7. Lost Bitcoin
I wanted to fund my broker’s account (Videforex). I already had transferred money from my bank to Coinberry.
So, I went to the Videforex website to the funding section. I ended up copying my Bitcoin wallet (that very long green number) into my clipboard.
I went to the Coinberry website , clicked on the Buy button beside the Bitcoin price graph. I clicked on MAX (see the word to the right of $1000 in the image above) and pasted it into the appropriate box.
I had nothing left in my Coinberry account. Several hours later I checked Videforex. The money had not arrived. Next morning it still had not arrived.
Eventually the money came into my Videforex account.
After much searching, chatting online. etc. I found out what the problem was: In order to help curb money laundering, the government regulations require that Bitcoin sent from Coinberry has to be kept in limbo for up to 24 hours before the recipient can get it.
Coinberry website notes
After much searching, I found the notes below on the Coinberry website.
A majority of our withdrawals are processed within 3 hours. However, for some larger withdrawals and those flagged by our fraud prevention tools, additional due diligence will be completed, which will introduce a slight delay of up to 2 business days. New accounts are also subject to a 24 hour hold period.
The hold period countdown is only after the first funding of the account. The hold period does not affect trading. You may still continue to buy and sell Bitcoin, Ethereum, Litecoin, Bitcoin Cash, XRP and Stellar on our platform. Once the hold period has completed, you may withdraw your crypto or your fiat from your account.
As a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) we follow Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. The 24 hour hold period is needed as it helps prevent fraud and money laundering on Coinberry. The security and safety of every customer on our platform is of the utmost importance.