including the use of high-performance tools. If the transaction does not correspond to the known activities or usual algorithms of the user's behaviour, it may be considered suspicious and blocked on the basis of clause 4.4. of the User Agreement.
In simple words, if the funds you have sent to our platform were not involved in illegal activities, are not involved in sanctioned platforms or darknet platforms, the deposit will be successfully credited to your main balance. Otherwise, we will contact you for additional verification in order to credit the transaction to your account.
Important: WhiteBIT Exchange guarantees the safety of your funds at the time of their holding until the AML department completes the transaction verification.
How can I get my money back?
If the transaction is not found to be involved in illegal activities, the funds will be unblocked and successfully credited to your main balance, and we will notify you by email.
In addition, some transactions may be eligible for a Refund upon individual decision of the AML department. You will be notified of this option by our Support team.
Let's look at the algorithm of actions in this case.
As soon as your transaction gets the status “Cancelled”, you can create a request for Refund. To do this, go to the “History/Deposits” section.
1. Open the details of the relevant transaction and click on the “Refund” button. Please note that this button will only be available on a case-by-case basis and only for transactions that have been approved for a refund.
2. After that, in the “Request to Refund” window, you need to fill in the data: select the currency, amount and address to which the funds will be sent.
Please note! The address you provide for the refund must not belong to our exchange. Also, please make sure that all the details are correct, as this transfer cannot be cancelled or resent once confirmed.
3. Confirm the creation of the “Refund” application. You will receive a code by e-mail. Enter it in the appropriate field in the confirmation window. You will also need to enter the 2FA code (if the function is enabled on your account).
4. If a positive decision is made to refund the funds, you will see the inscription “Funds have been refunded” when you go to the transaction details in your personal account.
Questions you might have
How long does it take to process a transaction refund request?
The review period depends on the individual characteristics of each case and can vary from 24 to 72 hours from the date of submission of the materials in full, provided that the AML department does not have any additional questions.
What is the fee for Refund?
The network fee will be automatically charged when the transaction is sent. No additional fees are charged by the exchange.
Is a refund of blocked funds always available to me?
The return of a blocked transaction is a decision that can take a long time to make, depending on each individual situation. It is also possible that the decision may be reconsidered.
Therefore, Refund is available not to every user and only in certain cases.
Where can I find the AML policy?
All AML information is available in the relevant section of our exchange.
How can I protect my funds from being blocked?
Before making a transaction, we recommend that you check the address from which funds will be transferred to your balance for any connection with high-risk platforms.
Check the address of the following currencies: BCH, BTC, LTC, TRX*, USDT (ERC-20) here.
* Under the TRX ticker, you can also check the address for USDT (TRC-20). Please note that verification is performed by several providers and manually, so the result may vary.
What happens to my funds during the blocking period?
WhiteBIT guarantees the safety and security of your funds during the entire period of additional verification by the AML department.
We would like to assure you that if your funds are not involved in illegal activities, passing this check will not be difficult.
I have additional questions. Where can I address them?
- Submit a request on our website;
- Email the Support Team at email@example.com;
- Contact us via chat.