What is a proof of funds document?

A proof of funds (POF) document shows the origin of funds you used for fiat or crypto deposits on Bitpanda.

As a fully regulated investment platform, we need to collect proof of funds documents from time to time. 

Please choose which of the following sections describes your case best to see the accepted documents in each category.

Proof of funds for individuals

Accepted documents for fiat deposits

If the money you used for the deposit is coming from:  

Salary
  • Three bank statements from the last six months showing the source of income and the transaction details (such as sender and recipient IBANs, names and date)
Other personal income
  • Wage, salary or pension statement from the last six months OR
  • Most current tax return OR
  • Two salary or pension payment details excerpts from the bank statement
Rental and leasing income
  • Rental agreement signed by client and tenant and a bank statement showing the receipt of the payment and the transaction details OR
  • Bank statement covering 3 months showing the received rental or leasing income and the transaction details OR
  • Proof of ownership (e.g. land register excerpt) and a bank statement showing relevant examples of incoming payments OR
  • Most current tax return
Sale of real estate
  • Certified sales contract in the name of the account holder AND
  • Bank statements showing the receipt of the payment and the transaction details
  •  
Sale of goods (e.g. cars, artwork)
  • Signed sales contract in the name of the account holder AND
  • Bank statements showing the receipt of the payment and the transaction details
Stock sale or capital gains
  • Tax report from the respective broker platform OR
  • Bank statements showing the sale of stocks and the transaction details OR
  • Most current tax return
Received loans
  • Loan contract signed by all parties AND
  • Bank statements showing the receipt of the payment and the transaction details
Presents & gifts
  • Gift agreement or deed signed by all parties OR
  • Tax or Ministry of Finance notification (especially for significant value)
  • If monetary: Also, bank statements showing the receipt of the payment and the transaction details
Dividends
  • Profit Distribution Agreements / Dividend Resolution in the name of the individual (or proof of ownership) AND
  • Bank statements showing the receipt of the payment and the transaction details
Sale of shares in a company
  • Notarised contracts of the sale of the shares of the company in the name of the account holder AND
  • Bank statements showing the receipt of the payment and the transaction details
Inheritance
  • Declaration of inheritance or Tax or Ministry of Finance notification AND
  • Bank statements showing the receipt of the payment and the transaction details

Accepted documents for cryptocurrency deposits

Please send us documentation about the origins of all your cryptocurrency funds covering your account ownership and the transaction history or any relevant purchase, withdrawal or swap confirmations.

Here are some examples of possible sources of crypto funds. Click on the scenario that describes your case best to see the accepted documents in each category:

Cryptocurrencies purchased on other brokers and other exchanges
  • Screenshots of purchase and withdrawal confirmation displaying the account ID or any other unique identifier and all transaction details OR
  • Receipts which provide the proof of purchase (e.g. using an OTC)
Trading profits made on other brokers or exchanges
  • Screenshots of the transaction history displaying profits made on other brokers or exchanges and displaying withdrawals to Bitpanda AND
  • Screenshots of the exchange account displaying the account details
Income from services
  • Invoices for services which have been paid for in cryptocurrencies AND
  • Screenshot of the withdrawal from the wallet/exchange
Initial Coin Offering (ICO) and token sales
  • For token sales: Signed contract confirming the payment made in cryptocurrency
  • For ICOs: Signed contract, including the full name of the ICO
  • Transaction history (screenshots/emails) documenting the purchase and withdrawal of the token (wallet addresses and transaction ID)
  • Bank statement, if fiat was used for investing
Mining
  • Proof of mining equipment ownership (e.g. photos, purchase receipts) AND
  • Screenshots of mining platform displaying rewards, hashrate and number of miners
  • Screenshots or email confirmations showing the transaction history from and to wallets, displaying the wallet addresses and transaction hashes
Staking (Master nodes)
  • Screenshots of the transaction history on which staking deposits, withdrawals and profits are visible, including the interest rate and staking period AND
  • Wallet addresses and transaction IDs
Airdrops
  • Screenshots or email confirmations of the transaction history, on which the deposits and withdrawals to Bitpanda are visible AND
  • Wallet addresses and transaction IDs
Coin or token swaps
  • Screenshots of the transaction history (wallet addresses and transaction IDs), showing the swaps and withdrawals to Bitpanda
Lending and liquidity pools
    • Screenshots of the transaction history (wallet addresses and transaction IDs), clearly showing the lender/liquidity pool, the amount and the origin of deposited collateral

Funds redeposited on Bitpanda
    • Screenshots of the transaction history on the external exchanges or wallets (i.e. cold wallet), showing the initial transfer from Bitpanda as well as the redeposit

Proof of funds for businesses

Tip: Documents which you have already submitted as part of the business onboarding process can still be used as proof of funds as long as they are still up-to-date (e.g. for the same financial year), otherwise a current version must be submitted retrospectively.

Note: Please note that only proof for the business that you have registered on Bitpanda can be accepted. Providing proof which respectively identifies one of your second businesses cannot be accepted.

Accepted proof for fiat funds

The following three points must be included with each submission:

  • The latest financial report, having been certified by an auditor. For smaller companies (e.g. for limited liability companies), that do not need to have their financial report certified, it is sufficient to submit these without certification
  • The most-recently available tax return and, where possible, the previous one
  • Bank statement in full. Please note that a simple letter from the bank stating that there is a certain amount in the bank account is not sufficient in itself. A full bank statement on which all details are visible is required as proof

The following proof is also accepted:

  • Sales contracts (for the sale of a property, sale of a business) signed by all authorised parties which are already included in the documents submitted for business registration on Bitpanda and which have been notarised by a state-approved notary - in combination with a bank transfer confirmation or a bank statement confirming the transaction and the amount of the transaction. This must be confirmed by the bank or a bank advisor.

