At Crypto.com, we believe that innovation and integrity are symbiotic - they work hand in hand. We believe that we can service our clients with the best cryptocurrency product in the market and at the same time be committed to preventing financial crimes. We want to make sure funds (both fiat and crypto) flowing in and out of our platform come from a legitimate source, and have not been linked in anyway to illegal activities. One way to honour our commitment is by tracking our customers’ funds, and this is when the Source of Funds (SoF) comes into play.
Okay, okay... but, what is Source of Funds (SoF)?
Source of Funds basically explains where the “money” from your fiat or crypto transaction originates. This is to ensure that your funds came from a legitimate source, such as your salary, company profits, sale of your car, etc.
Why do we ask you for SoF?
As a financial institution we are required to abide by certain laws and regulations that govern our business. These regulations require us to collect additional documents or information. This is also to protect our customers. The success of our company is directly related to our reputation and the trust you place in our products. Doing business in the right way and complying with applicable laws is the foundation and core of everything we do.
So what can I submit as my SoF?
A proof of source of funds (PoSoF) is a document (or set of documents), that shows the origin of the funds you have transferred into your Crypto.com wallet. Here are some examples of valid source of funds:
- recent payslip from your employers
- sale contract of a personal asset (a house, a car, a company, etc.)
- bank statement (savings account extract, salary deposits, etc.)
- Heritage / gift (copy of the will, notarized letter, etc.)
- loan agreements
- other supporting documents (a letter signed by a lawyer or a Notary Public, etc.)
How do I submit my document? Is it safe?
Here at Crypto.com, we think about everything. Whenever we need you to send us any documents - including the proof of Source of Funds - we will send you a “magic link” like the one below:
The “magic link” ensures that your information is transferred in a secure way, and only selected people on our side who have permission to see the document have access to it. Once the proof of source of funds is submitted, our Compliance team will handle it. They’ll reach out to you in case any additional information is necessary.
Should I be worried?
No. This is a standard procedure and there is nothing to worry about. If you are planning on transferring large amounts into your Crypto.com wallet, we recommend you to provide the source funds in advance to avoid the last minute hustle and bustle. Once your proof of source of funds reaches our Compliance team, they will send you a message to let you know that the source of funds came through.
And of course, if you have any questions, please contact our customer support in-app, via the website live chat or write to [email protected].