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HOW TO CLASSIFY AND CREDIT YOUR CRYPTO DEPOSITS (CARF COMPLIANCE)

To comply with the new Crypto-Asset Reporting Framework (CARF) regulations, all incoming cryptocurrency deposits must be classified by the recipient before they can be credited to your account. This ensures transparency regarding the origin of your funds.

Steps to Follow:

1. Check for Pending Deposits 

Navigate to the Wallets tab in the top navigation bar. If you have an uncredited deposit, a "Pending" notification will appear next to the Wallets as well as Deposits option in the dropdown menu.

Deposit Notification 1

Deposit Notification 2

2. View the Action Banner and Declare your Deposits

Once you click on Deposit, you will be taken to the main Deposits page. A prominent banner at the top of the page will indicate how many outstanding deposits require action. Click on the Declare Now button to access these.

Deposit Notification 3

3. Declare and Credit your Deposits

For each transaction in the pop-up modal, select the Source of Deposit from the dropdown menu (e.g., Transfer from another Exchange, Airdrop, Sale of Goods or Services, etc.). Once selected, click the Declare and Credit button. Your funds will be moved from "Pending" to your available balance immediately.

Action Required

Action Reuired 2

Why is this happening?

The Crypto-Asset Reporting Framework (CARF) is a new international standard developed by the OECD to increase transparency in the digital asset space. Much like traditional banks report on interest and transfers, crypto platforms are now required to identify the origin of incoming funds.

By declaring your deposit source, you help us ensure your account remains compliant with global tax and anti-money laundering (AML) standards, which ultimately provides a safer and more regulated environment for all our users.