Accepted proof for cryptocurrency funds

In addition to the items mentioned for cryptocurrency fund proof for private persons, the following proof is also accepted for businesses:

  • All items as described above for individuals
  • Receipts for services paid for with cryptocurrencies. The following details must be displayed on them:
    • Transaction IDs (hash)
    • Cryptocurrency addresses of the sender and recipient
    • Company name of the sender and recipient. Alternatively, the VAT ID number of both companies will also be sufficient
    • Description of the service
    • The amount sent, displayed in both cryptocurrency and fiat
    • Date of the transaction

For coins generated through mining, the following proof can be accepted:

  • Receipts for the purchase of mining hardware, displaying the address of the buyer (the business you have registered on Bitpanda) and the seller. The hardware must be sent to the address of the business which you have registered on Bitpanda and for which you are submitting proof. If this address has changed in the meantime, please prove that the company was registered at that address at the time
  • Photos of mining hardware and screenshots of the platforms and programs used
  • Operating cost statements (e.g. electricity bills)
  • Screenshots of mining revenues and rewards
  • Screenshots of the transaction process from and to private and business wallets (self-made “Excel lists” cannot be accepted) 
  • If coins from mining activities have also been traded, it is necessary for you to provide screenshots of the transaction history which clearly display receipt on the respective exchange and the name of the account holder. Furthermore, all trades must be clearly identifiable and must not be mixed with trades of other coins

Tip: The more precisely you are able to provide the origin of the cryptocurrencies, the quicker this check can be completed.

Legal information for why proof of funds is required

If you’re registered in Austria or other countries, please find the legal information in our privacy policy under “Details to and proof of funds” and point 5.4 of our terms and conditions. You can read the exact wording of the Financial Markets Anti-Money Laundering Act under Section 3, “Customer due diligence”, specifically in subsection 6 (1).

If you’re registered in Germany, please find the relevant terms and conditions here.

FAQ

What do I need to do?
Even though this may sound complicated, all you actually have to do is prove how you acquired the funds. Please note that the submitted documents must not only display your most recent deposit (or withdrawal), but also the sum of your previous transactions, i.e. all previous transactions up to the stated amount.

It is also in our interest to make trading possible again for you as quickly as possible and to reduce the request for this type of proof to an absolute minimum.
Why is this needed?
We understand that it may not always be easy to provide all the evidence for this amount but we are required to request this proof by law. If you are unable to provide the proof, please contact our support team directly via our contact form.
If required, further information on this topic can be found in our privacy policy under the heading “Details to and proof of funds” and under point 5.4 of our terms and conditions.
What is the minimum amount above which a proof of funds is required?
Please note that we are not allowed to disclose the limits used for AML5 purposes by Bitpanda due to regulatory requirements and the potential for abuse, as this could avoid the verification process for the proof of funds.

It is not in our interest to block transactions, as Bitpanda makes its profit from trading premiums and the processing of these requests even causes additional costs.
Can I send evidence of the proof of funds in advance?
Unfortunately, you are currently unable to submit your proof of funds in advance.
Do I have to provide proof of funds if I have purchased digital assets on Bitpanda, do not complete any further transactions and only want to withdraw capital gains?
No, in this case a withdrawal can be made easily. The AML5 limits are only reached by making deposits and withdrawals of fiat and cryptocurrencies. If you make capital gains on Bitpanda, you do not need to provide proof of funds for these gains.
I come from country "X". Is providing a proof of funds necessary?
Yes. As a company based in Austria, we are subject to the AML5 regulations issued by the European Union and are therefore obliged to obtain proof of funds regardless of which country you come from.
Is providing a proof of funds generally required in other countries as well?
Proof of funds is required in all EU countries and the same or similar provisions exist in other countries.
Can I lodge a complaint about the processing of a ticket concerning the provision of the proof of funds?
We always try to provide you with the best assistance possible with the provision of a proof of funds. Should you still wish to make a complaint, you can do so in writing using the address in our legal notice or by clicking on the "Bitpanda Plus" category in our contact form, where a dedicated team member will assist you in fulfilling the criteria.
What can I do if the exchange I used to handle certain trades no longer exists?
If you are unable to provide the proofs of funds mentioned above, for example, because an exchange on which the transactions took place has stopped operating, you can send us the following information and we will check whether it can be used as proof:
  • Name of the exchange
  • Wallet addresses & transaction IDs
  • Name and amounts of coins, tokens, assets and fiat currencies that were bought, sold and traded
  • Was this exchange also used as a Fiat Gateway or only for the trading of cryptocurrencies?
  • Is there still data available such as (e.g.):
    • Emails (e.g. confirmation emails for purchases, sales and trades)
    • Transaction histories (as screenshots or exports)
    • Proof of fiat deposits (e.g. bank statements)
What happens if I cannot provide the proof of funds?
Please keep in mind that we are legally obliged to conduct a review and will have to ask you for some form of supporting documentation regarding the source of your funds (as also stated in our general terms and conditions). After a final review, you will have the option to withdraw your remaining funds and your account will be deactivated afterwards. In this case, please send us a clear message via our contact form with the matching category selected.
Where can I find the exact wording of the legal terms?
You can read the exact wording in the current version of the Financial Markets Anti-Money Laundering Act under Article 6 (1) “Scope of due diligence obligations” under “Customer due diligence shall comprise”.
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